1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
iragen [17]
3 years ago
15

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded

only at December 31, the company’s fiscal year-end. The 2020 balance sheet disclosed the following:
Current assets:
Receivables, net of allowance for uncollectible accounts of $36,000 $ 462,000


During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following:

Percentage of Year-End Percent
Age Group Receivables in Group Uncollectible
0−60 days 70% 5%
61−90 days 20 15
91−120 days 5 20
Over 120 days 5 40

Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off.
Business
1 answer:
Sedaia [141]3 years ago
5 0

Journal entries

Dr Allowance for uncollectible account $41,000

Cr Account Receivable $41,000

Dr Account receivable $3,600

Cr Allowance for uncollectible account $3,600

Dr Cash $3,600

Cr Account receivable $3,600

You might be interested in
Which view allows viewer to change slides to grayscale​
Gnom [1K]

Answer:

•color view

•slide show view

•protected view

Explanation:

:)

8 0
2 years ago
A sound allocation system should: be cheap and easy to administer provide incentives for cost control charge in proportion to am
Simora [160]
The correct answer is d
6 0
3 years ago
Before, during, and after a sale, a selling strategy must focus on
Alenkasestr [34]
<span>Before, during, and after a sale, a selling strategy must focus on meeting a customers needs.

It is important when you are trying to sell a product or service to someone, that they see the benefits themselves. As a sales person your job is to make sure the product you have is meeting the customers needs fully because if they don't see that, they won't make the purchase. As a customer, whenever I buy a product I run down a list of ways it will benefit me or why I need it. 
</span>
4 0
3 years ago
2. What has Calvina done wrong?
Nikolay [14]

Answer:

What are you talking about what is the rest of the question-to make it more since.

5 0
3 years ago
A $22 credit to sales was posted as a $220 credit by what amount is the sales account in error
Elodia [21]
I think i read the question right. I think they would be out $198
5 0
3 years ago
Read 2 more answers
Other questions:
  • Suppose the reserve requirement is 10%.
    5·1 answer
  • Richard, an engineer, supervises the construction of a new mountainside roadway. When the road collapses in a landslide due to f
    5·1 answer
  • Which of the following statements about a partnership is true? a. Partners are considered employees of the partnership. b. A par
    14·1 answer
  • The difference between price elasticity of demand and income elasticity of demand is that A. income elasticity measures the resp
    5·1 answer
  • Match the given situations to the risks faced by the business. economic risks, natural disasters, right product, operations risk
    12·1 answer
  • Third Parties In General (not Just With Health Care) Are Inefficient Because
    6·1 answer
  • The Dorilane Company specializes in producing a set of wood patio furniture consisting of a table and four chairs. The set enjoy
    11·1 answer
  • Sylvan, the seller, and Eric, the buyer, have signed an option agreement, which is an offer to purchase a specific piece of real
    11·1 answer
  • Selected transactions for the Ecker Company are listed below.
    11·1 answer
  • On January 1, 2019, Cullumber Company had $1,000,000 of common stock outstanding that was issued at par. It also had retained ea
    14·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!