29 18 eBook Show Me How Print Item The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31: Jan. Received 45% of the $18,700 balance owed by Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible Apr Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,270 cash in full payment of Karm's account Aug Wrote off the $6,360 balance owed by Golden Stallion Co., which has no assets. Nov. Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,975 cash in full payment of the account Dec Wrote off the following accounts as uncollectible (one entry): Claire Moon Inc. $7,265; Jet Set Co. $5,595; Randall Distributors. $9,305; Harmonic Audio, $1,150. Based on an analysis of the $1,759,500 of accounts receivable, it was estimated that $35, 190 will be uncollectible. Journalized the adjusting entry 9 7 31 31 2. Required: 1. Record the January 1 credit balance of $25,685 in a T account for Allowance for Double Accounts a. Journalize the transactions. For the December 31 adjusting entry, assume the $1,759,500 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for the exact worting or the account ones. CNOW journals do not use Ares for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indenit a credit entry when a credit amount is entered b. Post each entry that affects the following selected accounts and determine the new balances: Allowance for Doubouw Accounts and Bad Debt Expo Check My Work Previous Next eBook Show Me How Print Item coracy or COCCOGNOVIOS WORLIGIOSONG uncollectible, Journalized the adjusting entry. 2. Required: 1. Record the January 1 credit balance of $25,685 in a T account for Allowance for Doubtful Accounts a. Journalize the transactions. For the December 31 adjusting entry, assume the $1,759,500 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. b. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense 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 expense of 6 of 1% of the sales of $17,710,000 for the year, determine the following: a. Bad debt expense for the year. b. Balance in the allowance account after the adjustment of December 31. c. Expected net realizable value of the accounts receivable as of December 31. *The ending balance label is provided on the left side of the account even when the ending balance is a credit. The unused call on the balance line should be left blank. Check My Work Previous Next 21 od tv X a Com DETTA cuyce ASSETS REVENUE 110 Cash 410 Sales 111 Petty Cash 121 Accounts Receivable-Jankovich Co. 610 Interest Revenue 122 Accounts Receivable-Vince Karm EXPENSES 123 Accounts Receivable-Golden Stallion Co. 510 Cost of Merchandise Sold 124 Accounts Receivable-Wiley Co. 125 Accounts Receivable-Claire Moon Inc. 126 Accounts Receivable Jet Set Co. 127 Accounts Receivable-Randall Distributors 128 Accounts Receivable-Harmonic Audio 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 151 Prepaid Insurance 181 Land 191 Store Equipment Check My Work Previous Next > All work saved Email Instructor Save and Exit Submit Aeria AssignmentSessionLocator=&inprog Update Apple ID Settings Some account services will not be available until you sign in again. ok Show Me How TROOSTINGCONGO Print Item 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salorios Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Emmanuel, Capital 311 Emmanuel, Drawing My Work Previous Next >