eBook Show Me How Entries for Bad Debt Expense Under the Direct Write-O and Allowance Methods The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $5,250 Aug, 14. Received $3,730 as partial payment on the $9,400 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $5,250 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash recipe Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan Greg Gagne Amber Kisko Shannon Poole Niki Spence $1,520 950 3,620 2,100 580 Estimated Percent of Uncollectible Accounts Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number Receivables Balance of Days Past Due) on December 31 0-30 days $25,000 31-60 days 95.000 61.90 days 30,000 91-120 days B 30 11,000 Sul Check My Work Save and all All work wed Hent/takeAssignment Main.do?invoker=&take AssignmentSessionLocator &inprogressatakse eBook Show Me How 55 91-120 days More than 120 days Total receivables 11,000 15,000 $403,000 85 If an amount box does not require an entry, leave it blank. If an account is not required, select "No Entry from the dropdown boxes) a. Journalize the transactions under the direct write-off method. June 8. Aug. 14 Oct. 16-reinstate II II III II II III Oct. 16-collection Dec. 31-write-off om/ilm/takeAssignment/take Assignment Main.do?irwoker&tukuAssignmentSestorociatorinprogressione eBook Show Me How Dec. 31-write-off Il bolli Dec. 31-adjusting b. Journalize the transactions under the allowance method, assuming that the allowance account has been analysis of receivables method. June 8 > Aug. 14 II III IO 10 111 Il Oct. 16-reinstate Apa work work saved enow.com/ilm/takeAssignment/toke Assignment Main.do woket *:&takeAssignmentSessionLocatori din progressitale eBook * Show Me How Oct.16-reinstate Oct. 16 collection JO IO II 111111 II JI II II IIIII II Dec. 31-write-off 4 Dec. 31-adjusting C. How much higher (lower) would Rustic Tables' net income have been under the direct writtel method than the by Work W2 Online teachi x mko Assignment/lakinAssignment Main.do?irwoke=&talice AssignmentSessionkocatorn inprogressefalse eBook Effect of Doubtful Accounts on Net Income During its first year of operations, Mucks Plumbing Supply Co had salts of $520,000, wrote off 4,300 of accounts as uncollectible using the direct writeoll method, and reported net income of $7,200. Determine what the net income would have been if the allowance method had been used and the company estimated that 1/4% of sales would be uncollectible Check My Work Previous Next eBook Show Me How Entries for Bad Debt Expense Under the Direct Write-O and Allowance Methods The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $5,250 Aug, 14. Received $3,730 as partial payment on the $9,400 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $5,250 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash recipe Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan Greg Gagne Amber Kisko Shannon Poole Niki Spence $1,520 950 3,620 2,100 580 Estimated Percent of Uncollectible Accounts Dec. 31 If necessary, record the year-end adjusting entry for uncollectible accounts. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number Receivables Balance of Days Past Due) on December 31 0-30 days $25,000 31-60 days 95.000 61.90 days 30,000 91-120 days B 30 11,000 Sul Check My Work Save and all All work wed Hent/takeAssignment Main.do?invoker=&take AssignmentSessionLocator &inprogressatakse eBook Show Me How 55 91-120 days More than 120 days Total receivables 11,000 15,000 $403,000 85 If an amount box does not require an entry, leave it blank. If an account is not required, select "No Entry from the dropdown boxes) a. Journalize the transactions under the direct write-off method. June 8. Aug. 14 Oct. 16-reinstate II II III II II III Oct. 16-collection Dec. 31-write-off om/ilm/takeAssignment/take Assignment Main.do?irwoker&tukuAssignmentSestorociatorinprogressione eBook Show Me How Dec. 31-write-off Il bolli Dec. 31-adjusting b. Journalize the transactions under the allowance method, assuming that the allowance account has been analysis of receivables method. June 8 > Aug. 14 II III IO 10 111 Il Oct. 16-reinstate Apa work work saved enow.com/ilm/takeAssignment/toke Assignment Main.do woket *:&takeAssignmentSessionLocatori din progressitale eBook * Show Me How Oct.16-reinstate Oct. 16 collection JO IO II 111111 II JI II II IIIII II Dec. 31-write-off 4 Dec. 31-adjusting C. How much higher (lower) would Rustic Tables' net income have been under the direct writtel method than the by Work W2 Online teachi x mko Assignment/lakinAssignment Main.do?irwoke=&talice AssignmentSessionkocatorn inprogressefalse eBook Effect of Doubtful Accounts on Net Income During its first year of operations, Mucks Plumbing Supply Co had salts of $520,000, wrote off 4,300 of accounts as uncollectible using the direct writeoll method, and reported net income of $7,200. Determine what the net income would have been if the allowance method had been used and the company estimated that 1/4% of sales would be uncollectible Check My Work Previous Next