90.2K

Verified Solution

Link Copied!

Y. Write your answers on the attached sheet. 33) (3 points) On January 16, Whole Cirele, Inc. sold $5,000 merchandise to Smith, on account. Whole Circle could not collect cash from Smith and wrote off the account. Prepare a journal entry to record the write-off, assuming Whole Circle uses the allowance method. 34) (4 points) The Allowance for Bad Debts account has a credit balance of $2,000 before the adjusting entry for bad ebts expense. The company's management estimates that 2% of net credit sales will be uncollectible for the yn reot7 Net credit sales for the year were $250,000. Prepare the journal entry to record the bad debts expense December 31, 2017. 35) (4 points) On November 1, 2017, Kelemen Jewelers accepted a 3-month, 15% note for $6,000 in settlement of an overdue account receivable. The accounting period ends in December. Give the journal entry to record the accrued interest at the year end. 36) (4 points) H oulihan, Inc. purchased a van on January 1,2016, for $800,000. Estimated life of the van was five ,000. Houlihan uses the straight-line method of depreciation. years, and its estimated residual value was $90 Give the journal entry to record the depreciation expense for 2016 on the var 37) (4 points) MacLean Corp, purchased a mine on January 1, 2016, for $500,000.The mine is estin 30,000 tons of iron ore. There is no residual value. The business has extracted and sold 2,500 tons of ore in Prepare the journal entry to record depletion expense for 2016. (Round your intermediate calculation nearest cent.) 2016. s to the

Answer & Explanation Solved by verified expert

See Answer