Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. part six: problem. on march 31, 2019, merle compan

Part Six: Problem. On March 31, 2019, Merle Company had an unadjusted debit balance of...

50.1K

Verified Solution

Question

Accounting

image
Part Six: Problem. On March 31, 2019, Merle Company had an unadjusted debit balance of $12,350 in its allowance for uncollectible accounts and a $587,400 debit balance in its accounts receivable account. The Company reported net credit sales of $4,500,000 during the first quarter. An analysis of Merle's trade accounts receivable at that date revealed the following: Days Past Due Amount Estimated uncollectible Current S124,000 3% 1-30 days 74.500 7% 31-60 days67,200 12% 61-90 days 45,700 30% Over 90 days 276,000 45% Total $587,400 What amount should Merle report as Allowance for Doubtful Accounts on its March 31, 2019, balance sheet? Prepare the required journal entry at March 31, 2019 to record the uncollectible accounts expense. Date Accounts Title and Explanation Ref. Debit Credit During 2019 after making the above journal entry, Merle Company wrote off $30,000 in receivables and recovered $14,700 that had been written off. Prepare the required journal entries. Omit explanations. Date Accounts Title and Explanation Ref. Debit Credit

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