Environmental Psychology Flashcards

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Compare the following fractions.

$\frac{4}{5}$ and $\frac{3}{5}$

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The following selected transactions were taken from the records of Lights of the West Company for the first year of its operations ending December $31$ , $2010$ :

Jan. $\hspace{5pt}24$ . Wrote off account of J. Huntley, $\$3,000$ .
Feb. $\hspace{3pt}17$ . Received $\$1,500$ as partial payment on the $\$4,000$ account of Karlene Solomon. Wrote off the remaining balance as uncollectible.
May $\hspace{2pt}29$ . Received $\$3,000$ from J. Huntley, which had been written off on January $24$ . Reinstated the account and recorded the cash receipt.
Nov. $\hspace{1pt}30$ . Wrote off the following accounts as uncollectible (record as one journal entry):

\begin{array}{lr} \text{Don O’Leary} &\$2,000\\ \text{Kim Snider} & 1,500\\ \text{Jennifer Kerlin} & 900\\ \text{Tracy Lane} & 1,250\\ \text{Lynn Fuqua} & 450 \end{array}

Dec. $\hspace{2pt}31$ . Lights of the West Company uses the percent of credit sales method of estimating uncollectible accounts expense. Based on past history and industry averages, $11/2\%$ of credit sales are expected to be uncollectible. Lights of the West Company recorded $\$975,000$ of credit sales during $2010$ .