Business, 14.04.2020 21:57 adrian128383

Examine the following transaction: Dr. Accounts Receivable 1,000 Cr. Allowance for Doubtful Accounts 1,000 Dr. Cash 1,000 Cr. Accounts Receivable 1,000 What would be an appropriate journal entry description for this transaction? Based on the following transactions, prepare the necessary journal entries. 8 points: a. During the first year of its business, Cougar Corp. sold services totaling $600,000 were sold on credit. b. During the first year, Cougar Corp. collected $410,000 in cash for the credit sales made during the year. c. During the first year, Cougar Corp. properly wrote off $6,000 of its accounts receivable as they were deemed uncollectible. d. Assume that Cougar Corp. estimates bad debts using the percent-of-receivables method. Cougar Corp. did analysis and has estimated that 12% of their accounts receivable are uncollectible. Note: In order to complete this entry, you have to consider the facts from a., b., and c.

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Examine the following transaction: Dr. Accounts Receivable 1,000 Cr. Allowance for Doubtful Accounts...

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