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Outdoor Equipment (OE) sells camping equipment On December 1, the accounts receivable account had a balance of $50,400, the bad debt expense account had a
Outdoor Equipment (OE) sells camping equipment On December 1, the accounts receivable account had a balance of $50,400, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,040. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,080 on account with a cost of $2,540. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,240 and 20 Grouse Co. with an accounts receivable balance of $2,540 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse co. for $2,540. 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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