Question
Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19
Entries Related to Uncollectible Accounts
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31:
| Jan. | 19 | Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,180 cash in full payment of Arlenes account. |
| Apr. | 3 | Wrote off the $12,490 balance owed by Premier GS Co., which is bankrupt. |
| July | 16 | Received 35% of the $22,400 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 $3,555 cash in full payment. |
| Dec. | 31 | Wrote off the following accounts as uncollectible (one entry): Cavey Co., $9,395; Fogle Co., $2,790; Lake Furniture, $7,170; Melinda Shryer, $2,025. |
| 31 | Based on an analysis of the $1,106,300 of accounts receivable, it was estimated that $48,100 will be uncollectible. Journalized the adjusting entry. |
Required:
1. Record the January 1 credit balance of $45,800 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 $1,106,300 balance in accounts receivable reflects the adjustments made during the year.
| Jan. 19-reinstate | Accounts Receivable-Arlene Gurley | fill in the blank _____________________ | fill in the blank _____________________ |
| Allowance for Doubtful Accounts | |||
| Jan. 19-collection | Cash | ||
| Accounts Receivable-Arlene Gurley | |||
| Apr. 3 | Allowance for Doubtful Accounts | ||
| Accounts Receivable-Premier GS Co. | |||
| July 16 | Cash | ||
| Allowance for Doubtful Accounts | |||
| Accounts Receivable-Hayden Co. | |||
| Nov. 23-reinstate | Accounts Receivable-Harry Carr | ||
| Allowance for Doubtful Accounts | |||
| Nov. 23-collection | Cash | ||
| Accounts Receivable-Harry Carr | |||
| Dec. 31-write-off | Allowance for Doubtful Accounts | ||
| Accounts Receivable-Cavey Co. | |||
| Accounts Receivable-Fogle Co. | |||
| Accounts Receivable-Lake Furniture | |||
| Accounts Receivable-Melinda Shryer | |||
| Dec. 31-adjusting | Bad Debt Expense | ||
| Allowance for Doubtful Accounts |
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Game Theory Basics
Authors: Bernhard Von Stengel
1st Edition
1108910114, 9781108910118
