Make journal entries; each entry is independent of each other (use extra pages,

Question

Make journal entries; each entry is independent of each other (use extra pages, if needed) 2 points each 3. a. Reinstated the A/C of ABC Co., which was written off last year as uncollectable. Received a check for $2,660 in full payment of the A/C Wrote off $12,750, the balance of WAN Co., which is bankrupt. Based on an analysis of the $2,350,000 Accounts Receivable, it was estimated that b. c. $60,000 will be uncollectable d. Purchased inventory for $9,950, terms FOB Shipping Point, 2/10, n/eom. Seller is to add $220 for freight to the invoice. e. Paid above invoice in d. within time to take discount.

Explanation / Answer

Date Particulars Debit Credit a. Bank 2,660 Bad Debts 2,660 b. Bad Debts 12,750 A/c Receivable 12,750 c. Bad Debts 60,000 A/c Receivable 60,000 d. Purchase 9,950 Frieght 220 A/c Payables 10,170

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.