At flounder company, the following errors were discovered after the transactions had been journalized and posted. prepare the correcting entries. 1. a collection on account from a customer for $1,000 was recorded as a debit to cash $1,000 and a credit to service revenue $1,000. 2. the purchase of store supplies on account for $1,160 was recorded as a debit to supplies $1,510 and a credit to accounts payable $1,510.

For each of the following users of financial accounting information and managerial accounting information, specify whether the user would primarily use financial accounting information or managerial accounting information or both: 1. sec examiner 2. bookkeeping department 3. division controller 4. external auditor (public accounting firm) 5. loan officer at the company's bank 6. state tax agency auditor 7. board of directors 8. manager of the service department 9. wall street analyst 10. internal auditor 11. potential investors 12, current stockholders 13. reporter from the wall street journal 14. regional division managers

Explain how can you avoid conflict by adjusting

On december 31 of the current year, the unadjusted trial balance of a company using the percent of receivables method to estimate bad debt included the following: accounts receivable, debit balance of $97,900; allowance for doubtful accounts, credit balance of $1,031. what amount should be debited to bad debts expense, assuming 6% of outstanding accounts receivable at the end of the current year are estimated to be uncollectible?