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Review Test - MA - Personal - Microsoft Edge https://www.mathxl.com/Student/PlayerTest.aspx?TestResultId=845963441&review=yes&questionld=1&back=StudyPlanRecommendations.aspx%3fviewMode%3d0%26chapterld%... a BUSS 201 SUMMER 2020 MA & 06/23/20 6:45 PM Review Quiz Me: Quiz Me: 8.3 Apply the allowance method for uncollectible and estimate bad debts expense based on the percent-of-sales Close Score: 0.9 of 1 pt 5 of 5 Test Score: 52.55%, 2.63 of 5 pts o T18-3 (similar to) Jalan Company uses the allowance method to account for uncollectible receivables. On April 2. Jalan wrote off a $17,000 account receivable from customerJ. Mears. On May 12, Jalan unexpectedly received full payment from Mears on the previously written off account. Jalan records an adjusting entry for bad debts expense of $340 on May 31 9. Journalize Jalan's write-off of the uncollectible receivable. 10. Journalize Jalan's collection of the previously written off receivable. 11. Journalize Jalan's adjustment for bad debts expense Wrote off uncollectible accounts. 10. Nowjournalize Jalan's collection of the previously written off receivable. (Record the transaction in two journal entries.) Start by making the entry to adjust the applicable expense account related to the collection of the previously written off receivable. Do not record the Cash portion of the entry yet. We will do that in the following step. Date Accounts and Explanation Debit Credit May 12 Accounts Receivable-Mears 17.000 Allowance for Bad Debts 17,000 Reinstated previously written off account. Now record the cash collection of the receivable previously written off. Date Accounts and Explanation May 12 Cash Accounts Receivable-Mears Debit Credit 17,000 17,000 Collected cash on account Debit Credit 11. Finally, journalize Jalan's adjustment for bad debts expense Date Accounts and Explanation May 31 Bad Debts Expense Allowance for Bad Debts 840 840 Recorded bad debts expense for the period. Move your pointer over or tap on the cells with red arrows to see incorrect answers. ry Type here to search ir O ) ENG 6:45 PM 6/23/2020 11 Review Test - MA - Personal - Microsoft Edge https://www.mathxl.com/Student/PlayerTest.aspx?TestResultId=845963441&review=yes&questionld=1&back=StudyPlanRecommendations.aspx%3fviewMode%3d0%26chapterld%... a BUSS 201 SUMMER 2020 MA & 06/23/20 6:45 PM Review Quiz Me: Quiz Me: 8.3 Apply the allowance method for uncollectible and estimate bad debts expense based on the percent-of-sales Close Score: 0.9 of 1 pt 5 of 5 Test Score: 52.55%, 2.63 of 5 pts o T18-3 (similar to) Jalan Company uses the allowance method to account for uncollectible receivables. On April 2. Jalan wrote off a $17,000 account receivable from customerJ. Mears. On May 12, Jalan unexpectedly received full payment from Mears on the previously written off account. Jalan records an adjusting entry for bad debts expense of $340 on May 31 9. Journalize Jalan's write-off of the uncollectible receivable. 10. Journalize Jalan's collection of the previously written off receivable. 11. Journalize Jalan's adjustment for bad debts expense Wrote off uncollectible accounts. 10. Nowjournalize Jalan's collection of the previously written off receivable. (Record the transaction in two journal entries.) Start by making the entry to adjust the applicable expense account related to the collection of the previously written off receivable. Do not record the Cash portion of the entry yet. We will do that in the following step. Date Accounts and Explanation Debit Credit May 12 Accounts Receivable-Mears 17.000 Allowance for Bad Debts 17,000 Reinstated previously written off account. Now record the cash collection of the receivable previously written off. Date Accounts and Explanation May 12 Cash Accounts Receivable-Mears Debit Credit 17,000 17,000 Collected cash on account Debit Credit 11. Finally, journalize Jalan's adjustment for bad debts expense Date Accounts and Explanation May 31 Bad Debts Expense Allowance for Bad Debts 840 840 Recorded bad debts expense for the period. Move your pointer over or tap on the cells with red arrows to see incorrect answers. ry Type here to search ir O ) ENG 6:45 PM 6/23/2020 11
