following transactions were completed by Daws Company during the current fiscal year ended Docember 31: Jan 29. Received 40% of the $17,000 balance owed by Kovar Co, a bankopt business, and wrote off the remainder as uncollectible. Apr 18 Reinstated the account of Spencer Clark, which had been witteo off in the precoding year as uncollectble. Sournalized the receipt of $7,405cash in ful paynsent of Clarks account Aug .9 Wrote off the $5,460 balance owed by tron Horse Co. Which has no assets Nov.7. Reinstated the account of Vinyl Co, which had been written of in the preceding year as uncolloct ble Journalized the receipt of 53.940 cash in full payment of the account Dec 31 Wrote of the following accounts as uncollectble (one eetry) Beth Connelly lac, \$7.095: DoVine Ce. 55,540, Moser Distributers, \$9,495, Oceanic Optics, 51,035 Dec. 31 Based on an analysis of the $1.782,000 of accounts receivable, it was ostimaled that $35,640 wil be uncollectible Jounatized the adfusting entry Required: 1 Record the January 1 credt balance of $25,615 in a T accounf for A Alowance for Doubdul Accounls 2. A Journalize fine transactions For the December 31 adjusting entry, assume the 51,782,000 balance in accounta receivable refects ihe aduustments made during the yoar. Refer to the chart of accounts for a lsting of the account bbes the company uses B. Post each entry that alfects the foliowing solected T accounts and determine the now bolancen Allowance for Doublui Accountr and Bad Dobt Eypenso. 4. Assuming that instead of besing the pronsion for uncollectale accounte on an analysis of tecewables the aglusitigg anty an December ar and been based on arr estmated expense of 1 of 1% of the sabs of $17,760.000 for the yoar, dolovm ne the following: A gad debu erpense for the yeer. B. Balance in the aliowance eccount atter the adjusenent of December 3t C. Expected net realtrable value of the occounts recevable as of December 3f. ok Pint laom Dass Compaey General Ledger ASSETS 110 Cheh REVENUE 111. Patty Cash 41e. Sales 121 Accounts Receinable-Kovar Co: 610 interest Perenae 122 Accounts Receivable-Spencer Clark ExPEYSES 123 Accounts Recoivablo- Iron Horse Co. 510 Cest of Merchandise Seid 124 Accoonts Receivable-Vinyt Co. 520 Sales Salades Expone 125 Accounts Recelvable-Beth Conotlly the 521 Advertining Expinse 126. Accounts Pleceivable-DeVine Co. 522 Orgrediason Eipense-Store Eaviptered 127 Account Receirable Moser Dishinstors 523 D4tirery Expense 126 Accounts Receivable-Oceanic Opdics 524 Ropain Expense 129 Allowance for Doubifut Accounts 529 Selling Exponses 131 Interes Recoivable 530 Orfice Salaries Expense 132. Notes Recelvable 531 Rent Expense 144 Mocchandise thventory: 332. Orpreciation Expense office Equipesint 145 Once Supplies 613 trar ance Expense 146 Store Supplis 534 Office Supples Erawnse 151 Prepoid lesurance His Sore Sopplint Expeor 181 Land 536 Crode Cud Evponse 191 Sore Equicment. 537 Can shoy and Owor 192 Accurudatnd Depreciston-Store Equiphont 534 fad Debl Eapense 193 Oflice Equipment 539 Vricilanotus Expotse t94 Accambated Depreciation-Ofice Equisment. LABBUTIES 210 Accounts Payatie 211 Salarnes Payatie 213 - bales Tax Payable 214 interest Payatie 215 Notes Paratile KOUITY 310 Dows Coplad 314 Dres. Dirwing 1. Record the January 1 credit balance of $25,615 in a T account for Allowonce for RoubltulAcrounts. 2. B. Post each entry that affects the following selected T accounts and determine tho new batances A Alowanci for Dowbdul Accounts and Rad Debt Expense. Qursplen noe alfratyerd - Chink Mr Wurl
