Question
In: Accounting
Prepare the journal entries for the following transactions. DFC has total sales for the year of...
Prepare the journal entries for the following transactions.
- DFC has total sales for the year of $2,256,000. Included in the total sales figure are $160,500 of cash sales. During the year, the firm received $2,052,000 of payments on account.
- During the year, the firm determined that accounts totaling $7,500 were uncollectible. Moreover, a $2,000 receivable written off during the year was subsequently collected. The $2,000 is not included in cash collections in “A.” above.
- DFC uses the allowance method to record bad debts. Specifically, the firm uses the percentage of receivables method to compute the allowance for doubtful accounts. For the year ended May 31, 2020, DFC estimates the required allowance for doubtful accounts to be 8% of the gross accounts receivable balance at May 31, 2020.
- DFC purchased $1,400,000 of additional inventory on account during the year. The purchases are charged to accounts payable. Total payments made on account for the year were $1,411,200. Inventory at May 31, 2020 totaled $117,000.
Solutions
ekkarill92 answered 2 years agoRelated Solutions
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