Draper Consulting_P8-42_1 and 2, P9-40_1 and 2

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Description

This problem continues the
Draper Consulting situation from Problem 7-42 of
Chapter
7. Draper reviewed the receivables list from the January transactions (from
Chapter
6). Draper identified on February 15 that a customer was not going to pay
his
receivable of $200 from December 9. Draper uses the allowance method for
receivables,
estimating uncollectibles to be 5% of January credit sales.
Requirements
1.
Journalize the entry to record and establish the allowance using the percentage
method
for January credit sales.
2.
Journalize the entry to record the identification of the customer’s bad debt.

Next
This
problem continues the Draper Consulting situation from Problem 8-42 of
Chapter
8. Refer to Problem 2-62 of Chapter 2. In Chapter 2, we learned that Draper
Consulting
had purchased a Dell computer, $1,800, and office furniture, $4,200 on
December
3 and 4, respectively, and that they were expected to last five years.
Requirements
1.
Calculate the amount of depreciation for each asset for the year ended
December
31, 2012, assuming both assets are using straight-line depreciation.
2.
Record the entry for the one month’s depreciation. Date it December 31, 2012.

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