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السلام عليكم
أنا طالب فلسطيني وأدرس محاسبة اللغلة الإنجليزية
وواجهني سؤال ياريت تساعدوني في حله

إليكم السؤال

Accounting for receivables


Q1
Hampson Furniture has credit sales of $1,200,000 in 2005.
Of Jordache Co. on July 1, 2005, sells merchandise on account to Polo com.
pany for $1,000 terms 2/10,n/30. On July 5, Polo returns merchandise worth $100 to Jordache Co. On July 11, Jordache receives payment from Polo Company for the balance due.
Record these transactions on the books of Jordache Co. are as follows.

Q2
This amount, $200,000 remains uncollected at December 31. The credit manager estimates that $12,000 of these sales will be uncollectible. Adjusting entry


Q3 Do It
Brule Co. Has been in business 5 years. The ledger at the end of the current year shows: Accounts Receivable $30,000, Sales $180,000, and Allowance for Doubtful Accounts with a debit balance of $2,000. Bad debts are estimated to be 10% of receivables. Prepare the entry to adjust the Allowance for Doubtful Accounts.

ACTION PLAN
Report receivables at their cash (net) realizable value.
Estimate the amount the company does not expect to collect.
Consider the existing balance in the allowance account when using the percentage of receivables basis.