(20 journal entries)

Entries related to uncollectible accounts Instructions Chart of Accounts TAccounts Journal Final Questions Instructions The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31 Jan 29 Apr 18 Aug 9 Received 30% of the $18,900 balance owed by Jankovich Co., a bankrupt business, and wrote of the remainder as uncollectible. Roinstated the account of Vince Karm, which had been written oft in the preceding year as uncollectible Journalized the receipt of 87,265 cash in tul payment of Karm's account Wroto of the $8.410 balance owed by Golden Station Co., which has no assets. Roinstated the account of Wiley Co, which had been written off in the preceding your an uncollectible Journalized the receipt of $3,980 cash in full payment of the account Wrote off tho totowing accounts as uncollectible (ono entry): Claire Moon ino. $7,000; Jet Set Co. $5,485; Randall Distributors, 69,415; Harmonic Audio, $1,190, Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that 35,480 will be Nov. 7 Dec 31 31 uncollectible. Journalized the adjusting entry Instructions Chart of Accounts T Accounts Journal Final Questions T Accounts 1. Record the January 1 credit balance of $25,795 in a T account for Allowance for Doubtful Accounts 2b. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debr Expense "The ending balance labol is provided on the left side of the Taccount even when the ending balance is a credit. The unused cell on the balance kine should be left blank Allowance for Doubtful Accounts Jan. 1 Balance Dec. 31 Adj. Balance Bad Debt Expense T Accounts Joumal JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 4 5 9 1 10 11 12 Final Questions 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) $ 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables the adjusting entry on December 31 had been based on an estimated experise of Sa of 1% of the sales of $18,660,000 for the year, determine the following: a. Bad debt.expense for the year. 5 b. Balance in the allowance account after the adjustment of December 31, S c. Expected net realizable value of the accounts receivable as of December 31. S