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Draper Consulting_P8-42_1 and 2, P9-40_1 and 2

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solution


Question

Question;This problem continues the;Draper Consulting situation from Problem 7-42 of;Chapter;7. Draper reviewed the receivables list from the January transactions (from;Chapter;6). Draper identified on February 15 that a customer was not going to pay;his;receivable of $200 from December 9. Draper uses the allowance method for;receivables;estimating uncollectibles to be 5% of January credit sales.;Requirements;1.;Journalize the entry to record and establish the allowance using the percentage;method;for January credit sales.;2.;Journalize the entry to record the identification of the customer?s bad debt.;Next;This;problem continues the Draper Consulting situation from Problem 8-42 of;Chapter;8. Refer to Problem 2-62 of Chapter 2. In Chapter 2, we learned that Draper;Consulting;had purchased a Dell computer, $1,800, and office furniture, $4,200 on;December;3 and 4, respectively, and that they were expected to last five years.;Requirements;1.;Calculate the amount of depreciation for each asset for the year ended;December;31, 2012, assuming both assets are using straight-line depreciation.;2.;Record the entry for the one month?s depreciation. Date it December 31, 2012.

 

Paper#37379 | Written in 18-Jul-2015

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