On November 30, Palmer Party Planners had a $41,000 balance in Accounts Receivable and a $3,584 credit balance in Allowance for Uncolectible Account During December, Palmer made credit sales of $200.000. December collections on account were $168.000, and write-offs of uncollectible receivables toiled $2.910 Uncollectible-accounts expense is estimated as 1% of credit sales. No sales retums we expected. Ignore cost of good old Read the SO Requirement 1. Joumalize ale colection, write-offs of uncollectibles, and uncollectible account expense by the allowance method during December Explanatore are not required. (Record debits first, then credits Exclude explanation from ouma tris) (a) Begin by recording the journal entry for December sales Journal Entry Date Accounts Credit (a) Debit E BOB quirements Requirements uring December. Explanations nt 1. Journalize sale wired. (Record debits recording the journ 1. Journalize sales, collections, write-offs of uncollectibles, and uncollectible-account expense by the allowance method during December, Explanations are not required 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accounts Receivable at December 31. How much does Palmer expect to collect? 3. Show how Palmer Party Planners will report Accounts Receivable and net sales on its December 31 balance sheet and income statement for the month ended December 31 analize the collection Print Done (a) Begin by recording the joumal entry for December sales. lu Journal Entry cha Date Accounts Debit Credit (a) Dyr Cor (b) Next, journalize the collections on account. Journal Entry Date Accounts Debit Credit (b) (c) Now journalize the write-offs of uncollectibles. Journal Entry Date Accounts Debit Credit (0) (d) Finally, record the entry to journalize the uncollectible-account expense. Journal Entry Date Accounts Debit Credit (d) Requirement 2. Show the ending balances in Accounts Receivable, Allowance for Uncollectible Accounts, and Net Accou does Palmer expect to collect? In the following T-accounts, enter the beginning balances, the adjusting entries and compute the ending balances. (Entert reference.) Accounts Receivable Allowance for Uncollectible Accounts Compute the net accounts receivable at December 31 The net accounts receivable at December 31 is Palmer expects to collect Requirement 3. Show how Palmer Party Planners will report Accounts Receivable and net sales on its December 31 balance month ended December 31. Begin by preparing the partial balance sheet showing how the store will report accounts receivable on December 31 Compute the net accounts receivable at December 31. The net accounts receivable at December 31 is Palmer expects to collect Requirement 3. Show how Palmer Party Planners will report Accounts Receivable and net ales on its December 31 balance sheet and income statement for the month ended December 31 Begin by preparing the partial balance sheet showing how the store will report accounts receivable on December 31 Balance Sheet (Partia Less: Now, prepare the partial income statement showing the net sales on December 31 Income Statement (Partial)
