1. Record the transactions in the general journal, and post to the general ledger accounts for Allowance for Doubtful Accounts and Bad Debt Expense. Keep running balances. Dec. 31: Estimated that bad debt expense for the year was 5 percent of credit sales of $383,500 and recorded tha Date Accounts and Explanation Debit Credit 2019 Dec. 31 19,175 Bad Debt Expense Allowance for Doubtful Accounts (Adj.) 19,175 Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2019 19,175 Dec. 31 (Clos.) Income Summary Bad Debt Expense 19,175 Mar. 26: Sold inventory to Michelle Jayco, $9,600.00, on credit terms of 2/10, n/30. Ignore cost of goods sold. Date Accounts and Explanation Debit Credit 2020 Mar. 26 Accounts Receivable-Michelle Jayco Sales Revenue 9,600.00 9,600.00 Sep. 15: Wrote off Michelle Jayco's account as uncollectible after repeated efforts to collect from her. Accounts and Explanation Credit Date Debit 2020 Sep. 15 9,600.00 Allowance for Doubtful Accounts Accounts Receivable-Michelle Jayco 9,600.00 Nov. 10: Received $5,550 from Jayco, along with a letter stating her intention to pay her debt in full within 30 days. Reins Start by recording the entry to reinstate the account Date Accounts and Explanation Debit Credit Enter Nov. 10: Received $5,550 from Jayco, along with a letter stating her intention to pay her debt in full withi Start by recording the entry to reinstate the account. Debit Accounts and Explanation Date Credit 2020 9,600.00 Nov. 10 Accounts Receivable-Michelle Jayco Allowance for Doubtful Accounts 9,600.00 Now record the $5,550 received from Michelle Jayco. Date Accounts and Explanation Debit Credit 2020 Nov. 10 Cash Accounts Receivable-Michelle Jayco 5,550 5,550 Dec. 5: Received the balance due from Jayco. Debit Credit Date Accounts and Explanation 2020 Dec. 5 Cash 4,050.00 Accounts Receivable-Michelle Jayco 4,050.00 Dec. 31: Made a compound entry to write off the following accounts as uncollectible: Billy Krupp. $1,800, Marie Cut Date Accounts and Explanation Debit Credit 13,490.00 2020 Dec. 31 Allowance for Doubtful Accounts Accounts Receivable--Billy Krupp Accounts Receivable--Marie Cuty Accounts Receivable--Richard Renik (W/O) 1,800.00 820.00 10,870.00 Dec. 31: Estimated that bad debts expense for the year was 4 percent on credit sales of $960,000 and re Debit Accounts and Explanation Date Credit 2020 38,400 Dec. 31 Bad Debt Expense (Adj.) 38,400 Allowance for Doubtful Accounts Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2020 Dec. 31 38,400 Income Summary Bad Debt Expense (Clos.) 38,400 Homework: Assignment #4 - Assets Question P an Co. completed the following selected transactions during 2019 and 2020 Click the icon to view the transactions.) wired c. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2020 Dec. 31 In 38,400 (Clon) Adjusting 38,400 Closing Post to the Al Reinstate Accounts general ledger account. (Round amounts to the nearest cent as needed. Ent Account Write-off btful Accounts Date rnl. Rot. Debit Credit Balance Dr/Cr Write-offs 2019 Dec 31 2020 Sep. 15 Nov. 10 Dec. 31 Calculator MacBook Air 80 F3 000 COD F4 esc 45
