DOOR SIW ME HOW Entries related to uncollectible accounts Instructions Chart of Accounts T Accounts Journal Final Questions Instructions The following transactions were completed by The Irvine Company during the current fiscal year ended December 31: May 27 Aug. 13 Oct. 31 Received 40% of the $18,000 balance owed by Decoy Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,350 cash in full payment of Soth's account. Wrote off the $6,400 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,880 cash in full payment of the account. Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,190; Bonneville Co., $5,500; Crow Distributors, $9,400; Fiber Optics, $1,110. Based on an analysis of the $1,785,000 of accounts receivable, it was estimated that $35,700 will be uncollectible. Journalized the adjusting entry. Dec. 31 Dec. 31 he teac! X + takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprog * Show Me How Print Item Calculator CHART OF ACCOUNTS The Irvine Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 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 Merchandise 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 k My Work 2 more Check My Work uses remaining. All work saved. Online teac! X + nent/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprogres! eBook Show Me How Calculator ms Preparatsu 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment Print Item 535 Store Su p er 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense 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 313 Income Summary T Accounts Check My Work 2 more Check My Work uses remaining. cave All work saved. Show Me How Calculator Print Item eBook T Accounts 1. Record the January 1 credit balance of $26,000 in a T account 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 Jan. 1 Balance Dec. 31 Adj. Balance Bad Debt Expense Journal WW2 Online teacx signment/takeAssignment Main.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false eBook Show Me How Calculator Printem 2. A. Journalize the transactions. For the December 31 adjusting entry, assume the $1.785,000 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for a listing of the account titles the company uses. JOURNAL DESCRIPTION CREDIT C M Mk2 more Check My Work uses remaining Previous Next > Online teec X + ament/takeAssignment Main.do?invoker assignments&takeAssignmentSessionLocator assignment take&inprogress=false eBook Show Me How Calculator Print Item 1 Final Questions Check My Work 2 more Check My Work (Prev All work saved. Save and Exit Submit eBook Show Me How Calculator Print Item Final Questions 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 Nofs of the net sales of $18.200.000 for the year, determine the following: A. Bad debt expense for the year. S 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, S nck My Work 2 more Check My Work uses remaining. Previous Ne DOOR SIW ME HOW Entries related to uncollectible accounts Instructions Chart of Accounts T Accounts Journal Final Questions Instructions The following transactions were completed by The Irvine Company during the current fiscal year ended December 31: May 27 Aug. 13 Oct. 31 Received 40% of the $18,000 balance owed by Decoy Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,350 cash in full payment of Soth's account. Wrote off the $6,400 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,880 cash in full payment of the account. Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,190; Bonneville Co., $5,500; Crow Distributors, $9,400; Fiber Optics, $1,110. Based on an analysis of the $1,785,000 of accounts receivable, it was estimated that $35,700 will be uncollectible. Journalized the adjusting entry. Dec. 31 Dec. 31 he teac! X + takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprog * Show Me How Print Item Calculator CHART OF ACCOUNTS The Irvine Company General Ledger ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 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 Merchandise 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 k My Work 2 more Check My Work uses remaining. All work saved. Online teac! X + nent/takeAssignmentMain.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprogres! eBook Show Me How Calculator ms Preparatsu 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment Print Item 535 Store Su p er 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense 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 313 Income Summary T Accounts Check My Work 2 more Check My Work uses remaining. cave All work saved. Show Me How Calculator Print Item eBook T Accounts 1. Record the January 1 credit balance of $26,000 in a T account 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 Jan. 1 Balance Dec. 31 Adj. Balance Bad Debt Expense Journal WW2 Online teacx signment/takeAssignment Main.do?invoker assignments&takeAssignmentSessionLocator assignment-take&inprogress=false eBook Show Me How Calculator Printem 2. A. Journalize the transactions. For the December 31 adjusting entry, assume the $1.785,000 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for a listing of the account titles the company uses. JOURNAL DESCRIPTION CREDIT C M Mk2 more Check My Work uses remaining Previous Next > Online teec X + ament/takeAssignment Main.do?invoker assignments&takeAssignmentSessionLocator assignment take&inprogress=false eBook Show Me How Calculator Print Item 1 Final Questions Check My Work 2 more Check My Work (Prev All work saved. Save and Exit Submit eBook Show Me How Calculator Print Item Final Questions 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 Nofs of the net sales of $18.200.000 for the year, determine the following: A. Bad debt expense for the year. S 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, S nck My Work 2 more Check My Work uses remaining. Previous Ne