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Chapter 8 - Problems eBook Show Me How Calculator Allowance method entries Instructions Chart of Accounts T-Accounts Journal Final Questions Instructions The following transactions were completed by Irvine Company 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 rernainder as urxollectibile. May 27 Aug. 13 Oct 31 Reinslateci the account of Seth Nelsen, which had been written off in the preceding year as uncollectible. Joumalized the receipt of $7,350 cash in full payment of Seth's account. Wrote off the $6.400 balance owed by Kat Tracks Co., which has no assets. Reinstated the account of Crawford Co., which had been written off in the preceding your as uncollectible. Joumalized the receipt of $3.8ao cash in full payment of the account. Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., $7.190: Bonneville Co., S5,500; Crow Distributors, 99,400; Fiber Optics, $1,110. Baseci on an analysis of the $1,785,000 of accounts receivable, it was estimated that S35,700 will be uncollectible. Joumalized the adjusting entry. Dec. 31 Dec 31 1. Record the January 1 credil balance of $26.000 in a 7-account for Allowance for Doubtful Accounts. 2. A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of accountities B. Poat each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debl Expertise 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assurning that instead of basing the provision for un collectible axurils on an analysis of receivables, We actjusting entry on December 31 fund boon based on an estimated expense of of 1% of the ner sales of $18,200,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of December 31. C. Expected net realizable value of the accounts receivable as of December 31. Chapter 8 - Problems eBook Show Me How Calculator Chart of Accounts CHART OF ACCOUNTS Irvine Company General Ledger REVENUE 410 Sales 610 Interest Revenue ASSETS 110 Cash 111 Petty Cash 121 Accounts Receivable-DeCoy Co. 122 Accounts Receivable-Seth Nelsen 123 Accounts Receivable-Kat Tracks Co. 124 Accounts Receivable-Crawford Co. 125 Accounts Receivable-Newbauer Co. EXPENSES 510 Cost of Goods Sold 520 Sales Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 126 Accounts Receivable-Bonneville Co. 127 Accounts Receivable-Crow Distributors 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 181 Land 536 Credit Card Expense 537 Cash Short and Over 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 538 Bad Debt Expense 193 Office Equipment 539 Miscellaneous Expense 194 Accumulated Depreciation Office Equipment 710 Interest Expense Chapter 8 - Problems eBook Show Me How Calculator Chart of Accounts wuuuTJ I VUULITUDIU VIVN WIJ WIJ --- --...- -. -.-- 128 Accounts Receivable-Fiber Optics 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation-Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expense 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense 537 Cash Short and Over 538 Bad Debt Expense 539 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary 1. Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doubtful Accounts. 2. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. Allowance for Doubtful Accounts Feb. 8 Jan. 1 Balance Aug. 13 May 27 Dec. 31 Oct. 31 Dec. 31 Adjusting Entry Dec. 31 Unadjusted Balance Dec. 31 Adj. Balance Bad Debt Expense Dec. 31 Adjusting Entry sung cntry Points: 8/18 Feedback Check My Work 1. and 2.B. Set up T-accounts. | eBook Show Me How Calculator Allowance method entries Instructions Chart of Accounts !T-Accounts Journal Final Questions Journal Shaded cells have feedback. X Question not attempted. PAGE 10 JOURNAL Score: 0/249 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 3. Determine the expected net realizable value of the accounts receivable as of December 31 (alter all of the adjustments and the adjusting entry). Points: 0/1 Feedback Check My Work 3. Remember that net realizable value is the amount that is expected to be collected or realized. of 1% of the net sales of $18,200,000 for the year, 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of determine the following: A. Bad debt expense for the year. $ Points: 0/1 B. Balance in the allowance account after the adjustment of December 31. $ Points: 0/1 C. Expected net realizable value of the accounts receivable as of December 31. $ Points: Points: 0/1