Aging A/R report : Current Past due 1-30 Past due 31-60 Past due 61 +...
50.1K
Verified Solution
Link Copied!
Question
Accounting
Aging A/R report : Current Past due 1-30 Past due 31-60 Past due 61 + $55,000 $75,000 $28,000 $13,000 Total A/R : $171,000 Sales : $2,300,000 a) Make provision based on A/R (1%). Provide JE. b) Make provision based on sales (2.25%). Provide JE. c) Based on Aging : a. Make provision (current 1%), (1-30 1.8%), (31-60 3%), (61+ 5%). Provide JE. b. Write-off $1,210. Provide JE. c. Collect account that was write-off.
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!
