Beta Supply completed the following selected transactions during the year:

Requirements 1. Open T-accounts for Allowance for Uncollectible Accounts and Uncollectible Accounts Expense. These accounts have beginning balances of $1,500 (cr.) and 0, respectively.
2. Record the transactions in the journal, and post to the two ledger accounts that have been opened for you; remember to update account balances but ignore posting references.
3. The December 31 balance of Accounts Receivable is $133,000. Show how Accounts Receivable would be reported on the balance sheet at that date.

Transcribed Image Text:

Jan 17 Jun 29 Sold inventory to Abe Gomez, $800 on account. Ignore cost of goods sold. Wrote off Abe Gomez's account as uncollectible after repeated efforts to collect from him. Aug 6 Received $250 from Abe Gomez, along with a letter stating his intention to pay within 30 days. Reinstated Gomez's account in full. Sep 4 Dec 31 Dec 31 Received the balance due from Abe Gomez. Made a compound entry to write off the following accounts as uncollectible: Brian Kemper, $1,000; Marie Montrose, $200; and Tanya Wayne, $900. Based on an aging of accounts receivable, estimated uncollectible accounts as $2,600.