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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,500, the bad debt expense account had
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,500, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,050. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,100 on account with a cost of $2,550. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,250 and 20 Grouse Co. with an accounts receivable balance of $2,550 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,550. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list Journal entry worksheet
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