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Business, 13.03.2020 20:18 mrstealyogirl40

Roth Inc. experienced the following transactions for year 1, its first year of operations: Issued common stock for $50,000 cash. Purchased $140,000 of merchandise on account. Sold merchandise that cost $110,000 for $250,000 on account. Collected $236,000 cash from accounts receivable. Paid $118,000 on accounts payable. Paid $50,000 of salaries expense for the year. Paid other operating expenses of $28,000. Roth adjusted the accounts using the following information from an accounts receivable aging schedule: Number of Days Past Due Amount Percent Likely to Be Uncollectible Allowance Balance Current $ 10,000 0.01 0−30 2,000 0.05 31−60 1,200 0.10 61−90 500 0.20 Over 90 days 300 0.50 Required a. Record the above transactions in general journal form and post to T-accounts.

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Roth Inc. experienced the following transactions for year 1, its first year of operations: Issued co...
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