15. 31, Ferndale Enterprises has an $800 debit balance in Allowance for Uncollec

Question

15. 31, Ferndale Enterprises has an $800 debit balance in Allowance for Uncollectible Accounts. If an accounts receivable aging method analysis indicated that an estimated accounts be recorded? (Show your work.) $6,400 of eivables are uncollectible, for what amount would the adjusting entry for uncollectible 16. Assume that part of accounts and other receivables on Trejada Toys' balance sheet is $8 million as of February 2, 2014. Also assume that Allowance for Uncollectible Accounts has a credit balance of S275,000, that Trejada estimates its uncollectible accounts as 0.1 percent of net sales, and the amount of sales is $5,509.500,000. Record the adjusting entry to recognize uncollectible accounts using the percentage of net sales method GENERAL JOURNAL Post. Ref. Debit Date Description Credit 17. Determine the interest on the following notes payable: a. $6,000 at 10 percent for 60 days b. $600 at 16 percent for 4 months c. $10,000 at 12 percent for 45 days d. $900 at 14 percent for 30 days

Explanation / Answer

Answer(15)- Total Amount = $7200 ($800 + $6400)

With this amount, the adjustment entry of uncollectible accounts should be recorded.

Answer(17)- Interest on following notes payable-

a: 6000 * 10/100 * 60/365 = $98.63

b: 600 * 16/100 * 4/12 = $32

c: 10000 * 12/100 *45/365 = $147.94

d: 900 * 14/100 * 30/365 = $10.35

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