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On December 31 of Last Year The Accountant For Basset: Unlock Answers Here Solutiondone - Online

The document provides accounting transactions for Basset Co. in January. It includes sales on account, sales returns and allowances, cash payments from customers, an account written off as uncollectible, and an adjustment to increase the allowance for doubtful accounts balance. The required tasks are to record the transactions in a general journal, note the adjusted allowance for doubtful accounts balance, and post the entries to the relevant accounts.

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13 views1 page

On December 31 of Last Year The Accountant For Basset: Unlock Answers Here Solutiondone - Online

The document provides accounting transactions for Basset Co. in January. It includes sales on account, sales returns and allowances, cash payments from customers, an account written off as uncollectible, and an adjustment to increase the allowance for doubtful accounts balance. The required tasks are to record the transactions in a general journal, note the adjusted allowance for doubtful accounts balance, and post the entries to the relevant accounts.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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On December 31 of last year the accountant for Basset

On December 31 of last year, the accountant for Basset Co. prepared a balance sheet that
included $ 198,654 in Accounts Receivable and $ 13,528 (credit) in Allowance for Doubtful
Accounts. Selected transactions that occurred during January of this year are as follows: a.
Sales of merchandise on account, $ 192,300. b. Sales returns and allowances related to sales
of merchandise on account, $ 5,619. c. Cash payments by charge customers (no cash
discounts), $ 157,930.26. d. Account of Clarke Company written off as uncollectible, $ 1,349.34.
e. By the process of aging Accounts Receivable, on January 31, it was decided that Allowance
for Doubtful Accounts should be adjusted to a balance of $ 23,471.10. f. Closed the Bad Debts
Expense account. Required 1. Record the entries in a general journal, page 36. Record the
letter in the Date column. 2. Record the balance in Allowance for Doubtful Accounts (account
no. 114). 3. Post the appropriate entries to the accounts for Allowance for Doubtful Accounts
and Bad Debts Expense (account no. 642).View Solution: On December 31 of last year the
accountant for Basset
SOLUTION-- http://solutiondone.online/downloads/on-december-31-of-last-year-the-accountant-
for-basset/

Unlock answers here solutiondone.online

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