Accounts Receivable and Uncollectible Accounts
1) Accounts Receivable and Uncollectible AccountsEnterprising College students Integrated makes use of the direct write off technique. Their buyer, CCS Gross sales, has declared chapter with no belongings to repay collectors. Current the journal entry, in correct format to report the required adjustment for the $22,000 remaining within the Accounts Receivable Subsidiary ledger from CSS Gross sales. Describe the direct write off technique. When is it acceptable to make use of the direct write off technique? Describe the opposite technique for accounting for receivables. Present instance journal entries and explanations.2) Financial institution ReconciliationThe Financial institution Stability offered on the financial institution assertion totals $10,000 whereas the overall ledger money stability for this account, on the identical date, the final day of the month, shows a price of $12,255.Please clarify the problems associated to this distinction and the way they might be resolved. Use you expertise in making a financial institution reconciliation to help you in contemplating the variables.three) Describe a Labeled Revenue Assertion. Embody an outline of the calculations on the assertion. Why are the calculations necessary?four) Select one the stock valuation strategies (FIFO, LIFO or weighted common). Describe how the tactic is used to worth stock and its impact oncost of products bought and ending stock.5) On July 1, 2014 Linked Up Inc. acquired a brand new machine at a price of $15,000 with a residual worth of $three,000. The estimated helpful life is 5 years and 100,000 models. For the yr ending June 30, 2015 the machine produced 15,000 models. For the yr ending June 30, 2016, the machine produced 10,000 models.Utilizing the next depreciation strategies (straight line, models of manufacturing) calculate the depreciation for the yr ending 6/30/15 and current every of the three journal entries in correct kind.On July 1, 2016 the machine is bought for $10,000. Full the journal entry in correct kind based mostly in your calculations beneath every of the depreciation strategies (see merchandise 1 on this downside). You'll current two separate, impartial journal entries.