ACCT 216 ACCT216 Week 3 Homework Solution (Devry)

ACCT 216 ACCT216 Week 3 Homework Solution (Devry)

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ACCT 216  Week 3 Homework

1. Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:

2. During 2011, Jimmy Enterprises completed the following transactions:

a. Sales revenue on account, $550,000.

b. Collections on account, $325,000

c. Write-offs of uncollectibles, $13,000

d. Uncollectible account expense, 5% of sales revenue

Required:

1. Prepare the journal entries for the above transactions.  


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