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 $137,000. Show how net accounts receivable would be reported on the balance sheet at that date. 1 More Info 2016 Dec. 31 Estimated that bad debts expense for the year was 3% of credit sales of $440,000 a allowance method. 31 Made the closing entry for bad debts expense. 2017 Jan. 17 Sold merchandise inventory to Marty White, $500, on account. Ignore Cost of Good Jun. 29 Wrote off Marty White's account as uncollectible after repeated efforts to collect fron Aug. 6 Received $500 from Marty White, along with a letter apologizing for being so late. R 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 $510.000 31 Made the closing entry for bad debts expense. Print Done More Info credit sales of $440,000 and recorded that amount as expense. The company uses the punt. Ignore Cost of Goods Sold pated efforts to collect from him. bgizing for being so late. Reinstated White's account in full and recorded the cash receipt. B as uncollectible: Barry Krisp. $1,800; Maria Bryant. $1,200, and Rich Alton, $300. credit sales of $510,000 and recorded the expense. Print. Done 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 $440,000 and recorded that amount as expense. The company uses the allowance method. Date Accounts and Explanation Debit Credit 2016 Dec. 31 Date Accounts and Explanation Debit Credit 2016 Dec. 31 (Adj.) Accounts Receivable Barry Krisp Accounts Receivable-Marty White Accounts Receivable-Maria Bryant Accounts Receivable-Rich Alton Dec. 31: Ma Allowance for Bad Debts Bad Debts Expense Date Cash 2016 Income Summary Dec 31 Sales Revenue Debit Credit Requirements The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been o begin with a zero balance. 2. Assume the December 31, 2017, balance of Accounts Receivable is $137,000. Sh (Adj.) Debit Credit Dec. 31: Ma Close bad debts expense to income summary Date Collected cash on account. 2016 Record sales on account. Dec. 31 Recorded bad debts expense for the period. Reinstated previously written off account. (Clos.) Wrote off uncollectible accounts. Debit Credit Dec. 31: Made the closing entry for bad debts expense. Date Accounts and Explanation 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.) Bad Debts Expense Allowance for Bad Debts Jan. 1 2016 Bal. Jan. 1 2016 Bal. Allowance for Bad Debts 0 Jan. 1 2016 Bal. Jan. 1 2016 Bal. Dec. 31 (Adj.) Dec 31 (Clos.) Dec 31 (W/O) Now record the 2017 transactions in the journal. DUDU U UUU DULU LAPS Tay the general journal. Post to the two T-accounts and keep running balance Assume the December 31, 2017, balance of Accounts Receivable is $137 reported on the balance sheet at that date. Allowance for Bad Debts 0 Jan. 1 2016 Bal. Jan. 1 2016 Bal Dec. 31 2016 Bal. 2. Assume the December 31, 2017, balance of Accounts Receival reported on the balance sheet at that date. Allowance for Bad Debts 0 Jan. 1 2016 Bal. Jan. transactions in the journal. Dec. 31 (Adj.) Dec 31 (Clos.) Dec 31 (W/O) y to Marty White, $500, on account. Ignore Co Date Accounts and Explanation Allowance for Bad Debts 0 Jan. 1 2016 Bal. ansactions in the journal. Jan. 1 2017 Bal: ......., to Marty White, $500, on account. Now record the 2017 transactions in the journal. Jan. 17: Sold inventory to Marty White, $500, on account. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2017 Jan. 17 Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense ha the general journal. Post to the two T-accounts and keep running balanc 2. Assume the December 31, 2017, balance of Accounts Receivable is $13 reported on the balance sheet at that date. Jan. 17: Sold inventory to Marty White, $500, on account. Ignore Cost of Good Date Accounts and Explanation Debit 2017 Jan. 17 Accounts Receivable-Barry Krisp Accounts ReceivableMarty White Accounts Receivable-Maria Bryant Accounts Receivable-Rich Alton Jun. 29: Wre Allowance for Bad Debts Bad Debts Expense Date Cash Income Summary Choose fron Sales Revenue seated efforts to Debit nd then contint Dialex Watches completed the following selected transactions during 2016 and 2017: 1 (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been ope the general journal. Post to the two T-accounts and keep running balances, assuming Assume the December 31, 2017, balance of Accounts Receivable is $137,000. Show reported on the balance sheet at that date. 2. beated efforts to collect fr Debit Credi Jun. 29: Wri Close bad debts expense to income summary. Date Collected cash on account. 