receivable questions
The Accounts Receivable balance at at December 31, 2020 was $360,800 and Allowance for Doubtful Accounts balance for Turning Leaves Furniture Restoration at December 31, 2020 was $8,000 (credit balance). During the year 2021, Turning Leaves completed the following transactions:
Sales revenue on account, $365,800
Collections by cash, $220,000.
Write-offs of uncollectibles, $6,100.
The allowance for doubtful balance as at 31 December 2021 is to be set at 0.6% of accounts receivables balance.
Requirements
(a) Prepare the journal entries for Turning Leaves’s transactions in year 2021
(4 marks)
(b) Post the transactions to the Accounts Receivable, Bad Debt Expense, and Allowance for Doubtful T-accounts, and determine the ending balance of each of the three accounts.
(6 marks)
(c) Show the extracts of Expenses in the Income Statement for the year ended December 31, 2021.
(2 marks)
(d) Show the extracts of Current Assets on the balance sheet at December 31, 2021
(2 marks)
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