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F. Naz
F. Naz, Chartered Accountant
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Experience:  Experience with chartered accountancy
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The financial statements Huggnow Corporation show

Customer Question

The financial statements for Ivana Huggnow Corporation show the following balances as of December 31, 2014: Credit Sales: $10,000,000 Sales Returns and Allowance: $100,000 Sales Discounts: $200,000 Accounts Receivable: $2,100,000 Allowance for Doubtful
Accounts: $104,000 (Debit) Notes Receivable: $240,000 QUESTIONS: An aging of accounts receivable indicates that $194,000 is expected to become uncollectible as of December 31, 2014. If the percentage of receivables method is used, what is the balance is Allowance
for Doubtful Accounts after any adjustment is made? (1 point) Ignoring your answer to Question #1, based on its past history, Ivana Huggnow Corporation expects 2% of its net credit sales will become uncollectible as of December 31, 2014. If the percentage
of net credit sales method is used, what adjusting entry, if any, should Ivana Huggnow Corporation make? (2 points) The notes receivable consists of a single 4-month note, bearing interest at 10%. This note was given to Ivana Huggnow Corporation, by its customer,
Nuts for You, Inc. on November 1, 2014. What adjusting entry, if any, should Ivana Huggnow Corporation make on December 31, 2014? (2 points) SPECIFIC INSTRUCTIONS: If a journal entry is required, type your response in the following format: DR (account name)
$(amount) CR (account name) $(amount) For example, if you are making an entry to debit Cash for $100 and credit Accounts Payable for $100, you would enter the following: DR Cash $100 CR Accounts Payable $100
Submitted: 2 years ago.
Category: Homework
Expert:  Finley replied 2 years ago.
The question is incomplete. Please type the complete question or copy paste to Word and attach the document here.
Customer: replied 2 years ago.
Hello, the questions are very clear.
Expert:  F. Naz replied 2 years ago.
What is your deadline, thanks.
Expert:  F. Naz replied 2 years ago.

You need to spend $3 to view this post. Add Funds to your account and buy credits.

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