acc 220 - CHAPTER 8 ASSIGNMENTS -
putulBrief Exercise 8-3
At the end of 2013, Morley Co. has accounts receivable of $735,500 and an allowance for doubtful accounts of $25,180. On January 24, 2014, it is learned that the company’s receivable from Spears Inc. is not collectible and therefore management authorizes a write-off of $4,630.
(a) Prepare the journal entry to record the write-off. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation | Debit | Credit | ||||||||||||||||||||||||||||||||
Exercise 8-15 On May 10, Renn Company sold merchandise for $3,600 and accepted the customer’s First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in the company’s bank account. First Business Bank charges a 3.9% service charge for credit card sales.
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11 years ago
