During July 2017, Bridgeport Enterprises recorded the following
Sales of $86,400 ($64,500 on account, $21,900 for cash)
Collections on account, $58,950
Write-offs of uncollectible receivables, $2,560
Recovery of receivable previously written off, $1,000
Journalize Bridgeport's transactions during July, assuming Bridgeport uses the allowance method.
What will be an ideal response
Date Accounts and Explanation Debit Credit
2017
July Accounts Receivable 64,500
Cash 21,900
Sales Revenue 86,400
Cash 58,950
Accounts Receivable 58,950
Allowance for Bad Debts 2,560
Accounts Receivable 2,560
Accounts Receivable 1,000
Allowance for Bad Debts 1,000
Cash 1,000
Accounts Receivable 1,000
You might also like to view...
Unsecured creditors have few practical ways to collect their debt.
Answer the following statement true (T) or false (F)
The firm's _______ refers to gains in design and process knowledge and know-how and is paramount for organizational enhancement and renewal to occur
a. technology strategy b. market strategy c. learning d. project strategy
The State of Hawaii enacts a piece of legislation that taxes all airplanes that land in the state. Several airlines challenge the legislation as unconstitutional. What is the likely result of the court case? Explain
An effective voice mail message
a. is courteous b. provides the needed information c. contains lengthy details d. both a and b