Percentage-of-Sales-Method-The-Miko-Company-Case

On January 1, 2014, the Miko Company had the following accounts on its books:

Accounts Receivable: $120,000 (debit)

Allowance for Uncollectable Accounts: $4,200 (credit)

Assignment Template attached below

During the year 2014, credit sales were $260,000 and collections on accounts were $220,000. The following transactions occurred during 2014:

  1. January 11, 2014: Wrote off Mora’s account, $1,200.
  2. August 30, 2014: Wrote off MyLine’s account, $250.
  3. November 20, 2014: Sophy pays $600 of her $1,600 account receivables due.
  4. December 1, 2014: Received $3,000 payment on Smith’s accounts receivable, which was previously written off and needs to be restated.

December 31, 2014: In an adjusting entry, Miko Company recorded the provision for uncollectable accounts at 1.5% of credit sales for the year.

Instructions:

Submit the following items in an Excel spreadsheet, labeling each as 1, 2, 3, and 4:

  1. The four journal entries (1 to 4 above) with a one-sentence description
  2. The allowance for doubtful accounts T-account
  3. The journal entry to record bad debt expense
  4. The balance sheet presentation of net realizable value, including gross accounts receivables of $42,000

use excel file to complete assignment

 
Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount!
Use Discount Code "Newclient" for a 15% Discount!

NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you.