Prepare a partial balance sheet as of June 30, 2009
Jenkins, inc., which sells household appliances, begins its fiscal year on June 1. A partial balance sheet for jenkins is given next.
Partial Balance Sheet
May 31, 2009
Account Receivable $35,000
Allowance for Uncollectible Account (3,500)
Net Realizable Value $31,500
The following transactions took place during June 2009.
June 1 Cash sales for the day totaled $5,100
June 4 Sold $2,000 of merchandise to another appliance retailer,
JLK Company, with terms of 2/10, n/30.
June 6 sold $300 of merchandise to Jae Lee, terms n/20.
June 8 wrote off an uncollectible account receivable from W5 Corp. Of $450.
June 12 JLK Company returned $500 of the merchandise purchased on June 4
Because the merchandise was defective.
June 14 JLK Company paid Jenkins the amount due for the June 4 transaction.
June 20 sold $950 of merchandise to Larissa Rodriguez with terms of n/20.
June 26 Received payment from Jae Lee for merchandise sold to him on June 6.
June 29 Received a check for $450 from W5 Corp. Whose account balance had been
Written off on June 8.
Require to put this information into a balance sheet
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