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Marrrta [24]
3 years ago
12

At year-end (December 31), Chan Company estimates its bad debts as 0.70% of its annual credit sales of $672,000. Chan records it

s Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $336 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off.
Required:
a. Prepare the journal entries for these transactions.1. Record the estimated bad debts expense.2. Record the entry to write off P. Park's account as uncollectible.3. Record the reinstatement of Park's previously written off account.4. Record the cash received on account.
Business
1 answer:
pshichka [43]3 years ago
5 0

Answer and Explanation:

The journal entries are shown below

As per the data given in the question,

Journal entries:

On Dec-31

Bad debt expense A/c Dr. $4,704     (0.007 × $672,000)

       To Allowances for doubtful account Cr.  $4,704

(Being the bad debt expense is recorded)

On Feb-01

Allowances for doubtful account Dr. $336

     To Accounts receivable P. Park Cr. $336

(Being the allowance is recorded)

On Jun-05

Accounts receivable P. Park A/c Dr. $336

Allowances for doubtful account Cr. $336

(Being the reinstatement is recorded)

On Jun-05

Cash A/c Dr. $336

           To Accounts receivable P. Park Cr.  $336

(Being the cash received on account is recorded)

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1 year ago
Dave's Duds reported cost of goods sold of $2,000,000 this year. The inventory account increased by $200,000 during the year to
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a. $2,200,000

Explanation:

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At December 31, 2019, Skysong Corporation had the following stock outstanding. 10% cumulative preferred stock, $100 par, 108,966
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Answer:

Earnings per share from continuing operations is $3.41 per share.

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Explanation:

The earnings per share data can be computed by preparing a partial income statment as follows:

Skysong Corporation

Income Statement (Partial)

As at December 31, 2019

<u>Particulars                                                                            Amount ($)   </u>

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Discontinued operations (2,135,185 / 4,044,060)                    (0.53)

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