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s related to uncollectible accounts structions Chart of Accounts T Accounts Journal Final Questions tructions ve following transactions were completed by Emmanuel Company during the

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s related to uncollectible accounts structions Chart of Accounts T Accounts Journal Final Questions tructions ve following transactions were completed by Emmanuel Company during the current fiscal year ended December 31: Jan. Apr 9 Aug Nov 29 Received 40% of the $17,000 balance owed by Jankovich Co, a bankrupt business, and wrote of the remainder as uncollectible 18 Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,405 cash in full payment of Karm's account. Wrote of the $6,480 balance owed by Golden Stallion Co, which has no assets. 7 Reinstated the account of Wiley Co, which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,940 cash in full paymont of the account. 31 Wrote of the following accounts as uncollectible (one entry): Claire Moon Inc., 87,095: Jet Set Co. $5,540; Randall Distributors, 69,496; Harmonic Audio $1,036. Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 wit bo uncollectible, Journalized the adjusting entry Dec 31 Required: 1. Record the January 1 credit balance of $25,615 in a T account for Allowance for DoubwAccounts a. Journalize the transactions. For the December 31 adjusting entry, assume the $1,782,000 balance in accounts receivable reflects the adjustments made during the year. Refer to the chart of accounts for the exact wording of the accounties. CNOW joumais do not use lines for journal explanations. Every line a journal page is used for debitor credit antries CNOW journals will automafically indent a crudirendy when a credit amount is entered. b. Post each entry that affects the following selected accounts and determine the new balances: Allowance for Doubur Account and Previous Check My Work 3 more Check My Work uses remaining, Email Instructor Save and Exdir Submit Assign All work saved stions of Accounts ASSETS REVENUE 110 Cash 410 Sales 610 Interest Revenue 111 Petty Cash 121 Accounts Receivable-Jankovich Co. 122 Accounts Receivable-Vince Karm 123 Accounts Receivable-Golden Stallion Co. 124 Accounts Receivable-Wiley Co. 125 Accounts Receivable-Claire Moon Inc. 126 Accounts Receivable-Jet Set Co. 127 Accounts Receivable-Randall Distributors 128 Accounts Receivable-Harmonic Audio 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Merchandise Inventory 145 Office Supplies 146 Store Supplies EXPENSES 510 Cost of Merchandise Sold 520 Sales Salaries Expanse 521 Advertising Expense 522 Depreciation Expense-Store Equipment 523 Delivery Expense 524 Repairs Expense 529 Selling Expenses 530 Office Salaries Expense 531 Rent Expense 532 Depreciation Expense-Office Equipment 533 Insurance Expenso 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expanse 37 Cash Sharan Chur 151 Prepaid Insurance 181 Land Check My Work 3 more Check My Work une remaining Show Me How Print Item lated to uncollectible accounts actions Chart of Accounts T Accounts Journal Final Questions 534 Office Supplies Expense 535 Store Supplies Expense 536 Credit Card Expense of Accounts 146 Store Supplies 151 Prepaid Insurance 181 Land 191 Store Equipment 192 Accumulated Depreciation Store Equipment 193 Office Equipment 194 Accumulated Depreciation Office Equipment 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 Emmanuel, Capital 311 Emmanuel, Drawing 4 Show Me How Print Item TRUCOUTTES CURCUUTIS Accounts 1. Record the January 1 credit balance of $25,615 in a T account for Allowance for Doubtful Accounts. 26. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. "The ending balance label is provided on the left side of the Taccount even when the ending balanco is a credit. The unused coll on the balance line should be left blank. Allowance for Doubtful Accounts Jan. 1 Balance Dec 31 Adj. Balance Bad Debt Expense PAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY 5 5 2 . 11 I 11 10 Previous Next > Check My Work more Check My Works remaining Submit Anment for Grading ok Show Me How Print Item ournal 4 5 6 2 1 10 11 11 13 $4 11 16 17 11 Questions Determine the expected net realizable value of the accounts receivable as of toombor 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectiblo accounts on an analysis of receivables the adjusting entry on December 31 had been based on an estimate of % of 1% of the sales of $17.760,000 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, S c. Expected net realizable value of the accounts roolvable as of December 31. Print them C ceivable Entries wing data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.) Assume 360 a year Mar. 8. Received a $78,000,6%, 60-day note on account 31. Received a $20,400,7%, 90-day note on account May 7. Received $78,780 on note of March 8. 16. Received a $61,200,8%, 90-day note on account. Received a $24,000,9%, 30-day note on account. 29 Received $20,757 on note of March 31. July 26 Received $24,130 on note of June 11 Received a $4,800, 10%, 30-day note on account Received $62,424 on note of May 16 Dec. 2 Received 54,840 on note of August 4, Required: Journalize the entries to record the transactions. It an amount box does not require an entry, leave it blank Mar. 8 June 11 Aug. 4. Mar. 35 May Previous Check My wense CW Works remaining save and Summer Gray All work cave 111 II II III III II IO DII II II III III II III May 7 May 16 June 11 June 11 June 29 10 111 III II III III II III III II III III Check My Work 3 more Check My Work uses remaining

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