Determining cost of goods sold; periodic inventory system [LO8-1] Askew Company uses a periodic inventory system. The June 30, 2016, year-end trial balance for the company contained the following information:
Account Debit Credit
Merchandise inventory, 7/1/15 32,000
Sales 380,000
Sales returns 12,000
Purchases 240,000
Purchase discounts 6,000
Purchase returns 10,000
Freight-in 17,000
In addition, you determine that the June 30, 2016, inventory balance is $40,000.
Required:
1. Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2016.
2. Prepare the year-end adjusting entry to record cost of goods sold. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Colorado rocky cookie company offers credit terms to its customers. at the end of 2018, accounts receivable totaled $715,000. the allowance method is used to account for uncollectible accounts. the allowance for uncollectible accounts had a credit balance of $50,000 at the beginning of 2018 and $30,000 in receivables were written off during the year as uncollectible. also, $3,000 in cash was received in december from a customer whose account previously had been written off. the company estimates bad debts by applying a percentage of 15% to accounts receivable at the end of the year. 1. prepare journal entries to record the write-off of receivables, the collection of $3,000 for previously written off receivables, and the year-end adjusting entry for bad debt expense.2. how would accounts receivable be shown in the 2018 year-end balance sheet?