Porter Company experienced the following events during 2012:
1.Recognized $8,400 of service revenue on account
2.Wrote off as uncollectible an account receivable in the amount of $27
3.Prepared adjusting entry to recognize uncollectible accounts expense.Porter expected that 1% of service revenue would not be collected
Required:
Show how each of these events would affect the financial statements model,below.Include dollar amounts of increases and decreases.When an account is not affected by a particular event,indicate with NA.
Correct Answer:
Verified
Q1: An aging of Sernett Company's accounts receivable
Q2: On September 30,2012,Falls Company collected the accrued
Q4: On March 31,2012,Stuart Co.wrote off a $600
Q5: The Repair Shop provided $618,000 of services
Q6: Potter Co.used the allowance method to account
Q7: The following information is available for Parsons
Q8: On December 31,2012,Stuart Co.estimated it had $8,000
Q9: Hines Enterprises loaned $4,000 to Baldwin Company
Q10: Hardin Company collected a receivable due from
Q11: On November 1,2012,Hardin Company accepted a credit
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