Homework: GRADED Chapter 9 HW Save Score: 0 of 1 pt 2 of 2 (1 complete) HW Score: 24.42%, 0.49 of 2 pts P9-30A (similar to) Question Help Dialex Watches completed the following selected transactions during 2018 and 2019: i (Click the icon to view the transactions.) Read the requirements. Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. (Record debits first, then credits. Exclude explanations from journal entries. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2018 transactions in the general journal. Dec. 31: Estimated that bad debts expense for the year was 1% of credit sales of $400,000 and recorded that amount as expense. The company uses the allowance method. Date Accounts and Explanation Debit Credit More Info 2018 Dec. 31 (Adj.) 2018 Dec. 31 Estimated that bad debts expense for the year was 1% of credit sales of $400,000 and recorded that amount as expense. The company uses the allowance method. Made the closing entry for bad debts expense. Dec. 31 2019 Jan. 17 Jun. 29 Aug. 6 Sold merchandise inventory to Michael Smith, $1,300, on account. Ignore Cost of Goods Sold. Wrote off Michael Smith's account as uncollectible after repeated efforts to collect from him. Received $1,300 from Michael Smith, along with a letter apologizing for being so late. Reinstated Smith's account in full and recorded the cash receipt. Made a compound entry to write off the following accounts as uncollectible: Barry Krisp, $1,200; Marilyn Lee, $1,100; and Raymond Jones, $300. Estimated that bad debts expense for the year was 1% on credit sales of $500,000 and recorded the expense. Made the closing entry for bad debts expense. Dec. 31 Dec. 31 Choose from any list or enter any number in the input fields and then click Check Answer. Dec. 31 10 Pemaining Print Done Homework: GRADED Chapter 9 HW Save Score: 0 of 1 pt 2 of 2 (1 complete) HW Score: 24.42%, 0.49 of 2 pts P9-30A (similar to) Question Help Dialex Watches completed the following selected transactions during 2018 and 2019: (Click the icon to view the transactions.) Read the requirements. Requirement 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. (Record debits first, then credits. Exclude explanations from journal entries. Abbreviations used: Adj. = Adjusting entry, Clos. = Closing entry, W/O = Write-off.) Begin by recording the 2018 transactions in the general journal. Dec. 31: Estimated that bad debts expense for the year was 1% of credit sales of $400,000 and recorded that amount as expense. The company uses the allowance method. Date Accounts and Explanation Debit Credit 2018 Dec. 31 (Adj.) Requirements 1. The T-accounts for Allowance for Bad Debts and Bad Debts Expense have been opened for you, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations), and post to the two T-accounts. 2. Assume the December 31, 2019, balance of Accounts Receivable is $138,000. Show how net accounts receivable would be reported on the balance sheet at that date. Print Done Choose from any list or enter any number in the input fields and then click Check Answer. ? 10 parts Clear All remaining Check
