credit sales of $460,000 and recorded that amount as expense. The company uses the account. Ignore Cost of Goods Sold. repeated efforts to collect from him. apologizing for being so late. Reinstated Vasquez's account in full and recorded the cash receipt. 5 as uncollectible: Barry Krisp, $1,300; Mo Vanez, $1,000; and Russell Reeves, $400. credit sales of $450,000 and recorded the expense. 2016 Dec 31 Estimated that bad debts expense for the year was 3% of credit sales of $460,000 a allowance method 31 Made the closing entry for bad debts expense. 2017 Jan. 17 Sold merchandise inventory to Manny Vasquez, 5800, on account. Ignore Cost of G Jun. 29 Wrote off Manny Vasquez's account as uncollectible after repeated efforts to collect Aug. 6 Received $800 from Manny Vasquez, along with a letter apologizing for being so lat Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Barry Ki 31 Estimated that bad debts expense for the year was 3% on credit sales of $450,000 31 Made the closing entry for bad debts expense. Dialex Watches completed the following selected transactions during 2016 and 2017: Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you. Record the transactions in the general journal. Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance. 2 Assume the December 31, 2017, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you. Record the transactions in the general journal. Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2016 transactions. Dec. 31: Estimated that bad debts expense for the year was 3% of credit sales of $460,000 and recorded that amount as expense. The company uses the allowance method. Accounts and Explanation Debit Credit Date 2016 Dec. 31 (Adj.) Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2016 Dec. 31 (Clos.) Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance. (Post the December 31 entry on the first line of the account and calculate the December 31 balance on the second line of the account. Then post the closing entry on the third line of the account and calculate the January 1, 2017 balance on the last line of the account. Enter "0" on the normal side of the account for any zero balances.) Allowance for Bad Debts Bad Debts Expense 0 Jan. 1 2016 Bal. Jan. 1 2016 Bal. Now record the 2017 transactions in the journal. Jan. 17: Sold inventory to Manny Vasquez, 5800, on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2017 Jan. 17 Jun. 29: Wrote off Manny Vasquez's account as uncollectible after repeated efforts to collect from him. Date Accounts and Explanation Debit Credit 2017 Jun. 29 Aug. 6: Received $800 from Manny Vasquez, along with a letter apologizing for being so late. Reinstated Vasquez's account in full and recorded the cash Start by recording the entry to reinstate Vasquez's account. Accounts and Explanation Debit Credit Date 2017 Aug. 6 Now record the $800 received from Manny Vasquez. Date Accounts and Explanation Debit Credit 2017 Aug. 6 Dec. 31: Made a compound entry to write off the following accounts as uncollectible: Barry Krisp, $1,300; Mo Vanez, $1,000; and Russell Reeves, $400. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (W/O) Dec. 31: Estimated that bad debts expense for the year was 3% on credit sales of $450,000 and recorded the expense. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (Adj.) Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (Clos.) Now enter the January 1, 2017 beginning balances, post the journal entries to the T-accounts, and calculate the a running balance after each transaction date. (Enter the beginning balance on the first line of the each account. Then enter the transactions in the order they are presented in the journal entries. Calculate the December 31, 2017 balance before posting the closing entry on the 8th line of the account. Enter "0" on the normal side of the account for any zero balances.) View the 2017 journal entries. Allowance for Bad Debts Bad Debts Expense Jun. 29 2017 Bal. Jun. 29 2017 Bal. Aug. 6 2017 Bal. Aug. 6 2017 Bal. Dec. 31 2017 Bal. Dec. 31 2017 Bal. Jan. 1 2018 Bal. Jan. 1 2018 Bal. Requirement 2. Assume the December 31, 2017, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date. Balance Sheet (Partial): Current Assets Choose from any list or enter any number in the input fields and then continue to the next question. credit sales of $460,000 and recorded that amount as expense. The company uses the account. Ignore Cost of Goods Sold. repeated efforts to collect from him. apologizing for being so late. Reinstated Vasquez's account in full and recorded the cash receipt. 