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Need help pls :) Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31 :
Need help pls :)
Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31 : January Reinstated the account of Arlene Gurley, which had been written off in the preceding 19. year as uncollectible. Journalized the receipt of $2,000 cash in full payment of Arlene's account. April 3. Wrote off the $11,460 balance owed by Premier GS Co., which is bankrupt. July 16. Received 35% of the $20,600 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. November Reinstated the account of Harry Carr, which had been written off two years earlier as 23. uncollectible. Recorded the receipt of $3,260 cash in full payment. December Wrote off the following accounts as uncollectible (compound entry): Cavey Co., 31. $8,620; Fogle Co., \$2,560; Lake Furniture, \$6,580; Melinda Shryer, $1,860. December Based on an analysis of the $1,014,300 of accounts receivable, it was estimated that 31. $44,100 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $42,000 in a T account presented below in requirement 2b for Allowance for 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,014,300 balance in accounts receivable reflects the adjustments made during the year. 1. Record the January 1 credit balance of $42,000 in a T account presented below in requirement 2 b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, its receivable reflects the adjustments made during the year. 2. b. Post each entry that affects the following T accounts and determine the new balances: 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and entry ). $ had been based on an estimated expense of 1/2 of 1% of the sales $6,260,000 for the year, determine the following: a. Bad debt expense for the year. $ b. Balance in the allowance account after the adjustment of December 31 . $ c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the ading entry). $Step by Step Solution
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