(Solution) 16/05/2016 WileyPLUS WileyPLUS: MyWileyPLUS | Help | Contact Us | Kieso, Intermediate Accounting, Tenth Canadian Edition, Volume 1 Home Read, Study... | Snapessays.com


(Solution) 16/05/2016 WileyPLUS WileyPLUS: MyWileyPLUS | Help | Contact Us | Kieso, Intermediate Accounting, Tenth Canadian Edition, Volume 1 Home Read, Study...


Please solve last part.Please solve last part.file is attachedThanks!16/05/2016

 

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Assignment #4 (Ch. 7)

 

Question 1

 

Question 2

 

Question 3

 

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Study Objective

 

Question 1

 

At the end of 2013, Perez Corporation has accounts receivable of $1.3 million and an allowance for doubtful accounts

 

$80,000. On January 16, 2014, Perez determined that its $19,000 receivable from Morganfield Ltd. will not be collec

 

and management has authorized its writeoff. On January 31, 2014, Perez received notification that the company will

 

receiving $0.20 for every $1.00 of accounts receivable relating to McKinley Ltd. The company had previously written

 

100% of the amount due from McKinley ($63,000).

 

(a)

 

Your answer is correct.

 

Prepare the journal entry for Perez Corporation to write off the Morganfield receivable and any journal entry necessar

 

reflect the notice regarding McKinley Ltd.

 

(Credit account titles are automatically indented when amount is

 

entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and ent

 

0 for the amounts.)

 

To write off the Morganfield accounts:

 

Account Titles and Explanation

 

Debit

 

Credit

 

To reflect the notice regarding McKinley Ltd:

 

Account Titles and Explanation

 

Debit

 

Credit

 

Allowance for Doubtful Acco

 

19000

 

Accounts Receivable

 

19000

 

Accounts Receivable

 

12600

 

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Kieso, Intermediate Accounting, Tenth Canadian

 

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