Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,500, the bad debt expense account had a
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,500, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,150. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,300 on account with a cost of $2,650. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,350 and 20 Grouse Co. with an accounts receivable balance of $2,650 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,650. Estimated that 10% of accounts receivable recorded to date would be uncollectible. 31 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 1 2 3 4 5 6 > Record the sales. Note: Enter debits before credits. Date General Journal Debit Credit Dec 02, 2020 Sales Record entry Clear entry View general journal 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Accounts Receivable 51,500 Allowance for Doubtful Accounts 5.150 Beg. Bal. Beg. Bal End. Bal. 51,500 End. Bal. 5.150 Bad debt expense Beg. Bal. End. Bal
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started