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Prepare the journal entry to record the estimated uncollectibles.




BE9-3;During its first year of operations, Henley Company had credit sales of $3,000,000, $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will become uncollectible.;Prepare the journal entry to record the estimated uncollectibles.;Description/Account Debit Credit;Prepare the current assets section of the balance sheet for Henley Company. Assume that in addition to the receivables it has cash of $90,000, merchandise inventory of $130,000, and prepaid expenses of $7,500.;Current assets;$;$;Less;Total current assets;$


Paper#27330 | Written in 18-Jul-2015

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