In Its First Year of Operations,20X2,Flow Crafts,Inc

question 53

Essay

In its first year of operations,20X2,Flow Crafts,Inc.,had credit sales of $420,000 to many different customers.Of this amount,P.Walker purchased $400 and J.Jocke purchased $180 on account.During the year,cash collections of $389,000 were made,of which P.Walker paid $360 and J.Jocke paid $60.At the end of 20X2,bad debts expense was estimated to be 5% of ending accounts receivable.At December 31,20X2,the Allowance for Uncollectible Accounts is $0.On February 23,20X3,the balance in J.Jocke's account was written off as uncollectible.
Prepare the appropriate journal entry on the books of Flow Crafts,Inc.for
a.the $420,000 in credit sales.
b.the collection of $389,000 from credit customers.
c.the estimation of bad debts expense.
d.the write-off of J.Jocke's account.

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Definitions:

Genome

The complete set of genetic material present in a cell or organism.

Polygamy

Any mating system in which a member of one sex mates with several members of the opposite sex.

Reproductive Relationship

Describes a partnership primarily established for the purpose of having offspring, focusing on the biological or evolutionary aspects of reproduction.

Mating

The process by which organisms pair and reproduce, often involving complex behaviors to attract and select suitable partners.