Accounting 100 Receivables

During October, German Imports had sales of $180,000, which included $120,000 in credit sales. October collections were $90,000. Other data include September 30 debit balance in Accounts Receivable 28,000. September 30 credit balance in allowance for uncollectible accounts, 1,000. Uncollectible-account expense, estimated as 2% of credit sales. Write offs of uncollectible receivables totaled, 1,200. (Prepare jounal entries to record sales, collections, uncollectible account expense by the allowance method, and write offs of uncollectibles during october.)

  1. 👍 0
  2. 👎 0
  3. 👁 102
asked by Cindy

Respond to this Question

First Name

Your Response

Similar Questions

  1. principles of finances

    according to my interpretation of the question in October they would collect: the 10% of the August sales = .10($10,000) the 20% of the Sept sales = .20($20,000) and the 70% of the Oct sales = .70($30,000) Do the arithmetic and

    asked by Reiny on March 28, 2007
  2. accounting

    On October 31, a flood at Payne Company’s only warehouse caused severe damage to its entire inventory. Based on recent history, Payne has a gross profit of 25 percent of net sales. The following information is available from

    asked by Anonymous on January 21, 2009
  3. business

    Lansing Auto Pats, Inc., has projected sales of $25,000 in October , $35,000 in November, and $30,000 in December of the company’s sales 20 percent are paid for by cash and 80 percent are sold on credit. The credit sales are

    asked by Andre on March 20, 2012
  4. managerial accounting

    Werntz furniture had actual sales for July and august and forecasted sales for September, October, November and December as follows: Actual: July………………………………………………………….$ 98,000

    asked by mz nailz on October 17, 2011
  5. Accounting

    Sales September-60,000 October-60,000 Novemver-65,000 Decemver-68,000 The staffs are paid commission of 5% on all montly sales exceeding $60,000. The commission is paid following month

    asked by Rose on September 16, 2018
  6. Accounting help

    I'm trying to make an income statement...for sales revenue out of this information what do I add up? Sales Revenue Forecast: June (actual) 24,000 July (actual) 20,000 August 28,000 September 52,000 October 44,000 November 76,000

    asked by Claire on September 25, 2010
  7. Finance

    Forecasting Collections. Here is a forecast of sales by National Bromide for the first 4 months of 2001 (figures in thousands of dollars): Month: 1 2 3 4 Cash sales 15 24 18 14 Sales on credit 100 120 90 70 On average, 50 percent

    asked by alex on February 1, 2010
  8. accounting

    Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. Halifax only makes credit sales. The company began 2013 with an allowance for

    asked by pedro on October 29, 2014
  9. Statistics .05 level

    According to a survey conducted in October 2001, consumers were trying to reduce their credit card debt (Extracted from M. Price, “Credit Debts Get Cut Down to Size." Newsday, November 25, 2001, p. F3). Based on a sample of 1000

    asked by Student on August 12, 2008
  10. Math

    An invoice for $600 is dated October 17 and has sales terms of 3/10 ROG. The merchandise arrives October 20. How much is due if the bill is paid October 29?

    asked by Anonymous on December 6, 2015

More Similar Questions