Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. homework chapter 8 1 max company has revenue/sal

HOMEWORK Chapter 8 1 Max Company has revenue/sales of 500,000 in 2019. Make...

50.1K

Verified Solution

Question

Accounting

HOMEWORK Chapter 8
1 Max Company has revenue/sales of 500,000 in 2019. Make the journal for this below. All on account.
2 They think they can collect 95% of this amount. Make the journal for the allowance for doubtful accounts
(In other words the amount they don't know if they can collect)
3 End of year they do an accounts receivable aging below. Based on this how much should they have
in the Allowance for doubtful accounts
# 3 in box above (this is the amount they should have in allowance)
4 Make the journal to adjust the allowance for doubtful accounts to the amount in #3
5 In 2020 they find that 5,000 is clearly uncollectable . Make the journal to write it off.
Make a T-account for #3
image

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