The following four situations are independent of one another Work each situation as it it were a separate problem Situation One Accounts Receivable Jan 1, balance $41,000, Dec 31, balance $55,000, Uncollectible accounts written off during the year, $6,000 Accounts receivable collected during the year, $159,000 Required 1) Prepare an Accounts Receivable T Account to compute the correct amount, and a 2) Journal entry to record sales revenue Two Allowance for Doubtful Accounts Jan 1, balance $4,000, Dec 31, balance $7,500, and Uncollectible accounts written off during the year were $20,000 Required 1) Prepare an Allowance for Doubtful Accounts T Account to compute the correct amount, and a 2) Journal entry to record bad debt expense Three Accounts Payable Jan 1, balance $25,000, Dec 31, balance $54,000, Purchases on account for the year, $150,000 Required 1) Prepare an Accounts Payable T Account to compute the correct amount, and a 2) Journal entry to record payments on account Four I nterest Receivable Jan 1 interest accrued equals $3,000, Dec 31 interestaccrued equals $2,100, Interest recognized for the year was $45,000 Required 1) Prepare an Interest Receivable T Account, and the 2) Journalentry to record cash interest received

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Posted on Sep 19, 2024

The following four situations are independent of one another. Work each situation as it it were a separate problem.

Situation #:
One	Accounts Receivable: Jan. 1, balance $41,000, Dec. 31, balance $55,000, Uncollectible accounts written off during the year, $6,000; Accounts receivable collected during the year, $159,000. Required: 1) Prepare an Accounts Receivable T-Account to compute the correct amount, and a 2) Journal entry to record sales revenue.






Two	Allowance for Doubtful Accounts: Jan. 1, balance $4,000, Dec. 31, balance $7,500, and Uncollectible accounts written off during the year were $20,000. Required: 1) Prepare an Allowance for Doubtful Accounts T-Account to compute the correct amount, and a 2) Journal entry to record bad debt expense.








Three	Accounts Payable: Jan. 1, balance $25,000, Dec. 31, balance $54,000, Purchases on account for the year, $150,000. Required: 1) Prepare an Accounts Payable T-Account to compute the correct amount, and a 2) Journal entry to record payments on account.








Four	Interest Receivable: Jan. 1 interest accrued equals $3,000, Dec. 31 interestaccrued equals $2,100, Interest recognized for the year was $45,000. Required: 1) Prepare an Interest Receivable T-Account, and the 2) Journalentry to record cash interest received.