Q1: Park Terrace has following beginning balances at the beginning of 2016 : Company completed...
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Q1: Park Terrace has following beginning balances at the beginning of 2016 : Company completed following selected transactions during 2016; 2016 March 15 Sold inventory to Ambience Corp. on account for \$15,060. Credit tems are 30. (Ignore COGS) April 30 Wrote off Ambieace Corp's account as uncollectible afier repeated efforts to collect from him. Sept 1 Loaned $123,000 cash to Malcom and receiving a six-month 10% note. Dec. 31 Made an adjusting entry to record uncollectible account expense based on percent-ofsales. The credit sales during 2016 are $800,000. Uncollectible will be 3% of credit sales. Dec. 31 Made an adjusting entry to acerue interest on the Malcom's note 2017 March 1 Collect the maturity value of Malcom's note Requirements: 1. Record the transactions in the Journal of Park Temsce. ( 5 points each) 2. Show how to calculate amounts. 3. Show balance before adjustment and after adjustment in the Allowance account. ( 5 points)
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