Present the journal entries specified below. Wildhorse Company sells $168,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charg A. Record the sale. Wildhorse Company sold merchandise for $6,600 and accepted the customer's VISA card. VISA charges a 3.5% serv charge. Record the sale. В.

Present the journal entries specified below. Wildhorse Company sells $168,000 of accounts receivable to Buyout Factors Inc. for cash less a 2.5% service charg A. Record the sale. Wildhorse Company sold merchandise for $6,600 and accepted the customer's VISA card. VISA charges a 3.5% serv charge. Record the sale. В.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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ABC Company provided the following accounts excerpt from the unadjusted trial balance on Dec 31, 2022; Accounts Receivable, P250,000; Allowance for doubtful accounts (dr. bal. of P2,000); Sales, P1,000,000. The company estimated that 4% of the gross accounts receivable will become uncollectible. . 5.What amount should be reported as allowance for doubtful accounts on Dec 31, 2022? * 6.What amount should be recognized as doubtful accounts expense for the year 2022? 7.At what amount shall the accounts receivable be presented on Dec 31, 2022?
Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000
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