Question

Brief Exercise 9-03 a-b During its first year of operations, Pharoah Company had credit sales of $3,124,900; $652,500 remained uncollected at year-end. The credit manager estimates that $36,100 of these receivables will become uncollectible. Correct answer. Your answer is correct. Prepare the journal entry to record the estimated uncollectibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Entry field with correct answer Bad Debt Expense Entry field with correct answer 36,100 Entry field with correct answer Entry field with correct answer Allowance for Doubtful Accounts Entry field with correct answer Entry field with correct answer 36,100 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO TEXT Partially correct answer. Your answer is partially correct. Try again. Prepare the current assets section of the balance sheet for Pharoah Company. Assume that in addition to the receivables it has cash of $94,400, inventory of $131,100, and prepaid insurance of $9,600. (List Current Assets in order of liquidity.) PHAROAH COMPANY Balance Sheet (Partial) Entry field with correct answer Entry field with correct answer Cash $Entry field with correct answer 94,400 Entry field with correct answer Accounts Receivable $Entry field with incorrect answer Entry field with correct answer: Entry field with correct answer Allowance for Doubtful Accounts Entry field with incorrect answer Entry field with incorrect answer Entry field with incorrect answer Supplies Expense Entry field with incorrect answer 9,600 Entry field with correct answer Prepaid Insurance Entry field with incorrect answer Entry field with correct answer

Answer 1

1) 2 Date Creidt ($) Debit (S) Particulars Bad Debit Expense 36100 Allowance for Doubel Accounts 36100 4 6 2) Pharoah Company Balance Sheet (partial Dec 31, 2017 Amount ($) Amount ($) 10 Particulars 11 Current Assets 12 Cash 13 Accounts Receivable 14 Less: Allowance for double accounts 15inventory 16 Prepaid insurance 17 Total Current assets 94400 652500 36100 616400 131100 9600 851500