2017 Record sales on account Jun. 29 Recorded bad debts expense for the period. Reinstated previously written off account. Wrote off uncollectible accounts. Jun. 29: Wrote off Marty White's account as uncollectible after repeated efforts to collect from him. Accounts and Explanation Debit Credit Date 2017 Jun. 29 Aug. 6: Received $500 from Marty White, along with a letter apologizing for being so late. Reinstated White's account in full and recorded the cash receipt. Start by recording the entry to reinstate White's account. Date Accounts and Explanation Debit Credit 2017 Aug. 6 Now record the $500 received from Marty White. 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. $1,800; Maria Bryant, 51,200, and Rich Alton, $300. 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 $510,000 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 Dialex Watches completed the following selected transactions during A (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts E begin with a zero balance. 2. Assume the December 31, 2017, balance of Accounts Receiva Allowance for Bad Debts Jan. 1 2017 Bal. Jun. 29 2017 Bal. Jun. 29 Aug. 6 2017 Bal. Aug. 6 Dec 31 2017 Bal. Dec. 31 Jan. 1 2018 Bal. Jan. 12 Requirement 2. Assume the December 31, 2017. balance of Accounts Choose from any list or enter any number in the input fields and the Dialex Watches completed the following selected transactions during (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts E begin with a zero balance. 2. Assume the December 31, 2017, balance of Accounts Receiv Allowance for Bad Debts Jun. 29 2017 Bal. Jun. 2 Aug. 6 2017 Bal. Aug. Jan. 17 Jun. 29 Aug. 6 Dec 31 (A Dec. 31 (W78) Dec 31 2017 Bal. Dec. 3 Jan. 1 2018 Bal. Jan. 1 Requirement 2. Assume the December 31, 2017 balance of Accoun hoofrimit ter h in the initfields and Dialex Watches completed the following selected transactions du A (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debt begin with a zero balance. 2. Assume the December 31, 2017, balance of Accounts Rec Allowance for Bad Debts Jun. 29 2017 Bal. Jun Aug. 6 2017 Bal. Aug. Jan. 17 Jun. 29 Dec. 31 2017 Bal. Dec. Aug. 6 Dec 31 (Adj) Dec 31 (WIO) Jan 1 2018 Bal. Jan. Requirement 2. Assume the December 31, 2017. balance of Accoul Choose from any list or enter any number in the input fields and Save for later LUIS.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts begin with a zero balance. 2. Assume the December 31, 2017, balance of Accounts Recei Allowance for Bad Debts Jun. 29 2017 Bal. Jun. 2 Aug. 6 2017 Bal. Aug. 6 Dec. 31 2017 Bal. Dec. 31 Jan. 17 Jun 29 Aug. 6 I Dec 31 (Adj) Dec 31 (WIO) Jan. 1 20 Bal. Jan 12 me the December 31, 2017, balance of Accounts Choose from any list or enter any number in the input fields and the Save for Later Dialex Watches completed the following selected transactions during (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Ex begin with a zero balance. Assume the December 31, 2017, balance of Accounts Receival 2. Allowance for Bad Debts Jun. 29 2017 Bal. Jun. 29 Aug. 6 2017 Bal. Aug. 62 Dec. 31 2017 Bal. Dec. 31 Dec 31 (Clos) Jan 1 2018 Bal. Jan 1 20 ime the December 31, 2017 balanbe of Accounts Choose from any list or enter any number in the input fields and then Save for Later Requirement 2. Assume the December 31, 2017, balance of Accounts Receivable is $137,000. Show how net accounts receivable would be reported on the balance sheet at that date. Balance Sheet (Partial): Current Assets Dialex Watches completed the following selected transactions during 2010 (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense the general journal. Post to the two T-accounts and keep running bala 2. Assume the December 31, 2017, balance of Accounts Receivable is s reported on the balance sheet at that date. Dec. 31 2017 Bal. Dec. 31 2017 18 Bal. Jan. 1 2018 Accounts Receivable Add: Allowance for Bad Debts Bad Debt Expense Less: Allowance for Bad Debts Sales revenue balance of Accounts Rece t at that date. Choose from any list or enter any number in the input fields and then con Save for Later 2013 Dialex Watches completed the following selected transactions during 2016 and (Click the icon to view the transactions.