Question

Question 1 of 4 > -/2 View Policies Current Attempt in Progress Flint Co. uses the net method to account for cash discounts. On June 1, 2020. it made sales of $64.800 with terms 2/15, 1/45. On June 12, 2020. Flint received full payment for the June 1 sale. Prepare the required journal entries for Flint Co. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit June 1 June 12 eTextbook and Media List of Accounts Save for Later Last saved 44 minutes ago Saved work will be auto-submitted on the due date Attempts: 0 of 5 used Submit Answer

Answer 1

Date	Accounts titles and Explanation	Debit (in $)	Credit (in $)
June 1	Accounts Receivable ( $ 64,800 (-) 2% )	$ 63,504
	Sales revenue		$ 63,504
	(To record the sale net of discount )
June 12	Cash	$ 63,504
	Accounts Receivable		$ 63,504
	(To record the payment )

Days Account outstanding	Amount (A)	Probability of Uncollection (1 (-) Prob. Of Collection) (B)	Amount Uncollectible
Less than 16 days	$ 313,600	0.03	$ 9,408
Between 16 and 30 days	$ 111,700	0.1	$ 11,170
Between 31 and 45 days	$ 82,900	0.14	$ 11,606
Between 46 and 60 days	$ 40,200	0.22	$ 8,844
Between 61 and 75 days	$ 18,400	0.43	$ 7,912
Over 75 days	$ 14,200	0	$ 0
Balance in Allowance for Doubtful Account			$ 48,940