At Dec.31,2010,Catu Co.reported the following information on its statement of financial position.
Accounts receivable :R$960,000
Less :Allowance for doubtful accounts 80,000
During 2011,the company had the following transactions related to receivables.
1.Sales on account
2.Sales returns and allowances
3.collections of accounts receivable
4.write-off of accounts receivable deemed uncollectible
5.recovery of bad debts previously written off as uncollectible
1.prepare the journal entries to record each of these five transactions.assume that no cash discounts were taken on the collections of accouts receivable.
2.enter the Jan.1,2011,balances in accounts receivable and allowance for doubtful accounts,post the entries to the two accounts(use T accounts),and determine the balances.
3.prepare the joural entry to record bad debts expense for 2011,assuming that an aging of accounts receivable indicates that expected bad debts are R$115,000
4.compute the accounts reeivable turnover ratio for 2011
上面的數(shù)據(jù)補(bǔ)充
1.Sales on account R$3,200,000
2.Sales returns and allowances 50,000
3.collections of accounts receivable 2,810,000
4.write-off of accounts receivable deemed uncollectible 90,000
5.recovery of bad debts previously written off as uncollectible 24,000