FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Financial Transaction Analysis
The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business…
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GUBM hとけけみよ Chapter 7 Homeworki P 7.6 (LO2,3) (Journalize Various Accounts Receiv. Transactions) The balance Sheet of Starsky Company at Dec. 3],2079, includes the following Notes receiv. $36,000 Less: Allowance for doubtfyl accounts I1300$20980o0 Transactions io 2020 include the following. I, Accounts Receiv, of $ ]38, 000 were collected including accounts of $60,000 on Which 2% sales discounts were allowed. $5,300 was received in PaYment of an account which was written 2. 3. (ustomer accounts of $ 77,500 were written off during the Year. At year end, Allowance for Doubtful Accounts was estimated 4. to need a balance of $201000. This estimate is based on an analysis Instructions: Prepare all journal entries necessary to reflect the transactions above.
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Transcribed Image Text:GUBM hとけけみよ Chapter 7 Homeworki P 7.6 (LO2,3) (Journalize Various Accounts Receiv. Transactions) The balance Sheet of Starsky Company at Dec. 3],2079, includes the following Notes receiv. $36,000 Less: Allowance for doubtfyl accounts I1300$20980o0 Transactions io 2020 include the following. I, Accounts Receiv, of $ ]38, 000 were collected including accounts of $60,000 on Which 2% sales discounts were allowed. $5,300 was received in PaYment of an account which was written 2. 3. (ustomer accounts of $ 77,500 were written off during the Year. At year end, Allowance for Doubtful Accounts was estimated 4. to need a balance of $201000. This estimate is based on an analysis Instructions: Prepare all journal entries necessary to reflect the transactions above.
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