Complete journal entries for the following transactions:1. Sales for the month of June were $75,000. Using a percentage ...

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ACCT 280-Sales for the month of June were $75,000

April 14, 2018

Complete journal entries for the following transactions:

1. Sales for the month of June were $75,000. Using a percentage allowance method of 1% record the allowance.

2. On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay

On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill

4. On July 31, our fiscal year ends, the allowance for doubtful accounts has a balance of $1,780

The company uses an aging method to calculate the desired allowance balance.

An accounts receivable aging shows the following:

30 days or less = $68,500
31 -60 days = $10,400
61-90 days = $4,300
Over 90 days = $1,200
The company wants an ending reserve equal to:
30 days or less = 1%
31-60 days = 3%
61-90 days = 5%
over 90 days = 15%










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