1. Enter the transactions and the adjusting and closing entries in general journal (page 6) Enter the posting references when posting to the lected accounts requerent Bonprogressa se eBook Calculator Print Item Uncollectible Accounts Allowance Method Pyle Nurseries uses the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--: Feb. 9 Received 50% of the $3,100 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May 28 Reinstated the account of Amanda Akin, which had been written off in the preceding year and received $1,900 cash in full settlement. Aug. 16 Wrote off the $5,900 balance owed by Jolo Xu as uncollectible. Oct. 5 Reinstated the account of Tomi Kennedy which had been written off in the preceding year, and received $3,000 cash in full settlement, Dec. 28 Wrote off the following accounts as uncollectible, in compound entry form: Jacobs & Wilson, $11,300; Specialty Landscapes, $15,300; Kiana Hoyer, $12,800. 31 Based on an aging analysis of the $980,000 of accounts receivable, it was estimated that $32,000 will be uncollectible. Made the adjusting entry 31 Made the entry to close the appropriate account to Income Summary. Selected accounts and beginning balances on January 1, 20.-, are provided Required: Page: 6 DOC POST DEBIT ACCOUNT TITLE DATE CREDIT REF. NO 1 1 20- Feb, a 2 2 3 3 Collection on account Feb. Check My Work Previous Next Save and Scut Assen for Grad ii 00 723 PM 5/30/2020 L Print Item quired: Enter the transactions and the adjusting and closing entries in a general journal (page 6). Enter the posting references when posting to the selected accounts in requirement 2. Page: 6 DATE DOC. ACCOUNT TITLE POST NO. REF DEBIT CREDIT 1 20- Feb. 9 2. 2 3 Collection on account 4 1 4 5 Feb. 9 5 6 Wrote off uncollectible account 7 8 9 9 May 28 10 10 II II II DI II II II Reinstated account receivable 11 12 11 12 13 May 28 13 Collection on account 15 16 17 16 17 Aug. 16 18 Previous Next Check My Work Save and Exit Submit Assignment for Grading 7:24 PM 5/30/2020 E!! 12 11 12 13 May 28 13 Collection on account 15 16 14 15 16 17 Aug. 16 17 18 18 19 20 Wrote off uncollectible account IT 19 20 21 Oct. S 21 22 22 Reinstated account receivable 23 24 23 24 25 Oct. 5 25 26 II ll 11 26 Collection on account 27 28 27 28 29 Dec. 28 29 30 30 31 31 32 Wrote off uncollectible accounts 34 32 33 34 35 Dec, 31 35 Previous Next Check My Work Save and Exit Submit Assignment for Gra 7:24 5/30/2 i O UNE 29 Dec 28 29 30 30 31 31 32 32 33 34 Wrote of uncollectible accounts 35 Dec. 31 36 36 Adjusting entry 37 38 39 Dec. 31 37 38 39 40 40 41 Closing entry 41 2. Selected general ledger accounts are provided. Post the entries to the selected accounts. GENERAL LEDGER ACCOUNT Allowance for Doubtful Accounts ACCOUNT NO. 122.1 BALANCE DEBIT CREDIT ITEM POST. REE DEBIT DATE CREDIT 20 Jan. 1 43,550.00 Balance Previous NE Check My Work Save and Exit Submit Assignment for 45 9 7: 5/3 O al Calculator URSUL Print Item 2. Selected general ledger accounts are provided. Post the entries to the selected accounts GENERAL LEDGER ACCOUNT Allowance for Doubtful Accounts ACCOUNT NO. 12.1 BALANCE DEBIT CREDIT DATE LITEN POST. REF. DEBIT CREDIT 20- Jan. 1 Balance 43,550,00 ACCOUNT Income Summary ACCOUNT NO. 313 BALANCE DEBIT CREDIT ITEM DATE POST REF DEBIT CREDIT 20 Bad Debt Expense ACCOUNT ACCOUNT NO 532 BALANCE DEBIT CREDIT POST REE DEBIT CREDIT ITEM DATE 120 Previous Check My Work Save and Exit Submit Assign 1 E at o e 11 SATSU ACCOUNT Income Summary ACCOUNT NO. 313 BALANCE DEBIT CREDIT DATE ITEM POST.REE DEBIT CREDIT 20 ACCOUNT Badi Debt Expense ACCOUNT NO. 532 BALANCE DEBIT CREDIT DATI ITEM POST. REE DEBIT CREDIT 3. Determine the net realizable value as of December 31 Check My Work Previo Save and Exit Submit Ass At e O Collection of Account Written Off-Direct Write-Off Method Como's Music Store uses the direct write-off method in accounting for uncollectible account 20-1 May 8 Wrote off $1,800 owed by Vickie Lawrence, who has no assets. July 15 Wrote off $1,400 owed by Dan Utter, who has made no payments in more than a ye Sept. 2 Reinstated the account of Vickie Lawrence, which had been written off on May 8, and 20-2 May 5 Reinstated the account of Dan Utter, which had been written off in the previous year, Record the transactions in general journal form. Page: DATE ACCOUNT TITLE DOC. POST NO. REF. DEBIT CREDIT 1 20-1 May 8 2 Wrote off uncollectible account Accounting numeric field 4 Jul. 15 5 6 6 Wrote off uncollectible account 7 7 Sep. 2 8 8 9 9 Reinstated account receivable 10 Sep. 2 10 11 11 Check My Work O ASUNO eBOOK Show Me How Calculator Record the transactions in general journal form. Page: DATE ACCOUNT TITLE DOC. POST NO. REF. DEBIT CREDIT 20-1 May 8 1 Wrote off uncollectible account UDO 4 Jul. 15 5 6 Wrote off uncollectible account 7 Sep. 2 8 8
