Week 3 Homework
1.Classify the following items as (a) an addition to the bank balance, (b) a subtraction from the bank balance, (c) an addition to the book balance, or (d) a subtraction from the book balance:
2.During 2013, Jimmy Enterprises completed the following transactions:
a.Sales revenue on account, $550,000.
b.Collections on account, $325,000
c.Write-offs of uncollectibles, $13,000
d.Uncollectible account expense, 5% of sales revenue
1.Prepare the journal entries for the above transactions.