just need help understanding how to categorize these a. During Jamuary,...

80.2K

Verified Solution

Question

Accounting

just need help understanding how to categorize these
image
a. During Jamuary, the compary provided services for $340.000 on credit: b On January 31 , the compary estimated bad debts using 1 percent of credit sales. c. On February 4, the compary collected $170,000 of accounts recelvable: d. On February is, the company wrote off $400 account teceivable. e. During February, the compary provided services for $290.000 on credit. t On February 28, the company estimated bad debts using 1 percent of credit sales. 9. On March 1, the compary foancd $15,000 to an emiployee. who signed a 8% note due in 3 months. h. On March 15. the company collected $400 on the account witten off one month eartier. 1. On March 3t, the company accrued interest earned on the note. f. On March 3t, the company adjusted for Wheollectible accounts, based on the following aging analysis. which includes the preceding tiansactions (as weif as otheis not tisted). Piror to the adjustment. Allowance for Doubtfut Accounts had an unadjusted credit bolance of $8.800. lequired: For ilems (a) to al analyze the amount and direction (f or - ) of effects on specific financial statement accounts and the overall accounting equation. TiP: In item (a. you must first calculate the desired ending balance before adjusting the Alowance for Doubtful Accounts. (Do not round intermediote colculotions, Enter ony decreoses to Assets, Liabilities, or Stockholders Equity with o mintis sigin.)

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