January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. 6. Record closing entries.

Question

Business

Kingston

27 July, 00:21

January 28 Write off accounts receivable as uncollectible, $4,800. January 30 Firework sales for the second half of the month total $143,000. Sales include $11,000 for cash and $132,000 on account. The cost of the units sold is $79,500. January 31 Pay cash for monthly salaries, $52,000. 6. Record closing entries.

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Trevor Austin · Answer 1

28 January

Dr Allowance for doubtfull debts 4,800

Cr Account Receivables 4,800

(to record write-off of Account Receivables)

30 January

Dr Cash 11,000

Dr Account Receivables 132,000

Cr Sales 143,000

(to record sales revenues)

Dr Cost of Good Sold 79,500

Cr Inventories 79,500

(to record the cost of good sold of $143,000 sales revenue)

31 January

Dr Salary Expenses 52,000

Cr Cash 52,000

(to record the cash payment of salary expenses)

Explanation:

Explanations are given in each entry.