waers company uses the direct write off method of account for uncollectible rece

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waers company uses the direct write off method of account for uncollectible receivables on November 18 Waco’s wrote off 6700 waers company uses the direct write off method of account for uncollectible receivables on November 18 Waco’s wrote off 6700 waers company uses the direct write off method of account for uncollectible receivables on November 18 Waco’s wrote off 6700 Take a Test -Zendy Neves -Google Chrome Secure Testaspotestld-174494783kcenterwin-yes ACC 101 FALL 2017 OMALLEY NB zendy Neves 12/20/17 6:03 PM Test: FINAL EXAM Time Remaining: 02.56:43 Submt Test This Question: 10 pts 10r 6 (0 complete) This Test: 100 pts possible Low Pressure Steam Cleaning pertoms services on account When a customer account becomes receivable During 2018, the company completed the follawing transacions four months old. Low Pressure converts the account to a note (Ckck the icon to view the transactions ) Record the transactions in Low Pressure's journal Round to the mearest dolar (Use a 365-day yea for computations Recond debils explanation on the last ine of the journal entry table.) Apr 28 Performed service on account for Belmont CM:24 000 Accounts and Explanation Date 2018 Apr 28 Credit More Into Apr-28erformedserviceor accountrBe montat,$21000 Sep 1 Received. S24 000 60-day 9%note torn Belmont Club i, Sep 1 Received a S24 000. 60-day 9% note from BenontCu satisfaction of its past-due account receivable Oct 31 Collected the Belmont Cub note at maturty Date 2018 Sep. 1 Accounts and Explanation Print Done Choose from any list or enter any number in the input fields and then continue to the next question

Explanation / Answer

date Accounts & Explanation debit Credit April28,2018 Accounts receivables A/c $24000           To Serivice revenue A/c $24000 (Being services performed On account has been recorded) Sep 1,2018 Note receivables (9%) A/c $24000         To Acounts receivables A/c $24000 (Being Accounts receivables has been converted to note receivables ) Oct 31,2018 Cash A/c $24355       To Note receivables A/c $24000        To Interest earned A/c ($24000*9%*60/365) $355 (Being Note receivables received has been recorded)

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