Description of this paper

Problem 8-2B, Problem 8-6B, Problem 9-2B, Problem 9-7B

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solution


Question

;;Problem 8-2B;(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).;Date;Account Titles and Explanation;Debit;Credit;1;2;3;4;5;(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for Doubtful Accounts. Post the transactions to the ledger T Accounts;Be sure to post the amounts to the correct side of the T-Account!;Accounts Receivable;Bal.;(2);(1);(3);(5);(4);(5);Bal.;Allowance for Doubtful Accounts;(4);Bal.;(5);Bal.;(c) Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that expected bad debts are $140,000.;Balance needed............................................................................... $;Balance before adjustment [see (b)]................................................;Adjustment required....................................................................... $;The journal entry would therefore be as follows;(d) Accounts Receivable Turnover Ratios;Enter your answer here;Average Collection Period;Enter your answer here;Problem 8-6B;(a) Journalize the transactions, including explanations. (Note, enter all accounts in one box. The dates have been included to help with formatting).;Date;Account Titles and Explanation;Debit;Credit;5

 

Paper#77450 | Written in 18-Jul-2015

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