Presentation of Financial Statements Discontinued Operations SFAS 144, August 2001 “Accounting for the Impairment or Disposal of Long-Lived Assets” EITF 03-13, 2003 “Applying the Conditions
[Q1] The entity collected $800 from the accounts receivable that had been written-off in the past. Prepare a journal entry to record this transaction. [Journal
[Q1] The entity concludes that $1,200 of its accounts receivable cannot be collected in the future, because the customer liquidated the business. Prepare a journal
[Q1] The entity estimates that $2,000 of its accounts receivable may be uncollectible. Prepare a journal entry to record this transaction. [Journal Entry] Debit
[Q1] The entity collected $9,000 from a customer who purchased the entity’s merchandise on account 10 days ago. Prepare a journal entry to record this
[Q1] The entity sold merchandise at the sale price of $50,000 on account. The cost of merchandise sold was $30,000. Prepare a journal entry to