1: Performed plumbing services for Pasthas??? for $8,000 on terms 3/10, n/20.;3: M&T Plumbing decides to adopt the allowance method....
1: Performed plumbing services for Pasthas? for $8,000 on terms 3/10, n/20.;3: M&T Plumbing decides to adopt the allowance method. Uncollectible account expense is estimated at 2% of credit sales.;10: Borrowed money from Bank of America, $10,000, 7% for 180 days.;12: After discussions with Charles?s Wig Stand, Michael Thums has determined that $225 of the receivable owed to M&T Plumbing will not be collected. Write off this portion of the receivable.;15: Sold goods to WaterCounty for $4,000 on terms 4/10, n/30. Cost of goods sold was $600.;15: Recorded uncollectible account expense estimated at 2% for WaterCounty sale.;28: Sold goods to PlumbPlus, for cash of $1,200 (cost $280).;28: Collected from Charles?s Wig Stand $225 of receivable previously written off. Reinstated the remaining balance of Charles?s receivable.;29: Paid cash for utilities of $350.;31: Created an aging schedule for M&T Plumbing for accounts receivable. M&T determined that accounts 1?20 days old were 2% uncollectible and accounts over 20 days old were 15% uncollectible. Prepared an aging schedule and adjusted the Allowance for uncollectible.;Charles?s Wig Stand ? Balance at June 30, 2013 was 1,775.;31: M&T Plumbing prepared all other adjusting entries necessary for July.;Special Considerations;Here are the balances of the accounts at June 30, 2013. Take into consideration as beginning balances of July.;Cash ? Debit balance of $73,791;Accounts Receivable ? Debit balance of $2,000;Inventory ? Debit balance of $2,541;Requirements;1. Prepared all required journal entries and post them to M&T Plumbing?s ledger.;a. Complete also transactions for July 31.;2. Reconcile the Accounts receivable control account to the Accounts receivable subsidiary ledger.
Paper#80356 | Written in 18-Jul-2015Price : $22