student/mainun Weygendt, Accounting Princigles, 12e Brief Exercise 9-3 During it

Question

student/mainun Weygendt, Accounting Princigles, 12e Brief Exercise 9-3 During its first year of operations, Gavin Com had credt sales of S 3 124,900; ses2 500 remained uncoleted at year-ma me credt nanager estrate that 126,100 at theserecevables abe The credit manager estimates that $36,100 of these receivables will become uncollectible es e detent Prepare the youmal entry to record the estimated uncollectiblies.(Creait account tioles are automatically indented when amouot is entered Do not indeot aianuallyJ Prepare the current assets section of the balance sheet for Gavin company. Assume that in addtion to the recevablies it has cash of 594,400, Inventory of $131.100, and prepaild insurance of s,60ist Correat Asser of Balance Sheet (Partial

Explanation / Answer

ACCOUNT TITLE DEBIT CREDIT BAD DEBT EXPENSES $36100 ALLOWANCES FOR UNCOLLECTIABLE $36100 CURRENT ASSET AMOUNT AMOUNT CASH $94400 INVENTORY $131100 PREPAID INSURANCE $9600 ACCOUNTS RECEIVABLE $652500 LESS ALLOWANCES FOR UNCOLLECTIABLE ($36100) NET ACCOUNT RECEIVABLE $589400 TOTAL CURRENT ASSET $824500

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