2. Colde Inc. has the following transactions: Jan 07, 2020 Made sales on credit for $555,000 May 13, 2020 Collect its account receivable from Akira Co. $70,000 on account Dec 31, 2020 Estimate bad...


2. Colde Inc. has the following transactions:<br>Jan 07, 2020 Made sales on credit for $555,000<br>May 13, 2020 Collect its account receivable from Akira Co. $70,000 on account<br>Dec 31, 2020 Estimate bad debts at 5% of the accounts receivable balance. At this<br>point the allowance account has a credit balance of $2,500<br>Feb 12, 2021 Write off Mr. Kal for $1,000<br>Apr 22, 2021 Reinstated the account of Mr. Right and received $3,300 payment on<br>cash<br>Instruction: Prepare the journal entries! Show the necessary computations<br>

Extracted text: 2. Colde Inc. has the following transactions: Jan 07, 2020 Made sales on credit for $555,000 May 13, 2020 Collect its account receivable from Akira Co. $70,000 on account Dec 31, 2020 Estimate bad debts at 5% of the accounts receivable balance. At this point the allowance account has a credit balance of $2,500 Feb 12, 2021 Write off Mr. Kal for $1,000 Apr 22, 2021 Reinstated the account of Mr. Right and received $3,300 payment on cash Instruction: Prepare the journal entries! Show the necessary computations

Jun 11, 2022
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