Investments

On April 30, Hilltop Party Planners had a $33,000 balance in Accounts Receivable and a $4,000 credit balance in Allowance for Uncollectible Accounts. During May, the store made credit sales of $156,000. May collections on account were $132,000, and write-offs of uncollectible receivables totaled $2,300. Uncollectible-account expense is estimated as 2% of revenue.

Requirements

Don't use plagiarized sources. Get Your Custom Essay on
Investments
Just from $13/Page
Order Essay

1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance method during May. Explanations are not required.

2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at May 31. How much does the store expect to collect?

3. Show how the store will report Accounts Receivable on its May 31 balance sheet.

On August 1, Frost Company buys 1,000 shares of ABC common stock for $35,600 cash. On December 1, the stock investments are sold for $38,000 in cash. Journalize the purchase and sale of the common stock.

On August 1, Jewel Company buys 1,000 shares of ABC common stock for $35,000 cash plus brokerage fees of $600. On December 1, the stock investments are sold for $38,000 in cash. Journalize the purchase and sale of the common stock.

On August 1, Paul Company buys 1,000 shares of Merlynn common stock for $35,000 cash, plus brokerage fees of $700. On December 1, Paul sells the stock investments for $40,000 in cash. Journalize the purchase and sale of the common stock.

Place Order
Grab A 14% Discount on This Paper
Pages (550 words)
Approximate price: -
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Try it now!

Grab A 14% Discount on This Paper

Total price:
$0.00

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.