Required: Prepare the Journal Entries for the above transactions. Prepare a Sche

Question

Required: Prepare the Journal Entries for the above transactions. Prepare a Schedule of Current Liabilities as of June 30, 2008 At December 31, 2008 the trial balance of Winn Co contained the following account balances Accounts Receivable $280,000 Allowance for Doubtful Accounts $1,300Cr Sales $910,00Cr Prepare the adjusting entries at December 31, 2008 to record bad debts expense under each of the following independent assumptions:(4 Entries are needed) An aging schedule indicates that $32,140 of accounts receivable will be uncollectible. The company estimates that 4% of net sales will be uncollectible Repeat part A & B assuming that the balance of the Allowance for Accounts at December 31, 2006 was a debit balance of $2,200.

Explanation / Answer

Jan 6 - Bennette Co A/c Dr $3000

To sales Account $3000

Feb 6 - Cash A/C Dr $ 3030

To Notes Receivable Account $ 3000

To Interest Account $ 30

Feb 7 - Bad debt Account Dr $ 1400

To Accounts Receivables Account $1400

Feb 20 - Notes receivables Account $9000

To Sales Account $9000

Apr 6 - Cash Account Dr

To Notes Receivables Account

Apr 20 - Bad Debt Allowance Account $9000

To Notes Receivables Account $9000

May 1 - Cash Account Dr $1400

To Bad Debt Account $1400

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