Prepare all required journal entries and post them to shine

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Reference no: EM13554526

Consider the following January transactions for Shine King Cleaning:

Jan 1 Performed cleaning services for Debbie's D-list for $8,000 on terms 3/10, n/20.

3 Shine King decides to adopt the allowance method. Uncollectible account expense is estimated at 2% of credit sales.

10 Borrowed money from North Spot Bank, $10,000, 7% for 180 days.

12 After discussions with Pierre's Wig Stand, Shine King has determined that $225 of the receivable owed will not be collected. Write off this portion of the receivable.

15 Sold goods to Watertown for $4,000 on terms 4/10, n/30. Cost of goods sold was $600.

15 Recorded uncollectible account expense estimate for Watertown sale.

28 Sold goods to Bridget, Inc., for cash of $1,200 (cost $280).

28 Collected from Pierre's Wig Stand $225 of receivable previously written off. Reinstated the remaining balance of Pierre's receivable.

29 Paid cash for utilities of $350.

31 Created an aging schedule for Shine King for accounts receivable. Shine King determined that accounts 1-20 days old were 2% uncollectible and accounts over 20 days old were 15% uncollectible. Prepared an aging schedule and adjusted the Allowance for uncollectible accounts to the aging schedule.

31 Shine King prepared all other adjusting entries necessary for January.

Requirements

1. Prepare all required journal entries and post them to Shine King's ledger.

2. Reconcile the Accounts receivable control account to the Accounts receivable subsidiary ledger.

Reference no: EM13554526

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