Reference no: EM132539827
The following transactions of Viking Company, assuming they use the allowance method to account for uncollectible accounts.
April 1 : Sold $ 2,500 of merchandise to Arthur Co. , Receiving an 8% , 90-day , $2,500 Notes .
April 15 : Wrote off $1,500 owed by Network Co. April 30 : Received a $6,000 , 5% ,30-day note receivable from Calvin Co. as exchange for its $6,000 account receivable .
May 30 : The note received from Calvin on April 30 was collected in full .
June 30 : Arthur Co. was unable to pay the note on the due date .
July 15 : Network Co. paid $1,000 of the amount written off on April 15 .
July 20 : Viking Company estimates that 0.5% of its $ 1,900,000 of credit sales would be uncollectible . Required : Prepare the journal entries .
After you solve the question your answer must include the following items :
Question 1: Explain in details the journal entries ( why its recorded in debit or credit side ) and the nature of account Dr or Cr and its classification Assets , liabilities , owner's equity , Revenue or expenses .
Question 2: Explain the methods of accounting treatment for uncollectible accounts and the related accounting standards specially Egyptian standard No. 24
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