I’m working on a accounting multi-part question and need an explanation and answer to help me learn.
1- No plagiarism, no match please.
2-You can find the instructions inside the doc
3- Please write a paper in the document
4- Write a report on whatever you use to research and what you write in a different document because we will discuss it separately in class
Write at least 6- references using the APA style.
Please use simple language
Put the in-text quote in each.
Additions within the document.
- On July 10, 2021, Ibrahim sold goods to Raghadfor SAR 50,000 on credit. On October 10, 2021, Ibrahim determined that he could not collect SAR 5,000 from Raghad. On, December 10, 2021 Ibrahim collected SAR 2,000 of 5,000.
- On December 1, 2021, Ibrahim, Inc. purchased a copier for SAR 50,000 from Raghad; Ibrahim issued a 9% note due in 90 days in payment for the copier.What adjusting entry by Raghad is required on December 31?
- On December 31, 2021, Ibrahim received his bank statement with a balance of SAR 30,000; the cash general ledger account on that date shows a balance of SAR 50,000.
- On December31, 2021, Ibrahim’s books showed the following:
- Pass journal entry for sale truncation on July 20.
- Pass journal entry for bad debt using direct write off method.
- Pass journal entry for bad debt using allowance method.
- Pass journal entry to record the collected amount-using write off method.
- Pass journal entry to record the collected amount-using allowance method.
Ibrahim’s accountant showed the following:
- The bank returned a customer’s NSF check for SAR 24,500 received as payment on account receivable.
- The bank statement showed SAR 500 interest earned during December.
- Outstanding checks totaled SAR 5,000
- SAR 1,000 check mailed to the bank for deposit had not reached the bank at the statement date.
- Prepare bank reconciliation.
- Pass adjusting entries.
- Allowance for doubtful debtSAR10,000
- Accounts receivableSAR100,000
- After investigation of accounts, receivable, the Accountant decided that the desired allowance should be SAR 15,000.
Required:Pass adjusting entry for allowance for doubtful accounts.