The September 30, 2013, records of Media Communications include these accounts:Accounts…
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The September 30, 2013, records of Media Communications include these accounts:Accounts Receivable……………………………… $242,000Allowance for Doubtful Accounts …………… (8,300)During the year, Media Communications estimates doubtful-account expense at 1% of credit sales. At year-end, the company ages its receivables and adjusts the balance in Allowance for Doubtful Accounts to correspond to the aging schedule. During the last quarter of 2013, the company completed the following selected transactions:Requirements1. Record the transactions in the journal. Explanations are not required.2. Prepare a T-account for Allowance for Doubtful Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account.3. Show how Media Communications will report its accounts receivable in a comparative balance sheet for 2013 and 2012. Use the three-line reporting format. At December 31, 2012, the company’s Accounts Receivable balance was $212,000, and the Allowance for Doubtful Accounts stood at$4,300.
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The September 30 2013 records of Media Communications include
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