sloan company s unadjusted trial balance for the fiscal year ended march 31 2015 had 4374246

Sloan Company’s unadjusted trial balance for the fiscal year ended March 31, 2015, had the following account balances: Dr (Cr) Accounts receivable ……………. $ 6,122,460 Note receivable, due August 31, 2015 ……… 7,451,477 Allowance for doubtful accounts ……….. (12,578) Bad debt expense …………….. 71,040 Cash ………………… 395,404 Inventories ………………. 3,101,920 Accounts payable …………….. (1,245,728) Cost of goods sold ……………. 14,328,458 Prepaid expenses ……………. 30,890 An analysis of the accounts receivable identified $125,000 of the receivables as uncollectible. Once these accounts are written off, an allowance of $42,355 is required, based on an aging analysis of receivables. Interest has not been recorded on the note. It is a 6-month, 6% note. a. Prepare the adjusting journal entries to write off the uncollectible accounts, adjust the allowance to a final balance of $42,355, and record the accrued interest on the note. b. Prepare the current asset section of the balance sheet. View Solution:
Sloan Company s unadjusted trial balance for the fiscal year ended

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