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Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (fo

2. Consider the following information as of June 30, 2022. a. Suzie estimates uncollectible accounts to be 5% of accounts rec

View transaction list Journal entry worksheet Record the accrued interest revenue. Note: Enter debits before credits. General

c. Prepare a partial balance sheet showing the net accounts receivable section. (Amounts to be deducted should be indicated b

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Answer #1
Date Account Titles Debit Credit
Jun-30 Interest Receivable $                      84 =8400*6%*2/12
       Interest Revenue $                      84
(Interest accrued for 2 months)
Current Assets
Accounts Receivable $              24,500 =3100-3100+4100-4100+8400-8400+24500
Less Allowance for Doubtful debts $                1,225 =24500*5%
     Net Accounts Receivable $              23,275

Alternatively, consdiering ($8400-5000) of note payable for doubtful account

Current Assets
Accounts Receivable $              24,500 =3100-3100+4100-4100+8400-8400+24500
Less Allowance for Doubtful debts $                1,395 =(24500+8400-5000)*5%
     Net Accounts Receivable $              23,105


Notes receivable is for $8400 which is not considered for doubtful debts

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