The accounts recelvable balance for Renue Spa at December 31 , Year 1, was $61,000. Also on that date, the balance in the Allowance for Doubtful Accounts was \$3,750. During Year 2,\$2,100 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $500 of recelvables that had been written off in a previous accounting period. Services provided on account during Year 2 were $215,000, and cash collections from receivables were $218,000. Uncollectible accounts expense was estimated to be 2 percent of the saies on account for the period. Required o. 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 recelvable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. c. What amount of uncollectible accounts expense will Renue report for Year 2? Journal entry worksheet Record entry for uncollectible accounts written off. Note: Enter debits before credits. Journal entry worksheet Record entry for reinstated previously written-off accounts. Note: Eriter debits before credits. Journal entry worksheet Record entry for collected reinstated accounts. Note: Enter debits before credits. Journal entry worksheet Record services on account. Note: Enter debits before credits. Journal entry worksheet Record entry for collection of accounts receivable. Note: Enter debits before credits. Journal entry worksheet Record entry for uncollectible accounts expense. Note: Enter debits before credits. Post the transactions to T-accounts. Based on the preceding Information, cempute (atter yoar end adjustment): (1) Balance of allowance for doubthil accounts at December 31, Year ? (2) Balance of accounts recelvable at December 31 , Year 2. (3) Net realleable value or accounts recelvable at December 11 , Wear 2. What amount of uncollectible accounts expense will Renue report for Year 2 ? The accounts recelvable balance for Renue Spa at December 31 , Year 1, was $61,000. Also on that date, the balance in the Allowance for Doubtful Accounts was \$3,750. During Year 2,\$2,100 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $500 of recelvables that had been written off in a previous accounting period. Services provided on account during Year 2 were $215,000, and cash collections from receivables were $218,000. Uncollectible accounts expense was estimated to be 2 percent of the saies on account for the period. Required o. 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 recelvable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. c. What amount of uncollectible accounts expense will Renue report for Year 2? Journal entry worksheet Record entry for uncollectible accounts written off. Note: Enter debits before credits. Journal entry worksheet Record entry for reinstated previously written-off accounts. Note: Eriter debits before credits. Journal entry worksheet Record entry for collected reinstated accounts. Note: Enter debits before credits. Journal entry worksheet Record services on account. Note: Enter debits before credits. Journal entry worksheet Record entry for collection of accounts receivable. Note: Enter debits before credits. Journal entry worksheet Record entry for uncollectible accounts expense. Note: Enter debits before credits. Post the transactions to T-accounts. Based on the preceding Information, cempute (atter yoar end adjustment): (1) Balance of allowance for doubthil accounts at December 31, Year ? (2) Balance of accounts recelvable at December 31 , Year 2. (3) Net realleable value or accounts recelvable at December 11 , Wear 2. What amount of uncollectible accounts expense will Renue report for Year 2
