Answer Happy

1 ped 4 . Swiss Supplies showed the following selected adjusted belences at its December 31, 2018 year-end Dec. 31/19 Balance 450,000 16,400 Condiexternal browser-Olaunch A During 2020, the following selected transactions occurred a. Sales totalled $2.800.000, of which 25% were cash sales (cost of sales $1804,000) b. Sales returns were $108,000, half regarding credit sales. The returned merchandise was scrapped c. An account for $24,000 was recovered View transaction list d. Several accounts were written off $26.000 e. Collections from credit customers totalled $1.790.000 (excluding the recovery in (c) above) Part A Required: 1. Journalize transactions (e) through (e) You may find it useful to post your entries to T-accounts for Accounts Receivable and Allowance for Doubtful Accounts Journal entry worksheet.

D 1 Book P View transaction list Journal entry worksheet ( Record the sales. Note Ender debits before credits Transaction a(1) Record entry 4 5 General Journal Clear entry 7 Debit Credit View general journal

10 eflock Pre Mc Graw View transaction Journal entry worksheet < 1 2 3 Record the cost of sales Recordar Note Enter debits before cred Transaction (2) 5 General Journal Clear entry 4 Debit Credit View general journal Prar 1 of > Next >

M View transaction list Journal entry worksheet Transaction b 4 Record the return of defective merchandise to be scrapped. Record entry 5 General Journal Carry Debit Credit View general journa

View transaction list Journal entry worksheet 2 < 3 Note: Enter debits before credits Transaction C(T) Record entry 4 5 Record the reversal entry of write-off due to recovery General Journal 7 Clear entry Debit 4 Credit View general journal

1 10 ponts *Book View transactions Journal entry worksheet Record the recovery. Transaction (2) Record entry 3 4 General Journal Clear entry 6 Debit Credit View general journal Check my

iped View transaction list Journal entry worksheet < 2 3 Record entry Note: Enter debits before credits Transaction d 4 Record the write-off of uncollectible accounts 5 General Journal Clear entry 7 Debit Creat View general journal > Help Check my work

D Sipped Book Pro References View transaction st Journal entry worksheet 2 3 4 Record entry Note: Enter its before credits Transaction 5 Record the collections from credit customers. General Journal 6 Clear entry Debit Creat View general journal Check my werk

Part B Required: 2. Prepare the December 31, 2020 adjusting entry to estimate bad debts assuming that uncollectible accounts are estimated to be of net credit sales View transaction list Journal entry worksheet < 1 Record the estimate for uncollectible accounts. Date December 31 Record entry General Journel Clear entry View general al H Next

1 3. Show how accounts receivable will appear on the December 31, 2020 balance sheet Partiel Balance Sheet Assets Curent 4. What will bad debit expense be on the income statement for the year ended December 31, 2020 Check my work L

Yoblem 8-5A 0 1 Part C (independent of Part Required: 5. Prepare the December 31, 2020 adjusting entry to estimate bad debes assuming that uncolectible accounts se estimated to be 3% of outstanding receivables View transaction t Journal entry worksheet Record the estimate for uncollectible accounts noleter ettefore cres Date Dec 31 Racord entry General Journal Cleartry Deli C Vw nal H Help Chacky IA 4

1 10 ports dock 6. Show how accounts receivable will appear on the December 31 2020 balance sheet Partial Balance Sheet Ass Curs 7. What will bad debt expense be on the income statement for the year ended December 31, 2020? Prev # Next >> H