Percent of sales method of accounting

Assignment Help Accounting Basics
Reference no: EM13139187

The Connecting company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transaction occurred:

Sept 7 connecting Company determined that $8,100 account receivable of the Helena company was uncollectible, and wrote it off.

Oct 15 Connecting Company determined that the $2,500 account receivable of the Tree Company was uncollectible and wrote it off.

Nov 9 Helen Company paid $6,000 of the amount owned to the connecting Company. Connecting company does not expect further collections from the Helena company.

Dec 31 Connecting Company estimates the 0.5% of its $1,900,000 of credit sales would be uncollectible.

Prepare the general journal entries to record these transactions.

Reference no: EM13139187

Questions Cloud

Features about the kingdom of god : Explain how each story explains important features about the kingdom of God that Jesus was bringing to the Jewish people.
The cultural and religious beliefs and practices : what are some of the cultural and religious beliefs and practices around conceptional, prenatal development and birth in fiji?
Christianity and challenges to christianity : What has been the main changes in Christianity and challenges to Christianity since the 16th century Reformation? What historical impact has Christianity had on the Western world, the East and the third World?
Significance test for hypothesis for same population mean : Carry out a significance test for the hypothesis that the two tests have the same population mean. Give the P-value and state your conclusions.
Percent of sales method of accounting : The Connecting company uses the percent of sales method of accounting for uncollectible accounts receivable. During the current year, the following transaction occurred:
Similarities between account of jesus baptism : What are the similarities between the account of Jesus baptism and the account of the Transfiguration? What do they indicate about the nature of Jesus?
What is salvation : What is salvation? How does our understanding of salvation affect the way we interact with the rest of society?
How many chromosomes and chromatids will be present : A mouse somatic cell has 2n=38 chromosomes.How many chromosomes and chromatids will be present in a mature egg?
Probability that selected student spends eighty percent time : Find the probability that a randomly selected student spends between eighty and ninety percent of the time on the test. Find the expected value of X. E(X)

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd