ournal Entries | |||
S. No. | Particulars | Dr. Amt. | Cr. Amt. |
a. | Accounts Receivable | $44,000 | |
Service Revenue | $44,000 | ||
To Record Service Performed | |||
b. | Bad Debts ( $44000X1%) | $440 | |
allowance for Uncollectible Debt | $440 | ||
To Record Bad Debt Provision | |||
c. | Cash . | $22,000 | |
Accounts Receivable | $22,000 | ||
To Recored Receivable received | |||
d. | Allowance for Uncollectible Debt | $150 | |
Accounts Receivable | $150 | ||
To Record Wrote off AR | |||
e. | Accounts Receivable | $34,000 | |
Service Revenue | $34,000 | ||
To Record Service Performed | |||
f. | Bad Debts ($34000*1%) | $340 | |
Allowance for Uncollectible Debt | $340 | ||
To Record Bad Debt Provision | |||
g. | Note Receivable | $2,200 | |
Cash | $2,200 | ||
TO Record Money loaned | |||
h. | Accounts Receivable | $150 | |
Allowance for Uncollectible Debt | $150 | ||
To Record the reversal of Bad debt | |||
Cash | $150 | ||
Accounts Receivable | $150 | ||
To Record received of Bad debdt Amount | |||
i. | Interest Receivable ($2200X6%X1/12) | $11 | |
Interest Revenue | $11 | ||
To Record Interest Revenue | |||
j. | Bad Debts | $431 | |
Allowance for Uncollectible Debt | $431 | ||
($7700*2%+$8890*10%+$1130*20%+$1340*30%)-$1240 | |||
WEB WIZARD INC., | ||
Partial Balance Sheet | ||
at March 31 | ||
Assets | ||
Current Assets: | ||
Accounts Receviable | $55,850 | |
Less: Allownace for Doubtful Debts (431+$1240) | ($1,671) | |
Accounts Receivable, Net of Allowance | $54,179 | |
Note Receivable | $2,200 | |
Interest Receivable | $11 |
Web Wizard would repot | ||
Bad Debt Expense | Before | Income From Operations |
Interest Revenue | After | Income From Operations |
Web Wizard, Inc. has provided information technology services for several years. The company uses the percentage...
Web Wizard, Inc. has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $49,000 on credit. b. On January 31, the company estimated bad...
Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accotnts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $34,000 on credit. b. On January 31,...
Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. During January, the company provided services for $46,000 on credit. On January 31, the company...
Web Wizard, Inc., has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following selected transactions during the first quarter of 2017: During January, the company provided services for $40,000 on credit. On January 31, the company estimated bad debts using...
Web Wizard, Inc., has provided information technology services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes. At the end of each quarter, the company adjusts its records using the aging of accounts receivable method. The company entered into the following selected transactions during the first quarter of 2017: a. During January, the company provided services for $40,000 on credit. b. On January 31, the company estimated bad...
Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. During January, the company provided services for $47,000 on credit. On January 31, the company...
The following information applies to the questions displayed below.) Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a. During January, the company provided...
Any help and explanation appreciated, thank you! Web Wizard, Inc., has provided Information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for...
Required information (The following information applies to the questions displayed below.) Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a. During January, the...
Required information (The following information applies to the questions displayed below.] Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter. the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the...