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Academic Dishonesty Investigations Ltd. operates a plagiarism detection services for universities and colleges.
Required:
1. Prepare journal entries for each transaction below:
a. On March 31, 2012 customers were billed for detection services totalling $25,000.
b. On October 31, a customer balance of $1,500 from a prior year was determined to be uncollectable and was written off.
c. On December 15, a customer paid an old balance of $900, which had been written off in a prior year.
d. On December 31, $500 of bad debts were estimated and recorded for the year.
2. Complete the following table, indicating the amount and effect (+ for increase, - for decrease, and NE for no effect) of each transaction. Ignore income taxes.
(Transaction) (Net Receivables) (Net Sales) (Income and Operations)
a.
b.
c.
d.
Required:
1. Prepare journal entries for each transaction below:
a. On March 31, 2012 customers were billed for detection services totalling $25,000.
b. On October 31, a customer balance of $1,500 from a prior year was determined to be uncollectable and was written off.
c. On December 15, a customer paid an old balance of $900, which had been written off in a prior year.
d. On December 31, $500 of bad debts were estimated and recorded for the year.
2. Complete the following table, indicating the amount and effect (+ for increase, - for decrease, and NE for no effect) of each transaction. Ignore income taxes.
(Transaction) (Net Receivables) (Net Sales) (Income and Operations)
a.
b.
c.
d.
Financial Accounting assignment - HELP?
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