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Please help me with this, I kept getting the last two rows and the last question wrong The following selected transactions were taken from the
Please help me with this, I kept getting the last two rows and the last question wrong
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31:
June | 8 | Wrote off account of Kathy Quantel, $8,445. | |
Aug. | 14 | Received $3,025 as partial payment on the $12,520 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. | |
Oct. | 16 | Received the $8,445 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. | |
Dec. | 31 | Wrote off the following accounts as uncollectible (record as one journal entry): | |
Wade Dolan | $4,590 | ||
Greg Gagne | 3,630 | ||
Amber Kisko | 7,150 | ||
Shannon Poole | 2,950 | ||
Niki Spence | 6,625 | ||
31 | If necessary, record the year-end adjusting entry for uncollectible accounts. |
Rustic Tables Company prepared the following aging schedule for its accounts receivable:
Aging Class (Number of Days Past Due) | Receivables Balance on December 31 | Estimated Percent of Uncollectible Accounts |
030 days | $323,300 | 1% |
3160 days | 112,800 | 3 |
6190 days | 23,100 | 12 |
91120 days | 17,600 | 35 |
More than 120 days | 42,000 | 70 |
Total receivables | $518,800 |
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