ACCT- Jenkins, inc., which sells household appliances

ACCT- Jenkins, inc., which sells household appliances


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.

Jenkins, Inc.

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