Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

posting for whole class,everyone will like it if answer is correct The accounts receivable balance for Renue Spa at December 31, Year 1, was $82,000.

posting for whole class,everyone will like it if answer is correct
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
The accounts receivable balance for Renue Spa at December 31, Year 1, was $82,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2.500. During Year 2, $1,900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $100 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $216,000, and cash collections from receivables were $217,982. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required: a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. c. What amount of uncollectible accounts expense wil Renue report for Year 2? Complete this question by entering your answers in the tabs below. Required A General Required AT Accounts Required B Journal Required Record the transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet B E F View transaction list Journal entry worksheet Record entry for collected reinstated accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 2b. Record entry Clear entry View general journal View transaction list Journal entry worksheet Record services on account. Note: Enter debits before credits Transaction General Journal Debit Credit 3. Record entry Clear entry View general journal Journal entry worksheet Record entry for uncollectible accounts expense. Note: Enter debits before credits. Transaction 05 Goneral Journal Dobit Credit Record entry Clear entry View general journal

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Research On Professional Responsibility And Ethics In Accounting Volume 21

Authors: Cynthia Jeffrey

1st Edition

1787549739, 9781787549739

More Books

Students also viewed these Accounting questions

Question

=+b) What are the upper and lower 3s control limits?

Answered: 1 week ago

Question

A price reduction, or no charge at all, if this is appropriate?

Answered: 1 week ago