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- Download: http://solutionzip.com/downloads/yates-company-solution/
- The records of Yates Company provide the following information concerning certain account balances and changes in these account balances during the current year.
- Transaction information is missing from each item below. There are 4 items to complete.
- Prepare the journal entry to record the missing information for each account. (Consider each problem independently.)
- 1 Accounts Receivable: Jan 1 Balance $41,000, Dec 31 balance $55,000. Uncollectible accounts written off during the year, $6,000.
- Accounts Receivable collected during the year $134,000.
- Prepare the entry to record sales.
- 2 Allowance for Doubtful Accounts: Jan 1 balance $4,000, Dec 31 balance $7,500. Uncollectible accounts written off during the year $25,000.
- Prepare the entry to record bad debt expense.
- 3 Accounts payable: Jan 1 balance $25,000, Dec 31 balance $44,000. Purchases on account for the year $110,000.
- Prepare the entry to record payments on account.
- 4 Interest receivable: Jan 1 accrued $3,000, Dec 31 accrued $2,100. Earned for the year $30,000.
- Prepare the entry to record cash interest received.
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