Journalize and Post Basic Transactions

question 118

Essay

Journalize and post basic transactions
Precision Grading Co.was organized to grade construction sites.
* On June 1,owner Dave Precision deposited $90,000 in a new bank account opened in the name of the business in exchange for stock.
* On June 3,the company acquired grading equipment costing $89,000,paying $43,000 cash and signing a note payable for the balance.
* On June 10,the company paid $13,000 of the amount owed for equipment acquired on June 3.
Instructions: Journalize these three transactions and post to the ledger accounts.

Identify and explain indicators of uncollectible accounts.

Understand and apply terms related to receivables and interest calculations.

Utilize the direct write-off and allowance methods for accounting for uncollectible receivables.

Journalize transactions involving the write-off and recovery of uncollectible receivables.

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Definitions:

National Association For Medical Assistants

A professional organization that represents the interests of medical assistants and promotes their professional skills and ethics in the healthcare industry.

Orthopedic Medical Assistant

A healthcare professional who supports orthopedic physicians in treating musculoskeletal system conditions.

Musculoskeletal System

The organ system that enables humans to move using the muscular and skeletal systems, including bones, muscles, cartilage, tendons, ligaments, and joints.

Body Mechanics

The application of physical principles to achieve maximum efficiency and to limit risk of physical stress or injury to the practitioner of physical therapy, massage therapy, or chiropractic or osteopathic manipulation.