What are all related journal entries including credit sales

Assignment Help Accounting Basics
Reference no: EM132619381

Question - On 1 July 2019, Meow Limited had an accounts receivable balance of $155,000 and an allowance for doubtful debts balance of $6,100.

During the year ended 30 June 2020, credit sales amounted to $75,500 and cash collected from customers was $81,000.

At the end of the financial year, the credit manager decided that accounts totaling $2,200 should be written off as bad debts.

An aging analysis shows that the ending balance of allowance for doubtful debts should be $10,200.

What are all the related journal entries including: Credit sales, Collection of cash, Write-off of bad debt and Recognizing the bad debt expense.

Reference no: EM132619381

Questions Cloud

Explain ethical business practices : Explain ethical business practices from the perspectives of small and large organizations. What are the key differences (if any)?
How are prepared to teach diverse texts : Describe how you will remain relevant with culturally relevant literature. How will you ensure you are sensitive to individual learning and social needs?
Calculate the cost of goods manufactured : Question - The following information is related to a manufacturing company for the year ended 30 June 2020. Calculate the cost of goods manufactured
How organizations can use mentoring and succession planning : This week's case study about GE's Succession Planning focuses on attracting, hiring, and retaining strong organizational employees.
What are all related journal entries including credit sales : What are all the related journal entries including: Credit sales, Collection of cash, Write-off of bad debt and Recognizing the bad debt expense
Briefly discuss consultation and communication process : Briefly discuss consultation and communication process?
How an organization can motivate its employees : Discuss how an organization can motivate its employees to maintain/increase their productivity and performance without significantly increasing employees'.
Examples of how work relationships can support : 1. Provide three examples of how work relationships can support or hinder achieving outcomes in the work environment.
Design and develop a small java console application : Design and develop a small Java console application - Demonstrate skills in designing and implementing an information system

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