Solution
Ashish answered on
May 25 2021
E8-1
Solution-
Date
General Journal
Debit
Credit
Jan. 6
Accounts Receivable- Harley Inc
$9,200
Sales Revenue
$9,200
Jan. 16
Cash ($9,200 – $92)
$9,108
Sales Discounts (1%*$9,200)
$92
Accounts Receivable- Harley Inc
$9,200
E8-2
Solution-
Date
General Journal
Debit
Credit
Jan. 10
Accounts Receivable-Amise
$1,700
Sales Revenue
$1,700
Feb. 12
Cash
$1,100
Accounts Receivable-Amise
$1,100
Mar. 10
Accounts Receivable-Amise
$6
Interest Revenue (1%*($1,700 - $1,100))
$6
E8-3
Solution-a
S. No.
General Journal
Debit
Credit
(a)
Accounts Receivable
$800,000
Sales Revenue
$800,000
(b)
Cash
$763,000
Accounts Receivable
$763,000
Solution-
S. No.
General Journal
Debit
Credit
(a)
Allowance for Doubtful Accounts
$7,300
Accounts Receivable
$7,300
Solution-c
S. No.
General Journal
Debit
Credit
(a)
Accounts Receivable
$3,100
Allowance for Doubtful Accounts
$3,100
(b)
Cash
$3,100
Accounts Receivable
$3,100
Solution-d
S. No.
General Journal
Debit
Credit
(a)
Bad Debt Expense
$20,200
Allowance for Doubtful Accounts
$20,200
Calculation:
Allowance for Doubtful Accounts
Beg. Bal.
$9,000
Write-off
$7,300
Recovery
$3,100
Bad Debts
$20,200
[$25,000 – ($9,000 + $3,100 –...