The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31 posted this earlier but it was mostly WRONG I really need HELP Date Transaction June 8 Wrote off account of Kathy Quantel, $9,500 Aug 14 Received $6,750 as partial payment on the $17,010 account of Rosalie Oakes Wrote off the remaining balance as uncollectible Oct 16 Received the $9,500 from Kathy Quantel, whose account had been written off on June 8 Reinstated the account and recorded the cash receipt Dec 31 Wrote off the following accounts as uncollectible (record as one journal entry) Wade Dolan $2,760 Greg Gagne 1,710 Amber Kisko 6,550 Shannon Poole 3,800 Niki Spence 1,050 Dec 31 If necessary, journalize the year end adjusting entry for uncollectible accounts If no entry is required, select No Entry Required and leave the amount boxes blank If an amount box does not require an entry, leave it blank Question Content Area If no entry is required, select No entry and leave the amount boxes blank If an amount box does not require an entry, leave it blank a Journalize the transactions under the direct write off method Date Account Debit Credit June 8 Accounts Payable Kathy QuantelAccounts Receivable Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense Accounts Payable Kathy QuantelAccounts Receivable Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAccounts Receivable Kathy Quantel Aug 14 Accounts Payable Rosalie OakesAccounts Receivable Rosalie OakesAllowance for Doubtful AccountsCashNo Entry RequiredCash Accounts Payable Rosalie OakesAccounts Receivable Rosalie OakesAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense Accounts Payable Rosalie OakesAccounts Receivable Rosalie OakesBad Debt ExpenseCashNo Entry RequiredAccounts Receivable Rosalie Oakes Oct 16 Accounts Payable Kathy QuantelAccounts Receivable Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAccounts Receivable Kathy Quantel Accounts Payable Kathy QuantelAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense Oct 16 Accounts Payable Kathy QuantelAdvertising ExpenseAllowance for Doubtful AccountsCashNo Entry RequiredCash Advertising ExpenseAccounts Receivable Kathy QuantelAllowance for Doubtful AccountsCashNo Entry RequiredAccounts Receivable Kathy Quantel Dec 31 Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required Accounts Payable Wade DolanAccounts Receivable Wade DolanAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required Accounts Payable Greg GagneAccounts Receivable Greg GagneAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required Accounts Payable Amber KiskoAccounts Receivable Amber KiskoAllowance for Doubtful AccountsCashNo Entry Required Accounts Payable Shannon PooleAccounts Receivable Shannon PooleAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required Accounts Payable Niki SpenceAccounts Receivable Niki SpenceAllowance for Doubtful AccountsInterest RevenueNo Entry Required Dec 31 Allowance for Doubtful AccountsBad Debt ExpenseCashNo Entry RequiredSales Allowance for Doubtful AccountsBad Debt ExpenseCashNo Entry RequiredSales Feedback Area Feedback Remember that under the direct write off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless Under the allowance method once a customer account is identified as uncollectible, it is written off against the allowance account Question Content Area b Journalize the transactions under the allowance method, assuming that the allowance account had a balance of $28,500 at the beginning of the year and the company uses the analysis of receivables method Rustic Tables Company prepared the following aging schedule for its accounts receivable Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0 30 days $456,000 1 31 60 days 171,000 8 61 90 days 54,000 25 91 120 days 20,000 45 More than 120 days 28,000 85 Total receivables $729,000 Date Account Debit Credit June 8 Accounts Payable Kathy QuantelAccounts Receivable Kathy QuantelAllowance for Doubtful AccountsCashNo Entry RequiredAllowance for Doubtful Accounts Accounts Payable Kathy QuantelAccounts Receivable Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAccounts Receivable Kathy Quantel Aug 14 Accounts Payable Rosalie OakesAccounts Receivable Rosalie OakesBad Debt ExpenseCashNo Entry RequiredCash Accounts Payable Rosalie OakesAccounts Receivable Rosalie OakesAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAllowance for Doubtful Accounts Accounts Payable Rosalie OakesAccounts Receivable Rosalie OakesAllowance for Doubtful AccountsCashNo Entry RequiredAccounts Receivable Rosalie Oakes Oct 16 Accounts Receivable Kathy QuantelAdvertising ExpenseBad Debt ExpenseNo Entry RequiredSalesAccounts Receivable Kathy Quantel Accounts Payable Kathy QuantelAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAllowance for Doubtful Accounts Oct 16 Accounts Payable Kathy QuantelAdvertising ExpenseBad Debt ExpenseCashNo Entry RequiredCash Advertising ExpenseAccounts Receivable Kathy QuantelBad Debt ExpenseCashNo Entry RequiredAccounts Receivable Kathy Quantel Dec 31 Accounts ReceivableAllowance for Doubtful AccountsCashNo Entry RequiredNotes ReceivableAllowance for Doubtful Accounts Accounts Payable Wade DolanAccounts Receivable Wade DolanAdvertising ExpenseInterest RevenueNo Entry RequiredAccounts Receivable Wade Dolan Accounts Payable Greg GagneAccounts Receivable Greg GagneAdvertising ExpenseNo Entry RequiredSalesAccounts Receivable Greg Gagne Accounts Payable Amber KiskoAccounts Receivable Amber KiskoAdvertising ExpenseCashNo Entry RequiredAccounts Receivable Amber Kisko Accounts Payable Shannon PooleAccounts Receivable Shannon PooleAdvertising ExpenseDividendsNo Entry RequiredAccounts Receivable Shannon Poole Accounts Payable Niki SpenceAccounts Receivable Niki SpenceAdvertising ExpenseCashNo Entry RequiredAccounts Receivable Niki Spence Dec 31 Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAllowance for Doubtful Accounts

