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Need help with General Journal. Required Information [The following information applies to the questions displayed below.) Web Wizard, Inc., has provided Information technology services for
Need help with General Journal.
Required Information [The following information applies to the questions displayed below.) Web Wizard, Inc., has provided Information technology services for several years. For the first two months of the current year, the company has used the percentage of credit sales method to estimate bad debts. At the end of the first quarter, the company switched to the aging of accounts receivable method. The company entered into the following partial list of transactions during the first quarter. a. During January, the company provided services for $41,000 on credit. b. On January 31, the company estimated bad debts using 2 percent of credit sales. c. On February 4, the company collected $20,500 of accounts receivable. d. On February 15, the company wrote off a $150 account receivable. e. During February, the company provided services for $31,000 on credit. 1. On February 28, the company estimated bad debts using 2 percent of credit sales. g. On March 1, the company loaned $2,600 to an employee, who signed a 6% note, due in 6 months. h. On March 15, the company collected $150 on the account written off one month earlier. 1. On March 31, the company accrued interest earned on the note. J. On March 31, the company adjusted for uncollectible accounts, based on an aging analysis (below). Allowance for Doubtful Accounts has an unadjusted credit balance of $1,210. Customer Alabama Tourism Bayside Bungalows Others (not shown to save space) Xciting Xcursions Total Accounts Receivable Estimated Uncollectible (8) Total $ 230 410 17,400 390 $18,430 Number of Days Unpaid 0-30 3 1-60 61-90 Over 90 $ 110 $ 90 $ 30 $ 410 6,900 8,500 1,100 900 390 $ 7,400 $8,590 $1,130 $1,310 3% 10% 208 308 View transaction list Journal entry worksheet View transaction list Journal entry worksheet Record the collection of $20,500 of outstanding accounts receivables on February 4. Note: Enter debits before credits. General Journal Debit Transaction Credit Vlew general Journal Record entry Clear entry View transaction list Journal entry worksheet Record service revenue of $31,000 provided on account during February. Note: Enter debits before credits. Transaction General Journal Debit Credit View general Journal Record entry Clear entry View transaction list Journal entry worksheet View transaction list Journal entry worksheet 2 3 4 5 8 ..... 11 Record the receipt of a note on March 1 for a $2,600 loan to an employee. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the reversal of a $150 account receivable previously written off one month earlier. Note: Enter debits before credits. Transaction General Journal Debit Credit h(1 Record entry Clear entry View general Journal View transaction list Journal entry worksheet Record the receipt of cash of $150 from the customer. Note: Enter debits before credits. General Journal Debit Credit Transaction h(2) Record entry Clear entry View general Journal View transaction list Journal entry worksheet Step by Step Solution
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