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Entries related to uncollectible accounts Instructions | Chart of Accounts TAccounts Journal Final Questions Instructions The following transactions were completed by Daws Company during the current fiscal year ended December 31 Jan. 29 Received 30% of the $18,900 balance owed by Kovar Co., a bankrupt business. and wrote of remainder as uncollectible Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Joumalized the receipt of $7.265 cash in full payment of Clark's account Wrote off the S6,410 balance owed by Iron Horse Co., which has no assets. the Apr. 18 Aug. 9 Nov.7 Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,980 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $7,090; DeVine Co, $5,485: Moser Distributors, $9,415; Oceanic Optics, $1,190. Dec. 31 Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $25,795 in a Taccount for Allowance for Doubtful Accounts. 2. A. Journaize the transactions. For the December 31 adjusting entry, assume the S1,774,000 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for a listing of the account titles the company uses. B. Post each entry that affects the folowing selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $18.660,000 for the year, determine he following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of December 31. C. Expected net realizable value of the accounts receivable as of December 31 Chart of Accounts ASSETS REVENUE 110 Cash 111 Petty Cash 121 Accounts Receivable-Kovar Co 122 Accounts Receivable-Spencer Clark 123 Accounts Receivable-Iron Horse Co 124 Accounts Receivable-Vinyl Co 125 Accounts Receivable-Beth Connelly Inc 126 Accounts Receivable-DeVine Co 127 Accounts Receivable-Moser Distributors 128 Accounts Receivable-Oceanic Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation-Office Equipment 410 Sales 610 Interest Revenue EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expensee 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable T Accounts 1. Record the January 1 credit balance of $25,795 in a Taccount for Allowance for Doubtful Accounts 2. B. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense Allowance for Doubtful Accounts Jan. 1 Balance Dec. 31 Adj. Balance Bad Debt Expense Joumal PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETSLIABILITIES EQUITY 10 12 13 14 15 16 17 18 19 20 Final Questions 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of tecevabes the adjusting entry on December 31 had been based on an estimated expense of of 1% of the net sales of $18,660,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of December 31. $ C. Expected net realizable value of the accounts receivable as of December 31. $