4) Matiere Co. completed the following transactions during 2019 and 2020: Date Transactions 2019 Dec. 31 Estimated that bad debt expenses for the year was 3% of credit sales of $385,000 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 2020 Mar. 26 Sold inventory to Mabel Sanders, $10,037.50, on credit terms of 2/10, n/30. Ignore the cost of goods sold. Sep. 15 Wrote off Mabel Sanders's account as uncollectible after repeated efforts to collect from her. Nov. 10 Received $5,500 from Sanders, along with a letter stating her intention to debt in full within 30 days. Reinstated her account in full. рay her Dec. Received the balance due from Sanders. Made a compound entry to write off the following accounts as uncollectible: Curt Major, $2,200. Bernadette Lalonde, $962.50; Ellen Smart, $1,470. 31 Estimated that bad debt expense for the year was 2% of credit sales of $490,000 and recorded the expense. 31 Made the closing entry for bad debt 31 expense. Record the transactions in the general journal. No explanations are necessary. a. b. Post to the ledger by using T-accounts.
4) Matiere Co. completed the following transactions during 2019 and 2020: Date Transactions 2019 Dec. 31 Estimated that bad debt expenses for the year was 3% of credit sales of $385,000 and recorded that amount as expense. 31 Made the closing entry for bad debt expense. 2020 Mar. 26 Sold inventory to Mabel Sanders, $10,037.50, on credit terms of 2/10, n/30. Ignore the cost of goods sold. Sep. 15 Wrote off Mabel Sanders's account as uncollectible after repeated efforts to collect from her. Nov. 10 Received $5,500 from Sanders, along with a letter stating her intention to debt in full within 30 days. Reinstated her account in full. рay her Dec. Received the balance due from Sanders. Made a compound entry to write off the following accounts as uncollectible: Curt Major, $2,200. Bernadette Lalonde, $962.50; Ellen Smart, $1,470. 31 Estimated that bad debt expense for the year was 2% of credit sales of $490,000 and recorded the expense. 31 Made the closing entry for bad debt 31 expense. Record the transactions in the general journal. No explanations are necessary. a. b. Post to the ledger by using T-accounts.
Financial Accounting Intro Concepts Meth/Uses
14th Edition
ISBN:9781285595047
Author:Weil
Publisher:Weil
Chapter8: Revenue Recognition, Receivables, And Advances From Customers
Section: Chapter Questions
Problem 31E
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