ALSO NEED BALANCE SHEET!!! Problem 5 Journal Entries for Receivables On January 1 of...
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ALSO NEED BALANCE SHEET!!!
Problem 5 Journal Entries for Receivables On January 1 of the current year, Slaton, Inc. had the following accounts on its books: Accounts Receivable $120,000 (debit) Allowance for Uncollectible Accounts 4,000 (credit) During this year, credit sales were $600,000 and collections on account were $580,000. 2/1/2016 Prepare the journal entry to write off L. Baxter's account $3,400. 7/1/2016 Prepare the journal entry to write off N. Vale's account $1,200. Prepare the journal entry(s) needed to record $400 received from N. Vale, who is in bankruptcy. Vale paid $400 in the final settlement of the account written off on 7/1/2016. This amount is not included in the $580,000 collections 10/31/2016 Prepare the journal entry to record the year's bad debts expense estimated at 1% of credit sales. 12/31/2016 Show how Accounts Receivable and the Allowance for Uncollectible Accounts would appear on the 12/31/2016 Balance Sheet. 12/31/2016 Slaton, Inc. General Journal For the year ended December 31, 2016 Date Description Debit Credit
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