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  • QUIZ 1 Concepts and Applications

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    Mycah Bolusan
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    This document records various transactions related to a company's accounts receivable. It records an initial sale on credit for $3,000,000, a customer advance payment of $100,000, a $10,000 allowance for doubtful accounts, an ending accounts receivable balance of $550,000, and $5,000 of collected written off accounts. Total cash collections for the period were $2,345,000.

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    This document records various transactions related to a company's accounts receivable. It records an initial sale on credit for $3,000,000, a customer advance payment of $100,000, a $10,000 allowance for doubtful accounts, an ending accounts receivable balance of $550,000, and $5,000 of collected written off accounts. Total cash collections for the period were $2,345,000.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    16 views1 page

    QUIZ 1 Concepts and Applications

    Uploaded by

    Mycah Bolusan
    This document records various transactions related to a company's accounts receivable. It records an initial sale on credit for $3,000,000, a customer advance payment of $100,000, a $10,000 allowance for doubtful accounts, an ending accounts receivable balance of $550,000, and $5,000 of collected written off accounts. Total cash collections for the period were $2,345,000.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 1

    (1)

    Accounts Receivable 3,000,000


    Sales 3,000,000
    To record Sales on credit

    Cash 100,000
    Accounts Receivable 100,000
    To record customer’s advance payment

    Allowance for DA 10,000


    Accounts Receivable 10,000
    To record bad debts

    Accounts Receivable 550,000


    Sales 550,000
    To record the ending balance of accounts Receivable

    Accounts Receivable 5,000


    Allowance for DA 5,000
    To record the collected written off

    (2) Cash Collections= 2,345,000

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