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The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: posted this earlier but it was

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: posted this earlier but it was mostly WRONG. I really need HELP!

Date	Transaction
June 8.	Wrote off account of Kathy Quantel, $9,500.
Aug. 14.	Received $6,750 as partial payment on the $17,010 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.
Oct. 16.	Received the $9,500 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt.
Dec. 31.	Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,760 Greg Gagne 1,710 Amber Kisko 6,550 Shannon Poole 3,800 Niki Spence 1,050
Dec. 31.	If necessary, journalize the year-end adjusting entry for uncollectible accounts.

If no entry is required, select "No Entry Required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

Question Content Area

If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.

a. Journalize the transactions under the direct write-off method.

Date	Account	Debit	Credit
June 8	Accounts Payable-Kathy QuantelAccounts Receivable-Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense
	Accounts Payable-Kathy QuantelAccounts Receivable-Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAccounts Receivable-Kathy Quantel
Aug. 14	Accounts Payable-Rosalie OakesAccounts Receivable-Rosalie OakesAllowance for Doubtful AccountsCashNo Entry RequiredCash
	Accounts Payable-Rosalie OakesAccounts Receivable-Rosalie OakesAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense
	Accounts Payable-Rosalie OakesAccounts Receivable-Rosalie OakesBad Debt ExpenseCashNo Entry RequiredAccounts Receivable-Rosalie Oakes
Oct. 16	Accounts Payable-Kathy QuantelAccounts Receivable-Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAccounts Receivable-Kathy Quantel
	Accounts Payable-Kathy QuantelAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense
Oct. 16	Accounts Payable-Kathy QuantelAdvertising ExpenseAllowance for Doubtful AccountsCashNo Entry RequiredCash
	Advertising ExpenseAccounts Receivable-Kathy QuantelAllowance for Doubtful AccountsCashNo Entry RequiredAccounts Receivable-Kathy Quantel
Dec. 31	Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required
	Accounts Payable-Wade DolanAccounts Receivable-Wade DolanAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required
	Accounts Payable-Greg GagneAccounts Receivable-Greg GagneAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required
	Accounts Payable-Amber KiskoAccounts Receivable-Amber KiskoAllowance for Doubtful AccountsCashNo Entry Required
	Accounts Payable-Shannon PooleAccounts Receivable-Shannon PooleAllowance for Doubtful AccountsBad Debt ExpenseNo Entry Required
	Accounts Payable-Niki SpenceAccounts Receivable-Niki SpenceAllowance for Doubtful AccountsInterest RevenueNo Entry Required
Dec. 31	Allowance for Doubtful AccountsBad Debt ExpenseCashNo Entry RequiredSales
	Allowance for Doubtful AccountsBad Debt ExpenseCashNo Entry RequiredSales

