Acc 504 module 3 hw

[ad_1]

Acc 504 module 3 hw

At year-end (December 31), Alvare Company estimates its bad debts as 0.40% of its annual credit sales of $686,000. Alvare 1.
value:3.34 points
 

Following are selected transactions Deshawn Company for 2010 and 2011.

  
 

  Dec.

13  

Accepted a $28,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable.

 

31  

Prepared an adjusting entry to record the accrued interest on the Clark note.

  
 

  Jan.

27  

Received Clark’s payment for principal and interest on the note dated December 13.

  Mar.

3  

Accepted a $22,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company.

  

17  

Accepted a $20,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable.

  Apr.

16  

Torres dishonors his note when presented for payment.

  May

1  

Wrote off the Torres account against the Allowance for Doubtful Accounts.

 June

1  

Received the Shandi payment for principal and interest on the note dated March 3.

    

Prepare journal entries for the above transactions for 2011. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the “$” sign in your response.)

Date

General Journal

Debit

Credit

2011

 

 

 

  Jan.

27  

  

 

 

 

 

 

 

 

 

 

 

 

 

 

  

 

 

  

  

 

 

 

 

 

 

 

 

 

 

 

At year-end (December 31), Alvare Company estimates its bad debts as 0.40% of its annual credit sales of $686,000. Alvare records its Bad Debts Expense for that estimate. On the following February 1, Alvare decides that the $343 account of P. Coble is uncollectible and writes it off as a bad debt. On June 5, Coble unexpectedly pays the amount previously written off.

  

Prepare the journal entries of Alvare to record these transactions and events of December 31, February 1, and June 5. (Omit the “$” sign in your response.)

 
 
records its Bad Debts Expense for that estimate. On the following February 1, Alvare decides that the $343 account of P. Coble is uncollectible and writes it off as a bad debt. On June 5, Coble unexpectedly pays the amount previously written off.

  

Prepare the journal entries of Alvare to record these transactions and events of December 31, February 1, and June 5. (Omit the “$” sign in your response.)

 
 

9 years ago

Acc 504 module 3 Hw
NOT RATED

Purchase the answer to view it

acc_510-module_3_hw_answers.docx

plagiarism checkPurchase $20

")96% of our customers have reported a 90% and above score. You might want to place an order with us."

Essay Writing Service
Affordable prices

You might be focused on looking for a cheap essay writing service instead of searching for the perfect combination of quality and affordable rates. You need to be aware that a cheap essay does not mean a good essay, as qualified authors estimate their knowledge realistically. At the same time, it is all about balance. We are proud to offer rates among the best on the market and believe every student must have access to effective writing assistance for a cost that he or she finds affordable.

Caring support 24/7

If you need a cheap paper writing service, note that we combine affordable rates with excellent customer support. Our experienced support managers professionally resolve issues that might appear during your collaboration with our service. Apply to them with questions about orders, rates, payments, and more. Contact our managers via our website or email.

Non-plagiarized papers

“Please, write my paper, making it 100% unique.” We understand how vital it is for students to be sure their paper is original and written from scratch. To us, the reputation of a reliable service that offers non-plagiarized texts is vital. We stop collaborating with authors who get caught in plagiarism to avoid confusion. Besides, our customers’ satisfaction rate says it all.

© 2022 Homeworkcrew.com provides writing and research services for limited use only. All the materials from our website should be used with proper references and in accordance with Terms & Conditions.