University Of Michigan Operations And Supply Chain Management Assignment Help - Henley Company
Question - 1. BE8-3
During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000
remained uncollected at year-end. The credit manager estimates that $35,000 of these
receivables will become uncollectible.
(a) Prepare the journal entry to record the estimated uncollectible.
(b) Prepare the current assets section of the balance sheet for Henley Company. Assume that
in addition to the receivables it has cash of $90,000, merchandise inventory of $130,000, and
prepaid expenses of $7,500.
Prepare entry for allowance method and partial balance sheet.
(SO 3, 9)
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