Janelle Co Inc Generated 5 5 Million In Credit Sales During The Current Year Based On Past Experience It Is Estimate 1 (295.16 KiB) Viewed 49 times
Janelle Co Inc Generated 5 5 Million In Credit Sales During The Current Year Based On Past Experience It Is Estimate 2 (267.23 KiB) Viewed 49 times
Janelle Co Inc Generated 5 5 Million In Credit Sales During The Current Year Based On Past Experience It Is Estimate 3 (221.31 KiB) Viewed 49 times
Janelle Co Inc. generated $5.5 million in credit sales during the current year. Based on past experience, it is estimated that 1.5% of all credit sales will prove to be uncollectible. The balance of the allowance for doubtful accounts at December 31 is $8,900 credit. Accounts receivable at December 31 consists of the following: Account Classification 1-30 days $850,000 31-60 days 175,000 61-90 days 120,000 91-120 days 50,000 Over 120 days 20,000 Amount Outstanding
Requirement 1: Calculate and record the journal entry for bad debt expense for the current year using the percentage of credit sales method. 42 www h Requirement 2: Janelle Co. has decided to write-off all the accounts that were over 120 days old. Record the journal entry. show you Requirement 3: What is the balance for Accounts Receivable as shown on the December 31 statement of financial position? supporting calculations in the workspace below.
Requirement 4: One of the customers whose $5,000 account was written off, paid Janelle Co. in full. Record journal entry. 4 13
Join a community of subject matter experts. Register for FREE to view solutions, replies, and use search function. Request answer by replying!