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11.11 points Jayco Inc. started its operations in 2016. Its sales, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accpunts at December 31, 2016, its fiscal year end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2017, are as follows: Accounts receivable Allowance for doubtful accounts (debit) Sales revenue (including 80 percent in sales on account) $300,000 10,000 800,000 Aging of the accounts receivable on December 31, 2017 resulted in an estimate of $11,000 in potentially uncollectible accounts Required: 1. Prepare the journal entries to record all the transactions during 2016 and post them to appropriate T- accounts (If no entry is required for a transaction event, select "No journal entry required in the first account field.) View transaction list Required: 1. Prepare the journal entries to record all the transactions during 2016 and post them to appropriate T- accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the bad debt expense. Note: Enter debits before credits. Transaction Debit Credit General Journal Bad debt expense Allowance for doubtful accounts 4.000 4,000 Record entry Clear entry View general journal Accounts Receivable Allowance for Doubtful Accounts Beg. bal Beg. bal Credit sales 14.000 700,000 1 500,000 Collections 8,000 Write-offs IP End. bal. 192,000 End. bal. 14.000 2. Prepare the journal entries to record all the transactions during 2017 and post them to appropriate T- accounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Transaction General Journal 2 Allowance for doubtful accounts Accounts receivable Debit Credit 2. Prepare the journal entries to record all the transactions during 2017 and post them to appropriate T- accounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet (2 3 4 Record the sales revenue (including 80 percent in sales on account) Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general journal 2. Prepare the journal entries to record all the transactions during 2017 and post the app accounts. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 3 4 Record the allowance for doubtful accounts. Note: Enter debits before credits. Transaction Debit Credit General Journal Allowance for doubtful accounts Accounts receivable Record entry Clear entry View general journal accounts. (If no entry is required for a transaction/event, select "No journal entry required first account field.) View transaction list Journal entry worksheet Record the cash received from customer. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal 2. Prepare the journal entries to record all the transactions during 2017 and post them to appropriate accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the bad debt expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal Accounts Receivable Allowance for Doubtful Accounts Bog, bal Unadj. Bal [End bal. 3. Compute the receivables turnover ratio and the average collection period for 2017 (Use 365 days a year. Round "Receivables turnover" to 2 decimal places and other answer to nearest whole number) Receivables tumover Average collection period
