got lost as soon as i got to letter F
Return Web Wizard, Inc., has provided information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter a During January, the company provided services for $30,000 on credit. b. On January 31, the company estimated bad debts using 1 percent of credit sales. C. On February 4, the company collected $15,000 of accounts receivable. d On February 15, the company wrote off a $200 account receivable e. During February, the company provided services for $20,000 on credit f On February 28, the company estimated bad debts using 1 percent of credit sales g On March 1, the company loaned $2,800 to an employee, who signed a 6% note, due in 6 months. h. On March 15, the company collected $200 on the account written off one month earlier. i On March 31, the company accrued interest earned on the note. On March 31, the company adjusted for uncollectible accounts, based on an aging analysis (below) Allowance for Doubtful Accounts has an unadjusted credit balance of $1,100 Number of Days Unpaid 31-60 Customer Alabama Tourism Total 0-30 61-90 Over 90 200 $ 120 $ 70 $ 10 Bayside Bungalows Others (not shown to save space) Xciting Xcursions Total Accounts Receivable Estimated Uncollectible (%) 300 300 5,800 380 15,100 7,400 1,200 700 380 $15,980 $6,300 $7,476 2% $1,210 $ 1,e00 35% 1e% 2e% . Accounts Receivable 20,000 Service Revenue 20,000 Bad Debt Expense Allowance for Doubtful Accounts Notes Payable (short-term) 2,800 Cash 2,800 h(1). Allowance for Doubtful Accounts 200 200 Accounts Receivable 200 h(2). Cash Required information Casi 2,oUu 8 h(1) Allowance for Doubtful Accounts 200 Accounts Receivable 200 .9 h(2). Cash 200 Accounts Receivable 200 10 Bad Debt Expense Allowance for Doubtful Accounts 11 Interest Receivable Interest Revenue Journal entry worksheet 1 2 3 4 5 6 7 8 11 Record the adjusting entry for bad debts as of February 28 using 1 percent of credit sales. Note: Enter debits before credits. Transaction General Journal Debit Credit f. Bad Debt Expense Allowance for Doubtful Accounts Required information Journal entry worksheet 1 2 5 6 7 8 11 Record the receipt of a note on March 1 for a $2,800 loan to an employee. Note: Enter debits before credits. Transaction General Journal Debit Credit g. Notes Payable (short-term) 2,800 Cash 2,800 Required information Journal entry worksheet 1 2 3 5 6 7 11 Record the reversal of a $200 account receivable previously written off one month earlier. Note: Enter debits before credits. Transaction General Journal Debit Credit 200 h(1) Allowance for Doubtful Accounts 200 Accounts Receivable Saved Required information Journal entry worksheet Prev T.AEaneaetian at Required information Journal entry worksheet
