Instructions Uncollectible Accounts --Allowance Method 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post only to the three accounts named. is If an amount box does not require an entry, leave it blank. 3. Determine the net realizable value as of December 31 Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Instructions Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. Wrote off the $5,700 balance owed by JoJo Xu as uncollectible. 16 Oct. 5 Reinstated the account of Tomi Kennedy which had been written off in the preceding year, and received $3,100 cash in full settlement Dec. Wrote off the following accounts as uncollectible, in compound entry form: Jacobs & Wilson, $10,900; Specialty Landscapes, $15,360 28 Kiana Hoyer, $13,170. Based on an aging analysis of the $965,000 of accounts receivable, it was estimated that $50,800 will be uncollectible. Made the adjusting entry 31 Made the entry to close the appropriate account to Income Summary. Selected accounts and beginning balances on January 1, 20-, are as follows: 122.1 Allowance for Doubtful Accounts $43,000 credit Reinstated the account of Tomi Kennedy which had been written off in the preceding year, and received $3,10 Dec. Wrote off the following accounts as uncollectible, in compound entry form: Jacobs & Wilson, $10,900; Specialty 28 Kiana Hoyer, $13,170. Based on an aging analysis of the $965,000 of accounts receivable, it was estimated that $50,800 will be uncoll adjusting entry 31 Made the entry to close the appropriate account to Income Summary. Selected accounts and beginning balances on January 1, 20-, are as follows: 122.1 Allowance for Doubtful Accounts $43,000 credit 313 Income Summary 532 Bad Debt Expense 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post only to the three accounts named If an amount box does not require an entry, leave it blank. DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT DEBIT Page: 6 CREDI CREDIT 1 20- Feb. 9 3 Collection on account 5 Feb. 9 Wrote off uncollectible account General Journal 5 Feb. 9 Wrote off uncollectible account 9 May 28 Reinstated account receivable 13 May 28 Collection on account 17 Aug. 16 122.1 General Journal A 17 Aug. 16 Oct 18 Wrote off uncollectible account 21 Oct. 5 Reinstated account receivable 25 Oct. 5 Collection on account 29 Dec. 28 General Journal 29 Dec. 28 Wrote off uncollectible accounts Dec. 31 Adjusting entry 39 Dec. 31 35 Dec. 31 532 122.1 Adjusting entry 39 Dec. 31 40 41 Closing entry Net Realizable Value 3. Determine the net realizable value as of December 31. Instructions Uncollectible Accounts --Allowance Method 1. Open the three selected general ledger accounts. 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post only to the three accounts named. is If an amount box does not require an entry, leave it blank. 3. Determine the net realizable value as of December 31 Pyle Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20- Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Instructions Feb. 9 Received 60% of the $4,000 balance owed by Wiley's Waterworks, a bankrupt business, and wrote off the remainder as uncollectible. May Reinstated the account of Amanda Akin, which had been written off in the preceding year, and received $2,100 cash in full settlement. Aug. Wrote off the $5,700 balance owed by JoJo Xu as uncollectible. 16 Oct. 5 Reinstated the account of Tomi Kennedy which had been written off in the preceding year, and received $3,100 cash in full settlement Dec. Wrote off the following accounts as uncollectible, in compound entry form: Jacobs & Wilson, $10,900; Specialty Landscapes, $15,360 28 Kiana Hoyer, $13,170. Based on an aging analysis of the $965,000 of accounts receivable, it was estimated that $50,800 will be uncollectible. Made the adjusting entry 31 Made the entry to close the appropriate account to Income Summary. Selected accounts and beginning balances on January 1, 20-, are as follows: 122.1 Allowance for Doubtful Accounts $43,000 credit Reinstated the account of Tomi Kennedy which had been written off in the preceding year, and received $3,10 Dec. Wrote off the following accounts as uncollectible, in compound entry form: Jacobs & Wilson, $10,900; Specialty 28 Kiana Hoyer, $13,170. Based on an aging analysis of the $965,000 of accounts receivable, it was estimated that $50,800 will be uncoll adjusting entry 31 Made the entry to close the appropriate account to Income Summary. Selected accounts and beginning balances on January 1, 20-, are as follows: 122.1 Allowance for Doubtful Accounts $43,000 credit 313 Income Summary 532 Bad Debt Expense 2. Enter the transactions and the adjusting and closing entries in a general journal (page 6). After each entry, post only to the three accounts named If an amount box does not require an entry, leave it blank. DATE ACCOUNT TITLE DOC. POST. NO. REF. DEBIT DEBIT Page: 6 CREDI CREDIT 1 20- Feb. 9 3 Collection on account 5 Feb. 9 Wrote off uncollectible account General Journal 5 Feb. 9 Wrote off uncollectible account 9 May 28 Reinstated account receivable 13 May 28 Collection on account 17 Aug. 16 122.1 General Journal A 17 Aug. 16 Oct 18 Wrote off uncollectible account 21 Oct. 5 Reinstated account receivable 25 Oct. 5 Collection on account 29 Dec. 28 General Journal 29 Dec. 28 Wrote off uncollectible accounts Dec. 31 Adjusting entry 39 Dec. 31 35 Dec. 31 532 122.1 Adjusting entry 39 Dec. 31 40 41 Closing entry Net Realizable Value 3. Determine the net realizable value as of December 31