reproduced below from farthington supply s accounting records is the accounts receiv 4373629

Reproduced below from Farthington Supply’s accounting records is the Accounts Receivable Subledger along with selected General Ledger accounts. During the year 2014, there were no recoveries of accounts previously written off. Only one account, that of PDQ Servicing, was identified as being uncollectible on July 15, 2014. On January 4, 2014, Farthington issued a $7,000 credit memo to Lomas Industries regarding damaged goods returned. Required Analyzing the accounts, determine the following amounts: a. The December 31, 2013, balance in Lomas Industries’ account. b. The January 7, 2014, collection from Lomas Industries. c. The December 31, 2014, balance in the Accounts Receivable controlling account. d. The November 15, 2014, transaction in Jen Star Company’s account. e. Collections during 2014. f. Credit sales during 2014. g. Adjusting entry on December 31, 2014, to estimate uncollectible accounts based on a rate of 2.5% of outstanding receivables. h. The December 31, 2014, balance in the Allowance for Doubtful Accounts. i. Show how accounts receivable should appear on the balance sheet on December 31, 2014. Analysis Component: Why does Farthington maintain an Accounts Receivable Sub ledger? What other sub ledgers might the company be using and why? View Solution:
Reproduced below from Farthington Supply s accounting records is the Accounts

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