Acc 205 Week 4 Assignment

PROBLEM2 Assignment 1 JournalDateAccount DescriptionDebit Credit30th SeptAccount Recievable A/c 590000 Sales590000( Being amount of Sales on credit )30th SeptUncollectable Account exp a/c 17700 Allowance for Uncollectable a/c17700( Being uncollectible a/c expense )30th SeptAllowance for Uncollectable a/c7000 Account Recievable a/c7000( Being write off )30th SeptCash A/c 62700 Account Recievable A/c62700( Being amount collected )30th SeptProfit and loss a/c17700 Uncollectable a/c exp17700( Being uncollectible a/c expense transfe to P L )T-AccountsBY ALLOWANCE METHOD1)Account Recievable a/cParticularsAmountParticularsAmountTo Opening Balance155000By cash62700To sales590000By Allowance for uncoll. a/c7000By Closing Bal675300TOTAL745000TOTAL745000Allowance for Uncollectable a/cParticularsAmountParticularsAmountTo Account Recievable7000By Opening Balance6200To Bal c/d16900By uncollectable A/c exp17700TOTAL23900TOTAL23900Uncollectable a/c ExpencesParticularsAmountParticularsAmountTo Account Recievable17700By Profit Loss A/c17700TOTAL17700TOTAL17700 Assignment 2Direct Write-off methodDateAccount DescriptionDebit Credit30th SeptAccount Recievable A/c 590000 Sales590000( Being amount of Sales on credit )30th SeptUncollectable Account exp a/c 7000 Account Recievable a/c7000( Being write off )30th SeptCash A/c 62700 Account Recievable A/c62700( Being amount collected )30th SeptProfit and loss a/c7000 Uncollectable a/c exp7000( Being uncollectible a/c expense transfe to P L )T-AccountsAccount Recievable a/cParticularsAmountParticularsAmountTo Opening Balance155000By cash62700To sales590000By Uncollectable a/c Expense7000By Closing Bal675300TOTAL745000TOTAL745000Uncollectable a/c ExpencesParticularsAmountParticularsAmountTo Account Recievable7000By Profit Loss A/c7000TOTAL7000TOTAL7000Assignment 3Uncollectabble A/c Expense under Allowance method is 17700Uncollectabble A/c Expense under Allowance method is 7000The amount 17700 under the allowance method better matches the