Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1 of 2 View Policies Show Attempt History 4.88/20 E Current Attempt in Progress At December 31, 2021, the general ledger and subsidiary ledger for
1 of 2 View Policies Show Attempt History 4.88/20 E Current Attempt in Progress At December 31, 2021, the general ledger and subsidiary ledger for Albert's, a small auto parts store, showed the following: Accounts Receivable General Ledger Subsidiary Ledger Accounts receivable $72,900 Best Auto Repair $3,700 Allowance for doubtful accounts 3,800 Brown's Repair 22,300 Custom Repair Jen's Auto Body 34,000 Luxury Autos 12,900 Total $72,900 Jan. 3 4 8 Brown's Repair paid $17,300 on its account. Custom Repair paid $1,500 on its account that had previously been written off. Jen's Auto Body purchased $3,800 of merchandise on account. 9 Antique Auto Repair paid cash for $1,700 of merchandise. 18 Jen's Auto Body returned $900 of the merchandise it purchased on Jan. 8. 19 20 Luxury Autos paid $12,900 on its account. Jen's Auto Body paid $22,500 on its account. 23 Brown's Repair purchased $5,700 on account 22225 26 31 Custom Repair purchased $9.700 of merchandise on Visa Luxury Autos purchased $19,800 of merchandise on account. Albert's determined that the Best Auto Repair account receivable was not collectible. Question 1 of 2 Your answer is partially correct. 4.88/20 E Record the above transactions. Ignore credit card fees and any inventory, cost of goods sold, and refund liability for the purposes of this question. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Record journal entries in the order presented in the problem.) Date: Account Titles and Explanation Jan. 3 Cash Accounts Receivable-Brown's Repair Debit 17300 (Collection on account.) Jan. 4 Accounts Receivable-Custom Repair 1500 Allowance for Doubtful Accounts (To reverse write off.) Jan 4 Cash 1500 Jan. 8 Accounts Receivable-Custom Repair (To record collection of previously written off account.) Accounts Receivable-Jen's Auto Body Sales (To record sales on account.) Jan. 9 Cash Sales (Cash sale.) Jan 18 v Sales Returns and Allowances < 3800 1700 900 Credit 17300 1500 1500 3800 1700 Jan. 9 V (To record sales on account.) Cash Sales (Cash sale.) Jan. 18 v Sales Returns and Allowances Accounts Receivable-Jen's Auto Body- (To record sales returns.) Jan. 19 Cash Accounts Receivable-Luxury Autos (Collection on account.) Jan. 20 Cash Accounts Receivable-Jen's Auto Body 1700 900 12900 22500 (Collection on account.) Jan. 23 Accounts Receivable-Brown's Repair 5700 Sales (To record sale on account.) Jan. 25 v Cash Jan. 26 Sales (To record sale using credit card.) Accounts Receivable-Luxury Autos Sales 9700 19800 1700 900 12900 22500 5700 9700 19800 Question 1 of 2 < > (b) eTextbook and Media List of Accounts 4.88/20 Attempts: 1 o Set up T accounts for the Accounts Receivable general ledger (control) account, the Allowance for Doubtful Accounts gener ledger account, and the Accounts Receivable subsidiary ledger accounts. Post the journal entries to these accounts. Dec. 31 Balv Jan. 3 Accounts Receivable Allowance for Doubtful Accounts Accounts Receivable-Best Auto Repair I Accounts Receivable-Best Auto Repair Accounts Receivable-Brown's Repair Accounts Receivable-Custom Repair Accounts Receivable-Jen's Auto Body Accounts Receivable-Luxury Autos I ndex.html?launchid-8cd3ca36-2741-4edc-8794-11dcac6ef857#/question/0 Question 1 of 2 Save for Later Accounts Receivable-Jen's Auto Body Accounts Receivable-Luxury Autos I 4.88/2 Attempts: 0 of 1 used Subm (c) The parts of this question must be completed in order. This part will be available when you complete the part above (d) The parts of this question must be completed in order. This part will be available when you complete the part above
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started