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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,200, the bad debt expense account had a
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,200, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,020. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,040 on account with a cost of $2,520. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,220 and Grouse Co. with an accounts receivable balance of $2,520 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,520. 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. 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account
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