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have the general journal. Post to the two T-accounts and keep running balances 2. Assume the December 31, 2017, balance of Accounts Receivable is $137. reported on the balance sheet at that date. Dec. 31 2017 Bal. Dec. 31 2017 Bal Jan. 1 2018 Bal. Jan. 1 2018 Bal. balance of Accounts Receivab t at that date. Accounts Receivable Add: Allowance for Bad Debts Bad Debt Expense Less: Allowance for Bad Debts Sales revenue Choose from any list or enter any number in the input fields and then continue Save for Later Relaxing Recliner Chairs completed the following selected transactions: Click the icon to view the transactions.) Record the transactions in the journal of Relaxing Recliner Chairs. Explanations are not required: (For notes stated in days, use a 360-day year. Round to the nearest dollar.) (Record debits first, then credits. Exclude explanations from journal entries.) More Info 2016 Jul. |_ Oct. Nov. 1 Sold merchandise inventory to Green - Mart, receiving a $38,000, nine-month, 8% note. Ignore Cost of Goods Sold. 31 Recorded credit and debit card sales for the period of $18,000. Use the gross method. Ignore Cost of Goods Sold. 3 Card processor drafted company's checking account for processing fee of $430 31 Made an adjusting entry to accrue interest on the Green - Mart note. 31 Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $15.200 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11.600. Dec. 2017 Apr. 1 Collected the maturity value of the Green - Mart note. Jun 23 Sold merchandise inventory to Allure, Corp., receiving a 60-day, 6% note for $9,000. Ignore Cost of Goods Sold. Aug. 22 Allure, Corp. dishonored its note at maturity, the business converted . the maturity value of the note to an account receivable. Nov. 16 Loaned. $21,000 cash to Crenshaw, Inc., receiving a 90-day, 12% note. 5 Collected in full on account from Allure, Corp. 31 Accrued the interest on the Crenshaw. Inc. note. Dec Begin with the transactions for 2016. Jul. 1: Sold inventory to Green - Mart, receiving a $38,000, nine-month, 8% note: Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2016 Jul. 1 50. Us 2016 Accounts ReceivableAllure, Corp. Jul. 1 Accounts Receivable-Crenshaw, Inc. Accounts Receivable-Green-Mart Allowance for Bad Debts ct. 31: Rec Bad Debts Expense Cash Date Credit Card Expense 2016 Interest Receivable Oct 31 Interest Revenue Note Receivable-Allure, Corp. Note Receivable-Crenshaw, Inc. Note Receivable-Green-Mart. bv. 3: Carc Sales Revenue Deb essing Oct. 31. Recorded credit and debit card sales for the period of $18,000. Use the gross method. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2016 Oct. 31 Nov. 3: Card processor drafted company's checking account for processing fee of $430. Date Accounts and Explanation Debit Credit 2016 Nov. 3 Dec. 31: Made an adjusting entry to accrue interest on the Green - Mart note. Date Accounts and Explanation Debit Credit 2016 Dec. 31 Dec. 31: Made an adjusting entry to record bad debt expense based on an aging of accounts receivable. The aging schedule shows that $15,200 of accounts receivable will not be collected. Prior to this adjustment, the credit balance in Allowance for Bad Debts is $11,600 Date Accounts and Explanation Debit Credit 2016 Dec. 31 Now record the transactions for 2017 Apr. 1: Collected the maturity value of the Green - Mart note. Date Accounts and Explanation Debit Credit 2017 Apr. 1 Jun. 23: Sold merchandise to Allure, Corp., receiving a 60-day, 6% note for $9,000. Ignore Cost of Goods Sold. Date Accounts and Explanation Debit Credit 2017 Jun 23 Aug. 22: Allure, Corp. dishonored its note at maturity, the business converted the maturity value of the note to an account receivable. Date Accounts and Explanation Debit Credit 2017 Aug 22 Nov. 16: Loaned $21,000 cash to Crenshaw, Inc., receiving a 90-day, 12% note. Date Accounts and Explanation Debit Credit 2017 Nov. 16 Dec. 5: Collected in full on account from Allure, Corp. Date Accounts and Explanation Debit Credit 2017 Dec. 5 Dec. 31: Accrued the interest on the Crenshaw, Inc., note. Date Accounts and Explanation Debit Credit 2017 Dec. 31