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On January 1, The Brown Company had the following account balances. Debit $ 40,000 Accounts Receivable Allowance for Unc
Posted: Sun Jul 03, 2022 1:08 pm
by answerhappygod
- On January 1 The Brown Company Had The Following Account Balances Debit 40 000 Accounts Receivable Allowance For Unc 1 (116.48 KiB) Viewed 12 times
On January 1, The Brown
Company had the following account balances. Debit $ 40,000 Accounts Receivable Allowance for Uncollectible Accounts Credit $ 400 (a) Credit sales were $ 500,000 on (b) goods costing $ 350,000. (c) Cash collections totaled $ 508,000. (d)Write-offs for July totaled $ 8,000 and(e) recoveries totaled $ 150. (f) Assume that management estimates that two percent of total credit sales are uncollectible. Required: 1. Prepare journal entries in good form for each transaction (a) through (f). 2. Calculate the balance in the Allowance for Uncollectible Accounts.