Jourbalizing and posting adjustment for bad debts expense and write-offs and recovery based on balance sheet approach. Preparing Partial balance Sheet.

Total Current assets 265,022

P12-40. Prospecting Supply Company of Edson completed the following transactions Journalizing and posting adjustments for bad debts expense and write-offs and recovery based on balance sheet approach: preparing partial balance sheet (60 min) Chuck Figure Total Current Assets $265,022 2021 Jan. 8 Sold merchandise on account to May Expeditions, 54,160. Feb 19 Wrote off the account of Avery Fischer as uncollectible because of his death, $624 Mar. 15 Received $600 from Maximum Coaccount had been written off in 2016, The account was reinstated and the collection recorded. Apr. 5. Received 25% of the $6,400 owed by Airborne Surveys. The remainder was written off as uncollectible. July 19 The account of Hallicrafter Explorations was reinstated for $3,000 (amount received). The account was written off three years ago Oct. 29 Prepared a compound entry to write the following accounts off as uncol. lectible: Corbett Co, $275: Quark Co., $654: Lonely Fxpeditions, 5247 Nov. 14 Sold merchandise on account to Partridge Surveys, $4,280. Dec. 31 Based on an aging of accounts receivable, it was estimated that $6,850 would be uncollectible out of a total of 5142,000 in Accounts Receivable 31 Closed Bad Debts Expense to Income Summary 576 CHAPTER 12