Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. on february 28, blossom company had accounts recei

On February 28, Blossom Company had accounts receivable in the amount of $541,880 and Allowance...

70.2K

Verified Solution

Question

Accounting

On February 28, Blossom Company had accounts receivable in the amount of $541,880 and Allowance for Doubtful Accounts had a credit balance of $2,658 before adjustment. Net credit sales for February amounted to $3,720,000. The credit manager estimated that uncollectible accounts would amount to 5% of accounts receivable. On March 10, an accounts receivable from Kathy Black for $7,564 was determined to be uncollectible and written off. However, on March 31, Black received an inheritance and immediately paid her past due account in full.
(a)
Prepare the journal entries made by Blossom Company on the following dates:
February 28
March 10
March 31
There are an additional two rows and it's to record collection of payment.
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

Biology
1.2K views

Jaws first occurred in which group of fishes? ostracoderms sharks placoderms ray-finned fishes If a mollusk had a lung, where...

Biology
1.2K views

Choose the correct sentence.The _ creates a more conversational tone.author's voiceactive voicepassive voice

Physics
1.2K views

2 The figure shows an experimental plot discharging of a capacitor in an R C...

Physics
1.2K views

Young modulus of elasticity of brass is 10 N m The increase in its energy...

Basic Math
1.2K views

of 4 Book Print eferences Required information The following information applies to the questions displayed...

Basic Math
1.2K views

Given each pair of points, identify the slope. Next, identify which slope(-12, 13), (-15, 8)...

Accounting
1.2K views

Item10 1points eBook Print References Check my workCheck My Work button is now enabled Item...

Accounting
1.2K views

accounting for incomplete records could pose some challenges, discuss the causes for one having incomplete...

Accounting
1.2K views

Inventory Costing Methods using Excel's SUM and Basic Math Functions 1 Better Bottles, Inc. uses...

Accounting
1.2K views

I need help figuring out how to solve for this, thank you! ...

Accounting
1.2K views

JWS Transport Company's employees earn vacation time at the rate of 1 hour per 45-hour...

Accounting
1.2K views

three reasons why a company may sell its receivable