Exercise 8-8 Receivable, allowance for doubtful, write off, and subsequent recovery

Outdoor Equipment (OE) sells camping equipment.On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,000. Journalize the remaining journal entries for the 2020 year.

thie cultly under the assumption that the Allowance before the adjustment. Exercise 8-8 Receivables, allowance for doubtful accounts, write-off, and subsequent recovery LO1 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful acc had a credit balance of $5,000. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,000 on account with a cost of $2,500. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,200 and Grouse with an accounts receivable balance of $2,500 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,500. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required 1. Prepare journal entries to record the transactions. Note: write-off of uncollectible accounts for Rod Co should be posted separately