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Posted on Sep 09, 2024

JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DATE Jan. 17 DEBIT 9,600.00 1 Sales 1 1 2 Bad Debt Expense 9,600.00 3

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JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DATE Jan. 17 DEBIT 9,600.00 1 Sales 1 1 2 Bad Debt Expense 9,600.00 3 17 Bad Debt Expense 9,600.00 1 4 Accounts Receivable-cl's Sports 9,600.00 1 5 21 Cash 10,700.00 1 6 Bad Debt Expense 2,200.00 1 7 Accounts Receivable-Four Seasons Sportswear 12,900.00 + 8 Feb. 15 Accounts Receivable-Healthy Running 3,000.00 1 9 Bad Debt Expense 500.00 10 Sales 3,500.00 1 11 Mar. 4 Accounts Receivable-Four Seasons Sportswear 2,200.00 1 12 Bad Debt Expense 2,200.00 1 13 4 Cash 2,200.00 1 14 Bad Debt Expense 2,200.00 1 15 13 Cash 5,540.00 1 16 Accounts Receivable-Barb's Best Gear 5,540.00 1 17 31 Bad Debt Expense 20,970.00 1 18 Accounts Receivable-Healthy Running 5,150.00 1 19 Accounts Receivable-The Locker Room 4,100.00 1 20 Accounts Receivable-Co's Sports 2,780.00 | 21 Accounts Receivable-Get Your Gear 7,050.00 + 22 Accounts Receivable-Ready-2-Go 1,890.00 1 1. Assume that Fan-Tastic Sports Gear will be using the allowance method this year. Select any items(s) from the following list that should be added to the existing chart of accounts. Check all that apply. O Total Credit Sales Allowance for Doubtful Accounts Net Realizable Value of Receivables O Balance of Aging Accounts O Estimate for Uncollectible Accounts 2. Finalize the journal entries shown on the Fan-Tastic Sports Gear panel and make any necessary changes. Refer to the Chart of Accounts for the exact wording of account titles. You may also use any items from the preceding list, if needed. PAGE 11 PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Petty Cash 121 Accounts Receivable-Healthy Running 122 Accounts Receivable-The Locker Room 123 Accounts Receivable-CJ's Sports 124 Accounts Receivable-Get Your Gear 125 Accounts Receivable-Four Seasons Sportswear 126 Accounts Receivable-Ready-2-Go 127 Accounts Receivable-Barb's Best Gear 132 Notes Receivable-Fast Feet Co. 136 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Office Equipment 194 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 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 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 EQUITY 310 Rama Gupta, Capital 311 Rama Gupta, Drawing JOURNAL ACCOUNTING EQUATION DESCRIPTION POST. REF. CREDIT ASSETS LIABILITIES EQUITY DATE Jan. 17 DEBIT 9,600.00 1 Sales 1 1 2 Bad Debt Expense 9,600.00 3 17 Bad Debt Expense 9,600.00 1 4 Accounts Receivable-cl's Sports 9,600.00 1 5 21 Cash 10,700.00 1 6 Bad Debt Expense 2,200.00 1 7 Accounts Receivable-Four Seasons Sportswear 12,900.00 + 8 Feb. 15 Accounts Receivable-Healthy Running 3,000.00 1 9 Bad Debt Expense 500.00 10 Sales 3,500.00 1 11 Mar. 4 Accounts Receivable-Four Seasons Sportswear 2,200.00 1 12 Bad Debt Expense 2,200.00 1 13 4 Cash 2,200.00 1 14 Bad Debt Expense 2,200.00 1 15 13 Cash 5,540.00 1 16 Accounts Receivable-Barb's Best Gear 5,540.00 1 17 31 Bad Debt Expense 20,970.00 1 18 Accounts Receivable-Healthy Running 5,150.00 1 19 Accounts Receivable-The Locker Room 4,100.00 1 20 Accounts Receivable-Co's Sports 2,780.00 | 21 Accounts Receivable-Get Your Gear 7,050.00 + 22 Accounts Receivable-Ready-2-Go 1,890.00 1 1. Assume that Fan-Tastic Sports Gear will be using the allowance method this year. Select any items(s) from the following list that should be added to the existing chart of accounts. Check all that apply. O Total Credit Sales Allowance for Doubtful Accounts Net Realizable Value of Receivables O Balance of Aging Accounts O Estimate for Uncollectible Accounts 2. Finalize the journal entries shown on the Fan-Tastic Sports Gear panel and make any necessary changes. Refer to the Chart of Accounts for the exact wording of account titles. You may also use any items from the preceding list, if needed. PAGE 11 PAGE 11 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 ASSETS REVENUE 410 Sales 610 Interest Revenue 110 Cash 111 Petty Cash 121 Accounts Receivable-Healthy Running 122 Accounts Receivable-The Locker Room 123 Accounts Receivable-CJ's Sports 124 Accounts Receivable-Get Your Gear 125 Accounts Receivable-Four Seasons Sportswear 126 Accounts Receivable-Ready-2-Go 127 Accounts Receivable-Barb's Best Gear 132 Notes Receivable-Fast Feet Co. 136 Interest Receivable 141 Merchandise Inventory 145 Office Supplies 151 Prepaid Insurance 181 Land 193 Office Equipment 194 Accumulated Depreciation Office Equipment EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expense 521 Advertising Expense 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 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 EQUITY 310 Rama Gupta, Capital 311 Rama Gupta, Drawing