5 as uncollectible: Barry Krisp, $1,300; Mo Vanez, $1,000; and Russell Reeves, $400. credit sales of $450,000 and recorded the expense. 2016 Dec 31 Estimated that bad debts expense for the year was 3% of credit sales of $460,000 a allowance method 31 Made the closing entry for bad debts expense. 2017 Jan. 17 Sold merchandise inventory to Manny Vasquez, 5800, on account. Ignore Cost of G Jun. 29 Wrote off Manny Vasquez's account as uncollectible after repeated efforts to collect Aug. 6 Received $800 from Manny Vasquez, along with a letter apologizing for being so lat Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Barry Ki 31 Estimated that bad debts expense for the year was 3% on credit sales of $450,000 31 Made the closing entry for bad debts expense. Dialex Watches completed the following selected transactions during 2016 and 2017: Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you. Record the transactions in the general journal. Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance. 2 Assume the December 31, 2017, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you. Record the transactions in the general journal. Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2016 transactions. Dec. 31: Estimated that bad debts expense for the year was 3% of credit sales of $460,000 and recorded that amount as expense. The company uses the allowance method. Accounts and Explanation Debit Credit Date 2016 Dec. 31 (Adj.) Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2016 Dec. 31 (Clos.) Post to the two T-accounts and keep running balances, assuming all accounts begin with a zero balance. (Post the December 31 entry on the first line of the account and calculate the December 31 balance on the second line of the account. Then post the closing entry on the third line of the account and calculate the January 1, 2017 balance on the last line of the account. Enter "0" on the normal side of the account for any zero balances.) Allowance for Bad Debts Bad Debts Expense 0 Jan. 1 2016 Bal. Jan. 1 2016 Bal. Now record the 2017 transactions in the journal. Jan. 17: Sold inventory to Manny Vasquez, 5800, on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2017 Jan. 17 Jun. 29: Wrote off Manny Vasquez's account as uncollectible after repeated efforts to collect from him. Date Accounts and Explanation Debit Credit 2017 Jun. 29 Aug. 6: Received $800 from Manny Vasquez, along with a letter apologizing for being so late. Reinstated Vasquez's account in full and recorded the cash Start by recording the entry to reinstate Vasquez's account. Accounts and Explanation Debit Credit Date 2017 Aug. 6 Now record the $800 received from Manny Vasquez. Date Accounts and Explanation Debit Credit 2017 Aug. 6 Dec. 31: Made a compound entry to write off the following accounts as uncollectible: Barry Krisp, $1,300; Mo Vanez, $1,000; and Russell Reeves, $400. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (W/O) Dec. 31: Estimated that bad debts expense for the year was 3% on credit sales of $450,000 and recorded the expense. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (Adj.) Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation Debit Credit 2017 Dec. 31 (Clos.) Now enter the January 1, 2017 beginning balances, post the journal entries to the T-accounts, and calculate the a running balance after each transaction date. (Enter the beginning balance on the first line of the each account. Then enter the transactions in the order they are presented in the journal entries. Calculate the December 31, 2017 balance before posting the closing entry on the 8th line of the account. Enter "0" on the normal side of the account for any zero balances.) View the 2017 journal entries. Allowance for Bad Debts Bad Debts Expense Jun. 29 2017 Bal. Jun. 29 2017 Bal. Aug. 6 2017 Bal. Aug. 6 2017 Bal. Dec. 31 2017 Bal. Dec. 31 2017 Bal. Jan. 1 2018 Bal. Jan. 1 2018 Bal. Requirement 2. Assume the December 31, 2017, balance of Accounts Receivable is $135,000. Show how net accounts receivable would be reported on the balance sheet at that date. Balance Sheet (Partial): Current Assets Choose from any list or enter any number in the input fields and then continue to the next