Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Instructions + The following transactions were completed by Irvine Company during the current fiscal year ended December 31 Feb. 8 Received 35% of the $16,100 balance owed by Decoy Co., a bankrupt business, and wrote of the remainder as uncollectible May 27 Reinstated the account of Seth Nelson, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,300 cash in tull payment of Seth's account Aug 13 Wrote of the $6,360 balance owed by Kat Tracks Co, which has no assots. Reinstated the account of Crawford Co., which had been written off in the preceding your an uncollectible Journalized the recept of $3,885 cash in full payment of the account Dec. 31 Wrole off the following accounts as uncollectiblo (compound entry: Newbauer Co. 57.605: Bonneville Co., 55,435 Crow Distributors, 50,300, Fiber Option, $1,075. Dec. 31 Based on an analysis of the $1,700,000 of accounts receivable, was estimated that $35,920 will be uncollectible, Journalized the adjusting entry Oct 31 1. Record the January 1 credit balance of $26,080 in a T-account for Alowance for Douber Accounts. 2. A Journal.ro the transactions, Peter to the Chart of Accounts for exact wording of account miles B. Post each enby that affects the following selected Taccounts and determine the new balances: Allowance for Doubou Accounts and Blad Debt Expense 3. Determine the expected det realizable value of the accounts receivable as of December 31 (aner at or the adjustments and the adjusting entry) 4. Assuming that instead of basing the provision for uncolectible accounts on an analysis of receivables the agusting entry on December 31 had been based on an estimated expense of % of 1% of the net sales of $10,260,000 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 Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Chart of Accounts CHART OF ACCOUNTS Irvine Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-Decoy Co. 122 Accounts Receivable-Seth Nelsen 123 Accounts Receivable-Kat Tracks Co. 124 Accounts Receivable-Crawford Co 125 Accounts Receivable-Newbauer Co. 126 Accounts Receivable-Bonnevile Co. 127 Accounts Receivable-Crow Distributors 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 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 EXPENSES 510 Cost of Goods Sold 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 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Chart of Accounts 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Nobos Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Ollice Equipment 194 Accumulated Depreciation Office Equipment 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 538 Bad Debt Expense 539 Miscellaneous Expenso 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salarios Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions T-Accounts 1. Record the January 1 credit balance of $26,080 in a T-account for Allowance for Doubt Accounts 2. B. Post each entry that affects the following selected T-accounts and determine the now balances: Allowance for Doubt Accounts and Bed Debt.Exem Allowance for Doubtful Accounts Jan 1 Balance Dec. 31 Adj. Balance Bad Debt Expense Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Journal 2 A Joumalize the transactions. Refer to the Chart of Accounts for exact wording of account istos. PAGE 10 JOURDAL ACCOUNTING EQUATION DATE DESCRIPTION POST RU DERIT CREDIT ASSETS LARUTES EQUITY 1 11 13 54 19 Allowance method entries struction Chart of Account Account Journal Final Questions Finalis 3 Cumbe wa elete the amount of Decembar wars and wegen Ay partnetta er hang the prender unerfecto our ways outing andy on December 31 nad teen band as an extra experi www.eh $16.290.000 ve yetene A for the Be the cute C. Doch we are decor December 21.5