Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. e. 10/1/22: jinx inc. negotiates the sale and deli

E. 10/1/22: JINX Inc. negotiates the sale and delivery of 10 refrigerators and 10 microwaves...

70.2K

Verified Solution

Question

Accounting

image
E. 10/1/22: JINX Inc. negotiates the sale and delivery of 10 refrigerators and 10 microwaves to Forest Housing. Forest Housing signs a 4-month, $21,000 note with 7% interest. Cost of the merchandise is $13,000. FOB destination of $120 was paid in cash. Date Description PR Debit Credit F. 10/30/22:JINX Inc. uses the allowance method and writes off an accounts receivable balance from BB Inc. in the amount of $600. Date Description PR Debit Credit G. 12/31/22: After performing an aging of accounts receivable, JINX Inc estimates that $1,000 of its account receivable will be uncollectible. The allowance for doubtful accounts has a $600 debit balance. Date Description PR Debit Credit H. 12/31/22: JINX Inc. made an adjusting entry to record the interest on the Forest Housing note in transaction E. Date Description PR Debit Credit Forest Housing paid the note and interest from transaction on the due date. Date Description PR Debit Credit

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