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Math Help - Accounting Problem--Trial Balance

  1. #1
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    Accounting Problem--Trial Balance

    The ff. are selected balances taken from the adjusted trial balance of Morgan Industries as of March 17, 2009:

    Accounts Receivable 120,000
    Allowance for Doubtful Accounts 6, 000
    Sales 750, 000
    Sales Returns and Allowances 1, 500
    Sales Discount 600


    For the year 2010, the ff. transaction took place:

    a. Sales amounted to $ 1,500,000 of which 60% is on credit, which terms of 2/10, n/30.
    b. Collections from account customers amounted to $800, 000 out of which $388, 400 were collected outside the discount period.
    c. Sales Returns and Allowances amounted to $1, 800 out of which $900 cash refunds were given to customers.


    Directions:
    a. Compute for the balance of the accounts receivable as of March 17, 2009. Use T-Accounts
    b. Give the adjusting entry. Support with an Allowance for Doubtful Accounts T-account.



    How do I balance this financial statement? I need to record the transactions in there entirety and find the balance for accounts recievable and allowance for doubtful accounts.
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  2. #2
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    Quote Originally Posted by enchanted View Post
    The ff. are selected balances taken from the adjusted trial balance of Morgan Industries as of March 17, 2009:
    Accounts Receivable 120,000

    a. Compute for the balance of the accounts receivable as of March 17, 2009. Use T-Accounts
    120,000 (given!).

    Please repost PROPERLY
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