User Account

All Pages

The rock has credit sales of 425000 during 2013 and

Assignment Help Accounting Basics
Reference no: EM13594162

The Rock has credit sales of $425,000 during 2013 and estimates at the end of 2013 that 1.5% of these credit sales will eventually default. Also, during 2013 a customer defaults on a $1,200 balance related to goods purchased in 2012.

Required:

1. Prepare the journal entry to record the defaulted balance.

2. Prepare the adjusting entry to record the bad debt expense for 2013.

Reference no: EM13594162

Questions Cloud

On february 1 of year 1 richard mike patrick and sean form : on february 1 of year 1 richard mike patrick and sean form brothers corp and transfer the following items property
You are given a 10-mh inductor and 2 capacitorsof 50 and : question you are given a 10-mh inductor and 2 capacitorsof 5.0 and 2.0-mf capacitance. list the resonant frequencies
Tim don and hans are partners with capital balances of : tim don and hans are partners with capital balances of 30142 23668 and 53768 respectively. they share income in the
During january kroger paid 9150 for supplies to be used in : the following information is taken from the accrual accounting records of kroger sales companya. during january kroger
The rock has credit sales of 425000 during 2013 and : the rock has credit sales of 425000 during 2013 and estimates at the end of 2013 that 1.5 of these credit sales will
In its first month of operation maze company purchased 100 : in its first month of operation maze company purchased 100 units of inventory for 6 then 200 units for 7 and finally
Ethics case alternative sources of cashstacey jensen the : ethics case alternative sources of cash.stacey jensen the founder and the owner of a major portion of the stock for
Streit inc provides business security systems in an : streit inc. provides business security systems. in an effort to increase revenue the sales manager has begun
Two small plastic spheres each have a mass of 20 g and a : two small plastic spheres each have a mass of 2.0 g and a charge of -50.0 nc. they are placed 2.0 cm apart.what is the

Reviews

Write a Review

Accounting Basics Questions & Answers

  In comparing the canceled checks on the bank statement with

in comparing the canceled checks on the bank statement with the entries in the accounting records it is found that

  How the company coca cola could best allocate

Determine how the company Coca cola could best allocate costs to divisions, plants, departments, contracts, and / or products. Explain your rationale.

  Calculate the amount of gross profit

Cost incurred: $280,000, Billings: $400,000, Collections: $350,000. Calculate the amount of gross profit Muscle Construction should recognize in 2006, using the percentage-of-completion method.

  Which is the primary assertion tested in conjunction

Which is the primary assertion tested in conjunction with the obtaining of evidence regarding impairment? Answer a. Rights. b. Existence. c. Cutoff. d. Valuation.

  Equipment needed to process materials purchased from ellie

You are reviewing the December 31, 2009 financial statements of Ellie's Antiques that is considering an initial public offering of their shares.

  Several topics in taxation

Compare and contrast start-up costs and organizational expenditures. Describe how the tax treatment of these expenditures differs from the treatment for financial accounting purposes.

  Determining amount of cash collected from customers

The balance sheet reported a begin n in g balance o f Rs. 23,000 in Accounts Receivable and an endin g balance o f Rs . 16,000 . The inco me statement reported. Sales Revenue of Rs. 230,000. Using this information, what will be the amount of cash c..

  In preparing its bank reconciliation for the month of april

1.flips market recorded the following events involving a recent purchase of merchandisereceived goods for 50000 terms

  The forklift trucks have been fully depreciated and have a

rob thorton is a member of the planning and analysis staff for thurston inc. an established manufacturer of frozen

  Annualized interest rate

Samson Inc. needs €1,000,000 in 30 days. Samson can earn 5 percent annualized on a German security. The current spot rate for the euro is $1.00. Samson can borrow funds in the U.S. at an annualized interest rate of 6 percent. If Samson uses a mone..

  Journalize the issuance at par value journalize the selling

horton enterprises issued 100000 10 year 6 bonds payable on 11. interest is payable each 6 months 11 and 71. the

  Perform a vertical analysis of wal-mart stores

Perform a vertical analysis of Wal-Mart Stores, Inc.'s income statements and balance sheets as of January 31, 2013. In performing this analysis,

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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