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Can you help I got some right, not sure which ones I got wrong though The following transactions were completed by livine Company during the
Can you help I got some right, not sure which ones I got wrong though
The following transactions were completed by livine Company during the current fiscal year ended December 31 Feb. 8 Received 40% of the $18,200 balance owed by DeCoy Co, a bankrupt business, and wrote off the remainder as uncollectible May 27 Reinstated the account of Seth Nelsen which had been written off in the preceding year as uncollectible Journalized the receipt of $7,400 cash in full payment of Seth's account Aug 13 Wrote of the $6,465 balance owed by Kat Tracks Co which has no assets Oct 31 Reinstated the account of Crawford Co, which had been written off in the preceding year as uncollectible Journalized the receipt of $3,830 cash in full payment of the account Dec 31 Wrote of the following accounts as uncollectible (compound entry) Newbauer Co, S7,190 Bonneville Co $5,510, Crow Distributors $9.410, Fiber Optics $1,205 Dec 31 Based on an analysis of the $1,820,500 of accounts receivable, it was estimated that $36.410 will be uncollectible Joumalized the adjusting entry 1. Record the January 1 credit balance of $25,415 in a T-account for Allowance for Doubtful Accounts 2. A Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles B. Posteach entry that affects the following selected accounts and determine the new balances Allowance for Doubenul Accounts and Bad Debt Expense 3. Determine the expected niet 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 recevable, the adjusting entry on December 31 had been based on an estimated expense of stor 1% of the net sales of 518 350 000 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 Cypected net realizable value of the accounts receivable as of December 31 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-Bonneville 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 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 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 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 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends T.Accounts 1. Record the January 1 credit balance of $25,415 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T-accounts and determine the new balances Allowance for Doubtful Accounts and Bad Debt Expense Allowance for Doubtful Accounts Feb. 8 10,920 Jan 1 Balance 25,415 Aug 13 6,465 May 27 7,400 Dec. 31 23,315 Oct. 31 3,830 Dec. 31 Adjusting Entry 40,465 Dec. 31 Unadjusted Balance 4,055 Dec 31 Adj Balance 36,410 Bad Debt Expense Dec. 31 Adjusting Entry 40,465 Journal 2 A Joumalize the transactions Refer to the Chart of Accounts for exact wording of account des PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRE DET CREDIT LIANILITIES EQUITY 1 Feb 8 Cash 7,280.00 ASSETS 1 18,200.00 ! 10920.00 18,200.00 7400.00 1 Accounts Receivable-Decoy Co. Feb. 8 Allowance for Doubtful Accounts Accounts Receivable Decoyo May 27 Accounts Receivable-Seth Nelsen Allowance for Doubtful Accounts May 27 Gash Accounts Receivable Seth Nelsen Aug 13 Allowance for Deutetut Accounts Accounts Receivable Kat Tracks con Oct 31 Accounts Receivable Crawford Co 7.400.00 7400.00 1 7,400.00 ! 6465.00 1 10 6465.00 1 11 5,830,00 12 Allowance for Doubtful Accounts 3,850.00 7 7,400.00 1 7,400.00 ! 9 6,465.00 1 10 6,465.00 1 11 3,850.00 1 12 5,830.00 1 3 May 27 Cash Accounts Receivable Seth Nelsen Aug 13 Allowance for Doubtful Accounts Accounts Receivable-Kat Tracks Co Oct 31 Accounts Receivable Cawford Co. Allowance for Doubtful Accounts Oct. 51 Cash Accounts Receivable Crawford Co Dec. 31 Allowance for Doubtful Accounts Accounts Receivable-Newbauer Co Accounts Receivable Borneville Ca Accounts Receivable:Crow Distributors Dec. 31 Bad Debt Expense 3,830,00 1 14 3,830.00 ! 15 23,315.00 1 16 2,190.00 5.510.00 . 11 9.410.00 19 40,465.00 20 Allowance for Doubtful Accounts 40,465.00 ! Final Questions Dermine the expected tremble of the stable as of December 31 (atter all of the adults and the adjusting entry 1.784 090 4. Assuming that instead of bang the provision for tuncelleichble accounts on an analysis of receivables. The adjusting entry on December It has been based on an estimated expertise of 61% the net sales of 598,350,000 for the year determine the following A Baddett exece for the years 45.575 8 Balance in the towance account the the mustment December 31 41,820 C. Expected net realitzable value of the counts receive of December 31 1.778,000 Step by Step Solution
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