80.2K

Verified Solution

Link Copied!

its urgent plz

Question 17 of 20 -/16 View Policies Current Attempt in Progress Wildhorse Flooring has a December 31 year end and uses the perpetual inventory system Wildhorse does not expect any sales returns. The following transactions occurred during 2021 and 2022. 2021 Aug. 30 Oct. 18 Sold goods with a cost of $9,300 to Jules Harrison for $15,600 on account, terms 2/15,6/30. Jules ran into some financial troubles and reached an agreement with Wildhorse to convert the account receivable into a 90 day, 8% note receivable. Sold goods with a cost of $2,300 to Flore Hardy for $4.000 on account terms 2/15./30. Prepared the adjusting entries to record accrued interest and an estimated allowance for doubtful accounts of $3.410. For the interest calculation use the exact number of days. Dec. 18 Dec. 31 2022 Jan 2 Jan 16 Collected the amount due from Flore. Jules dishonoured the note receivable. Wildhorse expects to collect the account Wrote off the amount owing from Jules Dec 31 Prepare all required journal entries for the above transactions assuming Wildhorse uses the allowance method and Allowance for Doubtful Accounts does not have an opening balance. (Record journal entries in the order presented in the problem. Credit account titles are automatically Indented when the amount is entered. Do not Indent manually. List all debit entries before credit entries. Use 365 days for calculation) Date Account Titles and Explanation Debit Credit 2021 Question 17 of 20 -/16 E Date Account Titles and Explanation Debit Credit 2021 (To record sale on account.) (To record cost of goods sold.) (To record sale on account) (To record cost of goods sold.) - / 16 (to record cost of goods Sold) (To record accrued interest.) (To record allowance for doubtful accounts.) 2022

Answer & Explanation Solved by verified expert

See Answer