ACCT 220 Week 4 HomeWork

ACCT 220 Week 4 HomeWork

Compute the ending inventory using the FIFO and the weighted average method below.  These are the same transactions used in week 3 homework:

Complete journal entries for the following transactions:      
1. Sales for the month of June were $75,000.  Using a percentage allowance method of 1% record the allowance.
2.  On June 30, it was determined that two customers with receivables totaling $980 were not likely to pay
3. On July 15, surprisingly one of the customers who owed $400 and was written off on June 30, paid their bill
4. On July 31, our fiscal year ends, the allowance for doubtful accounts has a balance of $1,780  
    The company uses an aging method to calculate the desired allowance balance.    
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