Accounting for assets question. 2. a) The following information we got from Waridi mean traders for the year ended 31st Dec 2013. a) 1st April goods sold to Joto Mingi traders ksh 60,000 b) 8th July amount paid by Joto Mingi ksh 25,000 c) 30th September Joto Mingi was declared bankrupt hence proved to be bad debt. Required: i) Appropriate ledger account to record the above transaction ii) Extract of financial statement (income statement).

Accounting for assets question. 2. a) The following information we got from Waridi mean traders for the year ended 31st Dec 2013. a) 1st April goods sold to Joto Mingi traders ksh 60,000 b) 8th July amount paid by Joto Mingi ksh 25,000 c) 30th September Joto Mingi was declared bankrupt hence proved to be bad debt. Required: i) Appropriate ledger account to record the above transaction ii) Extract of financial statement (income statement).

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PA: Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable....

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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
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Funnel Direct recorded $1,341,780 in credit sales for the year and $699,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $13,588; record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. A. Dec. 31 - Select - - Select - - Select - - Select - To record bad debt, income statement method B. Dec. 31 - Select - - Select - - Select - - Select - To record bad debt, balance sheet method C. Dec. 31 - Select - - Select -…
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