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eBook Show Me How Entries for Bed Debt Expense Under the real write and Alemano Pethod, The following selected transactions were taken from the records of Rustic Table Company for the world December 31 June 8. Wrote of account of Kathy Quantel, 53,730 Aug. 14. Received $7,630 as partial payment on the $6,640 account of Rose Dakes. Wrote of the remang balances collectie Od. 16. Received the $3,710 frees Kathy Quantel, which had been written off on June 6. Renststed the account and recorded the cash recept Dec 31 Wote of the following accounts as uncollectibles record as one journal entry) Wade Dolan 51.050 620 Greg Gone Aber Kiko Shannon Poole Nilo Spence 2,560 1,480 410 Dec 31 If necessary, record the year end adjusting entry for the uncollectible accounts Estimated Percent of Uncollectible Accould 34% The company prepared the following aging schedule for its accounts rentable Aging Class (Number Receivables Balance of Days Past Due) on December 31 0-30 days $178,000 31-60 days 67.000 61-90 days 21.000 91-120 day 8,000 20 45 Previous Check My Work Hnce on December 31 Estimated Percent of Uncollectible Accounts of Days Past Due) 0:30 days 31-60 day 61.90 days 20 91-120 days $178,000 67,000 21,000 8,000 11.000 $285,000 45 More than 120 days 75 Total receivables For those amount boxes in which no entry is required, leave the box blank. If an account is not required, select 'No' the dropdow boxes). a. Journalce the transactions under the direct wolf method June 8 Bad Debt Expense Accounts Receivable Kathy Quantel 3.710 3,710 Aug. 14 Cash 22630 flad Debt Expense Accounts Receiva Rosalie Oakes 6,640 10 Oct 16 reinstate Accounts Receivable Kathy Guante llad Debt Expense 2,7107 Od. 16-collection Cast Acts Receivable at Onante! 3 Previous Nerd MW Oct. 16-reinstate Accounts Receivable. Kathy Omantel Bad Debt Expense 3.710 3.710 Oct. 16 collection Cash 3.710 Accounts Receivable Kathy Quantel Dec. 31 write-off ad Debt Expense Accounts Receivable Wade Dolan Ill. 18 1.000 670 2.560 Accounts Receivable-Greg Gagne Accounts Receivable Amber Kisko Accounts Receivable Shannon Poole Accounts Receivable Niki Spence 1.400 - +10 Dec 31-adjusting No entry No entry Feedback Check Ward Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless Under the allowance method once a customer account is identified as uncollectible, it is written off against the allowance account. Teaming Objectives b. Journalize the transactions under the allowance method isuring that the allowance account had a beginning balance of 511.130 tegning of the year and the company uses the analysis of receivable method June Allowance for Doubtful Arenants Arcont Receivable Katty Omantel Aug 14 Cash Allowance for Doubtful Accounts Account Receivalde Rosalie Cakes Oct 16 reinstate Accounts Receivable Kathy Quantel Allowance for Doubtrol Accounts ml illl Oct 16-collection cash Accounts Receivable Kathy Owantel I III Illlll Dec 31 write of Allowance for Doubtful Accounts Accounts Receivable Wade Dolan Accounts Receivable Lireg Gagne Accounts Receivable Amber kicko Accounts Receivable Shannon onla Accounts Receivable Niki Soon Desting Bad Debt Ixpense
