Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
1 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance at SS1400, the bad debt expense account had
1 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance at SS1400, the bad debt expense account had a balance of So, and the allowance for doubtful accounts had a credit balance of $5.140. Journalize the remaining journal entries for the 2020 year. 8 800277 Dec 2 Sold tents for $5,20 on account with a cost of $2,ide. Determined that the total accounts of locky Co with an accounts receivable balance of 11,1 20 Grove Co. with an accounts receivable balance of $2,600 were collectible and needed to be written of 21 Unexpectedly received payment froe Grouse Co. for $7,640. 31 Estated that 10% of accounts receivable recorded to date would be collectible Required: 1. Prepare Journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co should be posted separately 1 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account 002235 Bley Bal December 2 December 23 Accounts Receivable 51,400 5,2801 2.840 Beg Bal December 20 Allowance for Doubtful Accounts 5140 3380 2,540 December 23 3.980 December 20 2.610 December 23 En Bal 52 700 End. Bal 3,800 Bad debit expense Beg Bal 1,470 End Bal 1470
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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