More info - x Jan 17 Jun 29 Aug 6 Sold inventory to Quinn Venture, $1,100, on account. Ignore cost of goods sold. Wrote off the Quinn Venture account as uncollectible after repeated efforts to collect from him. Received $250 from Quinn Venture, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Received the balance due from Quinn Venture. Made a compound entry to write off the following accounts as uncollectible: Brody Conrad, S500; Titus McKay, $200; and Susie Stein, $800. Based on an aging of accounts receivable, estimated uncollectible accounts as $3,700. Sep 4 Oct 31 Dec 31 Requirements 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3,600 (cr.) and $0, respectively. Remember to update account balances but ignore posting references. 2. The December 31 balance of Accounts receivable is $180,000. Show how Accounts receivable would be reported on the balance sheet at that date. 3.000) and respectively. Remember to update account balance te poti reces Requirement. Record amation ne mand post to the wonde o uncobloccounts and Bad cettepense lo access that have been opened ter you. The course boring Begin by recording the transactions in the journal. Record de tot ce credit Beeldom any comme Jan 17: Sold inventory to Ounn Venture $1.00 on account. Ignore cost of goods Journal Entry Accounts Debut Credit Jun 2 Wote of the Quinn Venture account as cocter posted forts to collect from him Journal Entry Date Accounts Debit Credit Jun Aug 6: Received $250 from Quinn Venture, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Begin by preparing the entry to reinstate the account. (Do not record the receipt of cash, this will be recorded in the next entry) Journal Entry Accounts Date Debit Credit Aug 6 Now prepare the entry for the receipt of $250 from Quinn Venture. Journal Entry Date Accounts Debit Credit Aug 6 Sep 4: Received the balance due from Quinn Venture. Journal Entry Date Accounts Debit Credit Sep Sep 4: Received the balance due from Quinn Venture. Journal Entry Date Accounts Debit Credit Sep 4 Oct 31: Made a compound ontry to write off the following accounts as uncollectible: Brody Conrad, $500: Titus McKay, $200; and Susie Stein, 5800 Journal Entry Date Accounts Debit Credit Oct 31 Dec 31: Based on the aging of accounts receivable, estimated uncollectible accounts as $3,700, Journal Entry Date Accounts Debit Credit Dec 31 Dee Based on the aging of accounts recebe estimated uncollectible accounts an 3.700 Journal Entry Date Accounts Debit Credit Dec Now post to the Allowance for collectible accounts and Bad de expense ledger counts that have been opened for you. There accounts have beginning Dances of 3.00) and Saber account balances but ignore posting reference (Post to the accounts in the same as the journal entries prepared above, ning the rest valable in on the debitor creatie of each count) Allowance for uncollectible accounts Bad debt expense Bega 3.600 Bega Now pide to the Allowance for collections and Bad debt expenetleder accounts that have been cened for you. These counts we beginning Dance 53.000 de Homme account balance but ignore posting references Post to the account is the same dar as the user repared above the travailable to the titreach Allowance for uncollectible accounts Bad debt expense Beg Bal 3.600 Beg Ba Requirement. The December 31 balance of Accounts receivable is $180.000 Show how Accounts receivable would be reported on the balance sheet that do (Com www Salem Auto Parts, Inc Balance Sheet(partial December 31
