Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1. for a business that makes advance provision for

1. For a business that makes advance provision for...

80.2K

Verified Solution

Question

Accounting

image
1. For a business that makes advance provision for uncollectible Reuellt (a) Journalize the entries to record the following: (18 PTOS.) Record the adjusting entry at December 31, the end of the fiscal year, to provide for doubtful accounts. The accounts receivable account has a balance of $800,000, and the contra asset account (Allowance for Doubtful Account) before adjustment has a debit balance of $600. Analysis of the receivables indicates doubtful accounts of $18,000. In March of the following fiscal year, the $350 owed by Fronk Co. on account is written off as uncollectible Eight months later, $200 of the Fronk Co. account is reinstated and payment of that amount is received In October, $400 is received on the $600 owed by Dodger Co. and the remainder is written off as uncollectible. (1) (2) (3) (4) Based on the data in (a) (I) above, what is the net realizable value of the accounts receivable as reported on the balance sheet as of December 31? (3 PTOS.) (b)

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Basic Math
1.2K views

1 Identify the rules of exponents showing in the problem 2 Simplify the expression 83

Biology
1.2K views

Kinesthetic receptors are located in the muscles, ------, joints, and the vestibular system bones brain tendon/skin placenta

Psychology
1.2K views

Why are negative attitudes or stereotypes associated with mental illness but not with physical illness? What...

Mechanical Engineering
1.2K views

Drag measurements were taken for a 5 cm diameter sphere in water at 20 °C to...

Physics
1.2K views

In the equivalent circuit of three phase induction motor the mechanical loa the motor can...

Physics
1.2K views

d 3 7 t 36 The normal density of gold is p and its modulus...

Physics
1.2K views

Four identical point charges are placed at vertices of square ABCD of side 10 cm...

Geometry
1.2K views

21 Consider the square at the right RSTV It has four right angles and four...

Basic Math
1.2K views

A person receives gifts for her 18th birthday totaling $750. She also saved 5 points...

Statistics
1.2K views

The cumulative relative frequency for the last class must always be 1 Why Choose the...

Algebra
1.2K views

The heat loss of a glass window varies jointly as the window s area and...

Accounting
1.2K views

please do general journal entry for each transactions total entries should be 9 ...