A company had a beginning Accounts Receivable balance of $939,400 and a credit balance of $1,200 in the Allowance for Doubtful Accounts. During the month, total sales of $5,275,000 were made. Of the total sales, $4,150,000 were credit sales while the remaining amount was cash sales. The company collected $3,825,000 from customers for amounts owed. It estimates that 0.5% of credit sales are uncollectible. Prepare the adjusting entry at the end of the month. Account Names DR CR  Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.  Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.  Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11. Fill in the blank, read surrounding text.  Blank 12. Fill in the blank, read surrounding text.  Blank 13. Fill in the blank, read surrounding text.  Blank 14. Fill in the blank, read surrounding text.  Blank 15. Fill in the blank, read surrounding text.  Blank 16. Fill in the blank, read surrounding text. Show your calculation here  Blank 17. Fill in the blank, read surrounding text.

College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
icon
Related questions
icon
Concept explainers
Question

A company had a beginning Accounts Receivable balance of $939,400 and a credit balance of $1,200 in the Allowance for Doubtful Accounts. During the month, total sales of $5,275,000 were made. Of the total sales, $4,150,000 were credit sales while the remaining amount was cash sales. The company collected $3,825,000 from customers for amounts owed. It estimates that 0.5% of credit sales are uncollectible. Prepare the adjusting entry at the end of the month.

Account Names DR CR
 Blank 1. Fill in the blank, read surrounding text.  Blank 2. Fill in the blank, read surrounding text.  Blank 3. Fill in the blank, read surrounding text.  Blank 4. Fill in the blank, read surrounding text.
 Blank 5. Fill in the blank, read surrounding text.  Blank 6. Fill in the blank, read surrounding text.  Blank 7. Fill in the blank, read surrounding text.  Blank 8. Fill in the blank, read surrounding text.
 Blank 9. Fill in the blank, read surrounding text.  Blank 10. Fill in the blank, read surrounding text.  Blank 11. Fill in the blank, read surrounding text.  Blank 12. Fill in the blank, read surrounding text.
 Blank 13. Fill in the blank, read surrounding text.  Blank 14. Fill in the blank, read surrounding text.  Blank 15. Fill in the blank, read surrounding text.  Blank 16. Fill in the blank, read surrounding text.
Show your calculation here  Blank 17. Fill in the blank, read surrounding text.

 

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
CONCEPTS IN FED.TAX., 2020-W/ACCESS
CONCEPTS IN FED.TAX., 2020-W/ACCESS
Accounting
ISBN:
9780357110362
Author:
Murphy
Publisher:
CENGAGE L
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Financial Management (MindTap Course…
Intermediate Financial Management (MindTap Course…
Finance
ISBN:
9781337395083
Author:
Eugene F. Brigham, Phillip R. Daves
Publisher:
Cengage Learning