genow.com/i/takeAssignment/takeAssignment Main doinvokeretakeAssignmentSessionlocator Binprogress false 07 eBook Show Me How 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 $2,020 cash in full payment of Arlene's account , 3 Wrote off the $11,570 balance owed by Premier GS Co, which is bankrupt. Duly 16 Received 40% of the $20,800 balance owed by Hayden Co, a bankrupt bersiness, and wrote of the remainder as uncollectible Nov. 23 Reinstated the account of Harry Care, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,295 cash in full payment Dec 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $8,705, Fogle Co. $2,585; Lake Furniture: $6,645: Melinda Shryer, $1,880 31 Based on an analysis of the $1,023,500 of accounts receivable, it was estimated that $44,500 will be uncollectible Journalized the adjusting entry Required: 1. Record the January 1 credit balance of $42.400 in a Taccount presented below in requirement 2b for Allowance for Doubtful Accounts 2. a. Journalize the transactions. If an amount box does not require an entry leavil it blank. Note: For the December 31 adjusting entry some the $1,023,500 balance in accounts receivable relects the adjustments made during the year Jan. 19-reinstate Accounts Receivable. Arlene Gurley 2,020 Allowance for Doubtful Accounts 2.020 Jan. 19-collection Cash 2020 Check My Work more Check My Workermann o Hi c a 5 C S 23 $ 700 IgnmentSessionLocat eBook Show Me How TALIOWGMC TODO 2020 Jan. 19-collection Cash Accounts Receivable Arlene Gurley 2,020 2.020 Apr. 3 Allowance for Doubtful Accounts Accounts Receivable Premier GS Co. 11.570 11.570 July 16 Cash 8,320 Allowance for Doubtful Accounts 12.480 Accounts Receivable-Hayden Co. 20.800 Nov. 23-reinstate Accounts Receivable Harry Carr Allowance for Doubtful Accounts 3,295 3.295 Nov. 23-collection Cash Accounts Receivable Harry Carr 3,295 3.295 19.815 Dec. 31-write-off Allowance for Doubtful Accounts Accounts Receivable-Cavey Co. Accounts Receivable-Fogle Co. Accounts Receivable Lake Furniture Accounts Receivable-Melinda Shryer 8.705 2,585 6,645 1.880 Check My Work 1 more Check My Work uses remaining o a W 93 agenow.com/i/takeAssignment/teagmentMain.doFinvokeritakssignmentSessionlocatorinprogress=false eBook G Show Me How TAN Accounts Receivable cake furniture Accounts Receivable Melinda Sheryer 6,645 HII Il 1.6 Dec. 31 adjusting Bad Debt Expense Allowance for Doubtful Accounts 2. b. Post each entry that affects the following accounts and determine the sew balances: Allowance for Doubtful Accounts Apre 11,570 Jan. 1 Balance 42,400 July 16 8,320 Jan 19 2,020 Dec. 31 Nov. 22 3,295 Dec) Unadjusted Balance Dec 31 Adjusting Entry DEC 31 Adjusted Balance Bad Debt Expense De Adjusting Entry 3. Determine the expected not fearable value of the accounts recolvable as of December 31 (after all of the adjustments and the adjusting entry) Check My Work 1 more Check My Works remain c - 0 08 C S7" FA Dec 11 2,020 3,295 Nov. 23 Dec 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec 31 Adjusted Balance Bad Debt Expense Dec 31 Adjusting Entry 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting 4. Assuming that instead of basing the provision for collectible accounts on an analysis of receivables, the adjusting entry on December based on an estimated expense of of 19 of the sales of $6,320,000 for the year, determine the following 3. Bad debt expense for the year b, Balance in the allowance account after the adjustment of December 31. Expected not realizable value of the accounts receivables of December 31 Calter all of the adjustments and the adjusting entry) Check My Work more Check My Woman O c a a de C 57" G . genow.com/i/takeAssignment/takeAssignment Main doinvokeretakeAssignmentSessionlocator Binprogress false 07 eBook Show Me How 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 $2,020 cash in full payment of Arlene's account , 3 Wrote off the $11,570 balance owed by Premier GS Co, which is bankrupt. Duly 16 Received 40% of the $20,800 balance owed by Hayden Co, a bankrupt bersiness, and wrote of the remainder as uncollectible Nov. 23 Reinstated the account of Harry Care, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,295 cash in full payment Dec 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $8,705, Fogle Co. $2,585; Lake Furniture: $6,645: Melinda Shryer, $1,880 31 Based on an analysis of the $1,023,500 of accounts receivable, it was estimated that $44,500 will be uncollectible Journalized the adjusting entry Required: 1. Record the January 1 credit balance of $42.400 in a Taccount presented below in requirement 2b for Allowance for Doubtful Accounts 2. a. Journalize the transactions. If an amount box does not require an entry leavil it blank. Note: For the December 31 adjusting entry some the $1,023,500 balance in accounts receivable relects the adjustments made during the year Jan. 19-reinstate Accounts Receivable. Arlene Gurley 2,020 Allowance for Doubtful Accounts 2.020 Jan. 19-collection Cash 2020 Check My Work more Check My Workermann o Hi c a 5 C S 23 $ 700 IgnmentSessionLocat eBook Show Me How TALIOWGMC TODO 2020 Jan. 19-collection Cash Accounts Receivable Arlene Gurley 2,020 2.020 Apr. 3 Allowance for Doubtful Accounts Accounts Receivable Premier GS Co. 11.570 11.570 July 16 Cash 8,320 Allowance for Doubtful Accounts 12.480 Accounts Receivable-Hayden Co. 20.800 Nov. 23-reinstate Accounts Receivable Harry Carr Allowance for Doubtful Accounts 3,295 3.295 Nov. 23-collection Cash Accounts Receivable Harry Carr 3,295 3.295 19.815 Dec. 31-write-off Allowance for Doubtful Accounts Accounts Receivable-Cavey Co. Accounts Receivable-Fogle Co. Accounts Receivable Lake Furniture Accounts Receivable-Melinda Shryer 8.705 2,585 6,645 1.880 Check My Work 1 more Check My Work uses remaining o a W 93 agenow.com/i/takeAssignment/teagmentMain.doFinvokeritakssignmentSessionlocatorinprogress=false eBook G Show Me How TAN Accounts Receivable cake furniture Accounts Receivable Melinda Sheryer 6,645 HII Il 1.6 Dec. 31 adjusting Bad Debt Expense Allowance for Doubtful Accounts 2. b. Post each entry that affects the following accounts and determine the sew balances: Allowance for Doubtful Accounts Apre 11,570 Jan. 1 Balance 42,400 July 16 8,320 Jan 19 2,020 Dec. 31 Nov. 22 3,295 Dec) Unadjusted Balance Dec 31 Adjusting Entry DEC 31 Adjusted Balance Bad Debt Expense De Adjusting Entry 3. Determine the expected not fearable value of the accounts recolvable as of December 31 (after all of the adjustments and the adjusting entry) Check My Work 1 more Check My Works remain c - 0 08 C S7" FA Dec 11 2,020 3,295 Nov. 23 Dec 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec 31 Adjusted Balance Bad Debt Expense Dec 31 Adjusting Entry 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting 4. Assuming that instead of basing the provision for collectible accounts on an analysis of receivables, the adjusting entry on December based on an estimated expense of of 19 of the sales of $6,320,000 for the year, determine the following 3. Bad debt expense for the year b, Balance in the allowance account after the adjustment of December 31. Expected not realizable value of the accounts receivables of December 31 Calter all of the adjustments and the adjusting entry) Check My Work more Check My Woman O c a a de C 57" G