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please complete allowance of doubful expense Required: 1. Aecord the January 1 credit balance of $26,000 in a T-account for Allowance for Doublul Accounts. 2.
please complete allowance of doubful expense
Required: 1. Aecord the January 1 credit balance of $26,000 in a T-account for Allowance for Doublul Accounts. 2. a. Joumalize the transactions. b. Post onch entry that a Nocts the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Blad Dabt Exponse. 3. Determine the expected oet realizable vatue of the accounfs recelvable as of December 31 . 4. Assumng that instead of basing the provision for uncolloctable accounts on an anatysis of recenables, the acfusting entry on Decernber 31 had been based on an estimated expense of Y of 1% of the sales of $18,200,000 for the year, cotermine the following: a. Bad debterpense for the year. b. Balance in the allowance account ather the adjustment of Docember 31 . 9. Expected not realizable wake of the accounts recemanble as or December 31 . Final Questions e. Poines 0/1 \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{ General Joumal } & & & \\ \hline 1 & & Accounts Receivable-Seth Nelsen & ? & & 73500027 & & & & \\ \hline , & Aug132 & Allowance for Doubtul Accounts & & 6,400.00 & & & + & & \\ \hline 10. & & Accounts Receivable Kat Tracks Co & & 8 & 6,400.002 & t & r & & \\ \hline n & 0at312 & Accounts Receivasle-Crawford Co. & & 3.880.002 & & t & & & \\ \hline n & & Allowance for Doubtrul Accounts & 4 & & 3,880.002 & & & & \\ \hline 11 & 0ct312 & Gash & & 3,880002 & & & & & \\ \hline4 & & Accounts Receivable-Crawlord Ca & & & 3,88000 & & r & & \\ \hline is & Dec 312 & Allowance for Doubtul Accounts & & 25,200002 & 4 & & & & \\ \hline is & & Accourits Rectivable Newbuer Co. & r & & 7,190.002 & t & & & \\ \hlinev & & Accounts Receivable - Bonneville Co. & & & 5,500.00 & 4 & & & \\ \hline 11 & & Accounts Receivable-Crow Distributors & & & 9,400,00 & 1 & & & \\ \hline & 0+2312 & Bad Debt Expense & 2 & 1,785,000.00 & & (1) & & & 1 \\ \hline 10 & & Nlowance for Dosibtul Accounts & & & 1,749,30000 & +1 & 4 & 4 & 4 \\ \hline \end{tabular} T-Accounts Allowance for Doubtful Accounts Bad Debt Expense Dec. 31 Adjusting Entry Points: General Joumat nce 10 The following transactions were completed by Irvine Compary during the current fiscal year ended December 31 : Feb, 8 Received 40% of the $18,000 balance owed by DeCoy Co., a bankrupt business, and wrote off the remainder as uncollectible. May 27 Reinstated the account of Seth Nelsen, which had been written off in the proceding year as uncollectible. Joumaized the receipt of $7,350 cash in full payment of Seth's account. Aug. 13 Wrote off the $6,400 balance owed by Kat Tracks Co., which has no assets. Oct. 31 Reinstated the account of Crawlord Co., which had been written off in the preceding year as uncollectible. Joumalized the receipt of $3,880 cash in full payment of the account. Dec. 31 Wrote off the following accounts as uncollectible (compound entry) - Newbever Co, 57,190 ; Bonneville Co, \$5,500; Crow Distributors, \$9,400; Fiber Optics, $1,110. Dec. 31 Based on an analysis of the $1,785,000 of accounts receivable, it was estimated that $35,700 will be uncollectible. Journalized the adjusting entry Step by Step Solution
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