Business, 30.10.2021 17:00, jaciecaylen

At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Accounts receivable $560,400
Less: Allowance for doubtful accounts 37,640
During 2017, the company had the following transactions related to receivables.
1. Sales on account $2,968,300
2. Sales returns and allowances 92,202
3. Collections of accounts receivable 2,518,800
4. Write-offs of accounts receivable deemed uncollectible 43,310
5. Recovery of bad debts previously written off as uncollectible 15,840
New attempt is in progress. Some of the new entries may impact the last attempt grading.
Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable.

Answers: 3

Show answers

Other questions on the subject: Business

Business, 22.06.2019 19:00, mazolethrin3461

The following are budgeted data: january february march sales in units 16,200 22,400 19,200 production in units 19,200 20,200 18,700 one pound of material is required for each finished unit. the inventory of materials at the end of each month should equal 20% of the following month's production needs. purchases of raw materials for february would be budgeted to be:

Answers: 3

continue

Business, 22.06.2019 20:30, Roof55

When patey pontoons issued 4% bonds on january 1, 2018, with a face amount of $660,000, the market yield for bonds of similar risk and maturity was 5%. the bonds mature december 31, 2021 (4 years). interest is paid semiannually on june 30 and december 31?

Answers: 1

continue

Business, 22.06.2019 21:20, danielahumajova6

In a market economy, supply and demand are important because theya. (i) play a critical role in the allocation of the economy's scarce resources. b. (ii) determine how much of each good gets produced. c. (iii) can be used to predict the impact on the economy of various events and policies. d. all of (i), (ii), and (iii) are correct.

Answers: 3

continue

Business, 23.06.2019 00:30, Chen19241

2. which of the following statements about interest is true? a. interest is a one-time fee that you pay for lending money. b. interest is expressed as a percentage of the amount you are borrowing. c. because interest rates tend to be small numbers, they typically don't have much effect on the price of the goods you're purchasing. d. interest is a penalty that you pay when you don't pay your bills on time.

Answers: 1

continue

Do you know the correct answer?

At December 31, 2016, Flint Corporation Imports reported this information on its balance sheet. Ac...