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journalize the transactions for December 31st adjusting entry assume the 1774000 dollars balance and accounts receivable reflects the adjustments made during the year. 20 lines
journalize the transactions for December 31st adjusting entry assume the 1774000 dollars balance and accounts receivable reflects the adjustments made during the year. 20 lines in the journal
The following transactions were completed by The Irvine Company during the current fiscal year ended December 31: Received 30% of the $18,900 balance owed by Decay Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Seth Nelsen, which had been written off in the preceding year as uncolectible. Journalized the receipt of $7,265 cash in full payment of Seth's account. Wrote off the $6,410 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford 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 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7,090; Bonnevile Co., $5,485; Crow Distributors, $9,415; Fiber Optics, $1,190. Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncollectible. Jounalized the adjusting entry Required: Record the January 1 credit balance of $25,795 in a T account for Allowance for Doubtful Accounts. Feb. 8 May 27 Aug. 13 Od. 31 Dec. 31 Dec. 31 1
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