Homework Answers
| Murphy Inc. | Working notes | ||||||
| 2018 | Accounts receivable | ||||||
| Op. Balance | 300000 | Sales return | 20000 | ||||
| Accounts receivable | 1000000 | Sales revenue | 1000000 | Cash | 930000 | ||
| Sales revenue | 1000000 | Allowance for Doubtful debts | 15000 | ||||
| Cl. Balance | 335000 | ||||||
| Sales return | 20000 | 1300000 | 1300000 | ||||
| Accounts receivable | 20000 | ||||||
| Allowance for Doubtful debts | |||||||
| Cash | 930000 | Accounts receivable | 15000 | Op. Balance | 10000 | ||
| Accounts receivable | 930000 | Cl. Balance | 8400 | Bad debt exp | 13400 | ||
| 23400 | 23400 | ||||||
| Allowance for Doubtful debts | 15000 | ||||||
| Accounts receivable | 15000 | ||||||
| Bad debt exp.( 335000 * 4 % ) | 13400 | ||||||
| Allowance for Doubtful debts | 13400 | ||||||
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