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  • The Total Sales For The Month of

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    ah7an
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    The total sales for the month of May was $26,000.00, but his total accounts receivable account currently has a balance of $3000.00. He estimates his Bad Debts at 20% of his total accounts re ceivable. Derek feels that it is time to sell his old l aptop computer and get a new one. The computer cost $3,000.00 when it was new. The last time that depreciation was recorded was on December 31, 2003. The current date is March 4 th,

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    The Total Sales for the Month Of

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    The total sales for the month of May was $26,000.00, but his total accounts receivable account currently has a balance of $3000.00. He estimates his Bad Debts at 20% of his total accounts re ceivable. Derek feels that it is time to sell his old l aptop computer and get a new one. The computer cost $3,000.00 when it was new. The last time that depreciation was recorded was on December 31, 2003. The current date is March 4 th,

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    14 Ansichten1 Seite

    The Total Sales For The Month of

    Hochgeladen von

    ah7an
    The total sales for the month of May was $26,000.00, but his total accounts receivable account currently has a balance of $3000.00. He estimates his Bad Debts at 20% of his total accounts re ceivable. Derek feels that it is time to sell his old l aptop computer and get a new one. The computer cost $3,000.00 when it was new. The last time that depreciation was recorded was on December 31, 2003. The current date is March 4 th,

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Als DOCX, PDF, TXT herunterladen oder online auf Scribd lesen
    Markieren Sie unangemessene Inhalte
    von 1

    The total sales for the month of May was $26,000.

    00, but his total accounts receivable account currently has a balanc e of $3000.00. Mike uses the Balance Sheet approach to estimating bad debts expens e, therefore he estimates his Bad Debts at 20% of his total accounts re ceivable. Make the necessary adjusting entry to record the predict ion of this bad debts expense

    4. Disposal of Depreciated Assets Derek feels that it is time to sell his old l aptop computer and get a new one. The computer cost $3,000.00 when it was new. Derek purchased the computer on March 2
    nd

    , 2002. At that time he estimated he would use it for two years, afte r which he would dispose of the computer for $1,000.00. The last time that depreciation was recorded was on December 31, 2003. The current date is March 4
    th

    , 2004. i) In the journal provided below, record the en try that would adjust for the last two months of depreciation. (2 marks) ii) In the same journal, record the entry that would show the computer being sold for $1,200.00. (

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