Financial Accounting Assignment

Jul 4th, 2016
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Complete the following Workbook Template Week Four or you may complete problems P8-2B and P8-6B from Chapter 8 and problems P9-2B and P9-7B from Chapter 9 of your text. Submit all your work to your instructor by the posted due date. Show all your work in order to earn full credit.

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BUS591 Financial Statement and AnalysisWeek 4 Homework Assignment TemplatesInstructions: Only enter data in the yellow boxes. The remaining areas are already completedfor you.Save the file as follows: lastnamewk4.docxSubmit to the assignment box before the due date. (Late assignments will receive a latepenalty).Problem 8-2B(a) Journalize the transactions, including explanations. (Note, enter all accounts in onebox. The dates have been included to help with formatting).Date123Account Titles and ExplanationAccounts receivableSales revenueDebit$3,600,000Sales return & AllowancesAccounts receivable$150,000Cash$3,100,0005$3,100,000Allowance for Doubtful AccountsAccounts receivable$92,000Accounts receivable$28,000$92,000$28,000Allowance for doubtful accountsCash$28,000Accounts receivable$3,600,000$150,000Accounts receivable4Credit$28,000(b) Enter the January 1, 2014 balances in Accounts Receivable and Allowance for DoubtfulAccounts. Post the transactions to the ledger T AccountsBe sure to post the amounts to the correct side of the T-Account!Bal.(1)(5)Bal.(4)Accounts Receivable960,000(2)150,0003,600,000 (3)3,100,00028,000 (4)92,000(5)28,0001,218,000Allowance for Doubtful Accounts92,000Bal.78,000(5)28,000Bal.14,000(c) Prepare the journal entry to record bad debt expense for 2014, assuming that aging theaccounts receivable indicates that expected bad debts are $140,000.Balance n

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