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Assume that Simple Co

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Assume that Simple Co. had credit sales of $272,000 and cost of goods sold of $161,000 for the period. It estimates that percent of credit sales in uncollectible accounts when it uses the percentage of credit sales method and it estimates that the appropriate ending balance in the Allowance for Doubtful Accounts is $3,600 when it uses the aging method. Before the end-of-period adjustment is made, the Allowance for Doubtful Accounts has a credit balance of $360, 1. Prepare the journal entry to record the end-of-period adjustment for bad debts under the (a) percentage of credit sales method and (b) aging of accounts receivable method. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 Record the end-of-period adjustment for bad debts under the aging of accounts receivable method. Note: Enter debits before credits Transaction General Journal Credit Debit 2.720 b Accounts Receivable 2.720 Record entry Clear entry View general Journal
360 I Savod RecRoom Equipment Company received an $8,600, six-month, 6 percent note to settle an $8,600 unpaid balance owed by a customer. a. The note is accepted by RecRoom on November 1, causing the company to increase its Notes Receivable and decrease its Accounts Receivable. b. RecRoom adjusts its records for interest earned to its December 31 year-end. c RecRoom receives the interest on the note's maturity date. d. RecRoom receives the principal on the note's maturity date. Prepare journal entries to record the above transactions for RecRoom. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) View transaction list Journal entry worksheet 1 2 3 4 Record the receipt of a note on November 1 for $8,600 to settle an outstanding accounts receivable balance of a customer. A Note: Enter debits before credits Debit Credit General Journal Date Nov 01