No answers are necessarily correct http//cvg.cengagenow.com/in/a dit View Favori

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No answers are necessarily correct http//cvg.cengagenow.com/in/a dit View Favorites Toos Help Bay" Google e-Play Free Games- enSave 50% at Dell perk" eg suggested Sites. eweb Slice Gallery Bay Google Play Free Games-a Bay-Google en Play Free Games. . wh Save 50% at Dell Perks Suggested Sites )Web Slice Gallery Account Receivable Entries The following financial information pertains to Sleepy Company: Accounts receivable 12311 Allowance for bad debts, 1231/11 Net credit sales 2012 Collections on credit sales during 2012 Accounts receivable written off in 2012 8,400 1,980,000 1,730,000 6,500 Required: Hide a. Prepare all the necessary journal entries for 2012 sales, collections, and write-offs (using the direct write Accounts Receivable 6500 Sales 6500 8400 Accounts Receivable 8400 Bad Debt Expense 6500 áccounts Recefyable 6500

Explanation / Answer

A) Journal entries

B) Using allowance method

Estimated abd debts $1,730,000 @2% = $34,600

c) A/c recievable

( opening $275,000 + Credit sales $1980,000 - Collection $1,730,000 - Written off 6500)

= $518,500 @5%

= $25,925

Journal entries

Description Debit Credit A/c recievable $1,980,000 To Sales $1,980,000 Cash $1,730,000 To A/c recievable $1,730,000 Bad debts expense $6,500 To A/c recievable $6,500

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