Question
Entries Related to Uncollectible Accounts Show Me How Print em The following transactions were completed by The Wild Trout Gallery during the current fiscal
Entries Related to Uncollectible Accounts Show Me How Print em The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31:1 Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,010 cash in full payment of Arlene's account. 3 Wrote off the $11,520 balance owed by Premier GS Co., which is bankrupt. July 16 Received 30% of the $20,700 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,275 cash In full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co, $8,665; Fogle Co., $2,575; Lake Furniture, $6,615; Melinda Shryer, $1,870. 31 Based on an analysis of the $1,018,900 of accounts receivable, it was estimated that $44,300 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $42,200 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,018,900 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Accounts Receivable-Arlene Gurley Allowance for Doubtfi Accounts Jan. 19-collection Cash ADC 3 Check My Work Accounts Receivable-Arlene Gurley Allowance for Doubtful Accounts Previous
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started