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E6-2. The following items were taken from the financial records of
Melvin Construction Company.
E6-3. On December 12, Woodington sold goods on account for a
gross price of $40,000. The terms of the sale were 2/10, n/30. As of
December 31, when financial statements were prepared, no payment
had been received by Woodington. Full payment was received on
January 5 of the following year.
E6-7. The following items were extracted from the 2012 financial
records of Cummins Inc. (dollars in millions): Allowance for
doubtful accounts 12 (cr.)
During the following year, the company wrote off $5 of accounts
receivable as uncollectible and then estimated $6 of the year’s
receivables to be uncollectible. The company did not recover any
previously written-off accounts.
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ACG 5027 Week 9 Individual Work