Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on december 31, 2020, sunland company estimated th

On December 31, 2020, Sunland Company estimated that 4% of its net accounts receivable of...

50.1K

Verified Solution

Question

Accounting

On December 31, 2020, Sunland Company estimated that 4% of its net accounts receivable of $488,600 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. The allowance account had a zero balance before adjustment on December 31, 2020. On May 11, 2021, Sunland Company determined that the Jeff Shoemaker account was uncollectible and wrote off $2,443. On June 12, 2021, Shoemaker paid the amount previously written off. Prepare the journal entries on December 31, 2020, May 11, 2021, and June 12, 2021

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

Algebra
1.2K views

Standard 6 PAR 7 3 The product of two numbers is 48 and one of...

Physics
1.2K views

List and briefly discuss three significant considerations when measuring very small currents. this qiestion is related...

Mechanical Engineering
1.2K views

14. Sacrificial anodes are bolted inside the_____ of a heat exchanger 15. Sacrificial anodes minimize______ within a...

Geometry
1.2K views

1 2 pair of triangles 1 State one of the following A a b C...

Basic Math
1.2K views

Make Sense and Persevere Charlotte buys a ticket to go to abaseball game. The total...

Algebra
1.2K views

Which statistic would indicate that a linear function would not be a good fit to...

Algebra
1.2K views

Tree Graphs Which graph below is NOT a tree graph O O O 1 4

Accounting
1.2K views

On November 1, 2022, the following were the account balances of Carla Vista Equipment Repair....

Accounting
1.2K views

A company is considering purchasing factory equipment that costs $400000 and is estimated to have...

Accounting
1.2K views

What does Section 351 of the IRC discuss? Please explain in detail.

Finance
1.2K views

If Lew's Steel Forms purchases $654,000 of new equipment, they can lower annual operating costs...

Finance
1.2K views

Sarah is single and self-employed realtor and is 42 years old. Her rental income is...