Cosmo Company reported credit sales of $345,000 for the calendar year in its first year of operations. At December 31, customers buying on credit owed $35,000 to the company. Based on the experience of similar businesses, management estimates that $3,500 of its accounts receivable will be uncollectible.
Prepare the necessary December 31 adjusting entry by selecting the account names and dollar amounts from the drop-down menus.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Cosmo Company reported credit sales of $345,000 for the calendar year in its first year of operations. At December 31, customers buying on ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the end of 2018, its balance for Accounts Receivable is $35,000.
Answers (1)
Aquilera, inc., has sales of $19.4 million, total assets of $14.4 million, and total debt of $5.2 million. the profit margin is 12 percent. what is the company's net income?
Answers (1)
Aim, Inc., has 10,000 shares of 4%, $100 par value, noncumulative preferred stock and 40,000 shares of $1 par value common stock outstanding at December 31, 2018. There were no dividends declared in 2017.
Answers (1)
Felicia is initially the only member of the jury who believes that the defendant is innocent. after hearing and debating felicia's arguments, the jury unanimously declares the defendant not guilty.
Answers (1)
On November 1, 2018, New Morning Bakery signed a $200,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2019.
Answers (1)
New Questions in Business
On July 1st, Harding Construction purchases a bulldozer for $228,000. The equipment has a 8 year life with a residual value of $16,000. Harding uses straight-line depreciation.
Answers (1)
Which of the following refers to the costs of production that fluctuate depending on the number of units produced? A. Total cost B. Contribution per unit C. Markup D. Variable cost E. Fixed cost
Answers (1)
Your assistant wants to use secondary data exclusively for the current research project. You advise him that the use of secondary data has some potential problems. Which of the following is NOT one of them? A) It may not exist.
Answers (1)
Emma is babysitting Laura's children. Emma turns on the stove to make dinner, but a flame shoots out and burns Emma's hand. Later, Laura realizes she forgot to tell Emma not to turn on the stove. Which type of insurance is needed?
Answers (1)
The next dividend payment by Skippy, Inc., will be $1.56 per share. The dividends are anticipated to maintain a growth rate of 4 percent, forever. The stock currently sells for $29 per share. What is the required return
Answers (1)