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Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless.

Under the allowance method once a customer account is identified as uncollectible, it is written off against the allowance account.

Question Content Area

b. Journalize the transactions under the allowance method, assuming that the allowance account had a balance of $28,500 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable:

Aging Class (Number of Days Past Due)	Receivables Balance on December 31	Estimated Percent of Uncollectible Accounts
0-30 days	$456,000	1%
31-60 days	171,000	8%
61-90 days	54,000	25%
91-120 days	20,000	45%
More than 120 days	28,000	85%
Total receivables	$729,000

Date	Account	Debit	Credit
June 8	Accounts Payable-Kathy QuantelAccounts Receivable-Kathy QuantelAllowance for Doubtful AccountsCashNo Entry RequiredAllowance for Doubtful Accounts
	Accounts Payable-Kathy QuantelAccounts Receivable-Kathy QuantelAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAccounts Receivable-Kathy Quantel
Aug. 14	Accounts Payable-Rosalie OakesAccounts Receivable-Rosalie OakesBad Debt ExpenseCashNo Entry RequiredCash
	Accounts Payable-Rosalie OakesAccounts Receivable-Rosalie OakesAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAllowance for Doubtful Accounts
	Accounts Payable-Rosalie OakesAccounts Receivable-Rosalie OakesAllowance for Doubtful AccountsCashNo Entry RequiredAccounts Receivable-Rosalie Oakes
Oct. 16	Accounts Receivable-Kathy QuantelAdvertising ExpenseBad Debt ExpenseNo Entry RequiredSalesAccounts Receivable-Kathy Quantel
	Accounts Payable-Kathy QuantelAdvertising ExpenseAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAllowance for Doubtful Accounts
Oct. 16	Accounts Payable-Kathy QuantelAdvertising ExpenseBad Debt ExpenseCashNo Entry RequiredCash
	Advertising ExpenseAccounts Receivable-Kathy QuantelBad Debt ExpenseCashNo Entry RequiredAccounts Receivable-Kathy Quantel
Dec. 31	Accounts ReceivableAllowance for Doubtful AccountsCashNo Entry RequiredNotes ReceivableAllowance for Doubtful Accounts
	Accounts Payable-Wade DolanAccounts Receivable-Wade DolanAdvertising ExpenseInterest RevenueNo Entry RequiredAccounts Receivable-Wade Dolan
	Accounts Payable-Greg GagneAccounts Receivable-Greg GagneAdvertising ExpenseNo Entry RequiredSalesAccounts Receivable-Greg Gagne
	Accounts Payable-Amber KiskoAccounts Receivable-Amber KiskoAdvertising ExpenseCashNo Entry RequiredAccounts Receivable-Amber Kisko
	Accounts Payable-Shannon PooleAccounts Receivable-Shannon PooleAdvertising ExpenseDividendsNo Entry RequiredAccounts Receivable-Shannon Poole
	Accounts Payable-Niki SpenceAccounts Receivable-Niki SpenceAdvertising ExpenseCashNo Entry RequiredAccounts Receivable-Niki Spence
Dec. 31	Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredBad Debt Expense
	Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseNo Entry RequiredAllowance for Doubtful Accounts