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The accounts recelvable balance for Renue Spa at December 31 , Year 1 , was $89,000. Also on that date, the balance in the Allowance
The accounts recelvable balance for Renue Spa at December 31 , Year 1 , was $89,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $3,000. During Year 2, $2,600 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $140 of recelvables that had been written off in a previous accounting period. Services provided on account during Year 2 were $212,000, and cash collections from receivables were $213,945. 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): (7) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts recelvable bt December 31, Year 2. (3) Net realizable value of accounts recelvable at December 31 , Year 2. c. What amount of uncollectible accounts expense will Renue report for Year 2? Record the transactions in general journal form. (if no entry is required for a transaction/event, select "No fournal entry required" in the first account field.) Journal entry worksheet Record entry for uncollectible accounts written off. Note: Enter debits before credits. c. What amount of uncollectible accounts expense will Renue report for Year 2? Complete this question by entering your answers in the tabs below. 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. Complete this question by entering your answers in the tabs below. What amount of uncollectible accounts expense will Renue report for Year 2
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