Required: 1. Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doubthil Accounts. 2. a. Joumalize the transactions. b. Post each entry that aflects the following selected T-accounts and determine the new balances: Adowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts cecelvable as of December 31 . 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been based on an estimated expense of 4 of 1% of the sales of $18,200,000 for the year, determine the following: a. for the year. b. Balance in the allowance account after the adjustment of December 31. Required: 1. Fecord the January 1 credif balance of $26,000 in a T-account for Allowance for Doublful Accounts. 2. a. Journafize the transactions. b. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance far Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 . 4. Assuming that instead of basing the provision for uncolloctible accounts on an analysis of the adjusting entry an December 31 had been based on an estimated expense of 15 of 1% of the 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 recervable as of December 31. Chart of Accounts \begin{tabular}{|ll} \hline Chart of Accounts & \\ 146 Store Supplies & 534 Office Supplies Expense \\ 151 Prepaid Insurance & 535 Store Supplies Expense \\ 181 Land & 536 Credit Card Expense \\ 191 Store Equipment & 537 Cash Short and Over \\ 192 Accumulated Depreciation-Store Equipment & 538 Bad Debt Expense \\ 193 Office Equipment & 539 Miscellaneous Expense \\ 194 Accumulated Depreciation-Office Equipment & 710 Interest Expense \end{tabular} LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 1. Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doubitit Accounts. 20. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubthuf Accounts and General Joumal 2a. Journalize the transactions. Genorat doumal Instructions Allowance method entries General Journal 3. Determine the expectea of the as of December 31 (affer all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been based on an estimated expense of K of 1% of the sales of \$18,200,000 for the year, determine the following: a 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. Required: 1. Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doubthil Accounts. 2. a. Joumalize the transactions. b. Post each entry that aflects the following selected T-accounts and determine the new balances: Adowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts cecelvable as of December 31 . 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been based on an estimated expense of 4 of 1% of the sales of $18,200,000 for the year, determine the following: a. for the year. b. Balance in the allowance account after the adjustment of December 31. Required: 1. Fecord the January 1 credif balance of $26,000 in a T-account for Allowance for Doublful Accounts. 2. a. Journafize the transactions. b. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance far Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 . 4. Assuming that instead of basing the provision for uncolloctible accounts on an analysis of the adjusting entry an December 31 had been based on an estimated expense of 15 of 1% of the 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 recervable as of December 31. Chart of Accounts \begin{tabular}{|ll} \hline Chart of Accounts & \\ 146 Store Supplies & 534 Office Supplies Expense \\ 151 Prepaid Insurance & 535 Store Supplies Expense \\ 181 Land & 536 Credit Card Expense \\ 191 Store Equipment & 537 Cash Short and Over \\ 192 Accumulated Depreciation-Store Equipment & 538 Bad Debt Expense \\ 193 Office Equipment & 539 Miscellaneous Expense \\ 194 Accumulated Depreciation-Office Equipment & 710 Interest Expense \end{tabular} LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Eamings 312 Dividends 1. Record the January 1 credit balance of $26,000 in a T-account for Allowance for Doubitit Accounts. 20. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubthuf Accounts and General Joumal 2a. Journalize the transactions. Genorat doumal Instructions Allowance method entries General Journal 3. Determine the expectea of the as of December 31 (affer all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been based on an estimated expense of K of 1% of the sales of \$18,200,000 for the year, determine the following: a 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
