The following transactions were completed by Daws Company during the current fiscal year ended December 31 Jan 29 Received 30 of the $18,900 balance owed by Kovar Co , a bankrupt business, and wrote off the remainder as uncollectible Apr 18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible Journalized the receipt of $7,265 cash in full payment of Clarks account Aug 9 Wrote off the $6,410 balance owed by Iron Horse Co , which has no assets Nov 7 Reinstated the account of Vinyl Co , which had been written off in the preceding year as uncollectible Journalized the receipt of $3,980 cash in full payment of the account Dec 31 Wrote off the following accounts as uncollectible (one entry) Beth Connelly Inc , $7,090 DeVine Co , $5,485 Moser Distributors, $9,415 Oceanic Optics, $1,190 Dec 31 Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncollectible Journalized the adjusting entry Required 1 Record the January 1 credit balance of $25,795 in a T account for Allowance for Doubtful Accounts 2 A Journalize the transactions For the December 31 adjusting entry, assume the $1,774,000 balance in accounts receivable reflects the adjustments made during the year Refer to the chart of accounts for a listing of the account titles the company uses B Post each entry that affects the following selected T accounts and determine the new balances Allowance for Doubtful Accounts and Bad Debt Expense 3 Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry) 4 Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1 of the net sales of $18,660,000 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 C Expected net realizable value of the accounts receivable as of December 31

Question

The following transactions were completed by Daws Company during the current fiscal year ended December 31  Jan  29 Received 30  of the $18,900 balance owed by Kovar Co , a bankrupt business, and wrote off the remainder as uncollectible  Apr  18 Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible  Journalized the receipt of $7,265 cash in full payment of Clarks account  Aug  9 Wrote off the $6,410 balance owed by Iron Horse Co , which has no assets  Nov  7 Reinstated the account of Vinyl Co , which had been written off in the preceding year as uncollectible  Journalized the receipt of $3,980 cash in full payment of the account  Dec  31 Wrote off the following accounts as uncollectible (one entry)  Beth Connelly Inc , $7,090  DeVine Co , $5,485  Moser Distributors, $9,415  Oceanic Optics, $1,190  Dec  31 Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncollectible  Journalized the adjusting entry  Required  1  Record the January 1 credit balance of $25,795 in a T account for Allowance for Doubtful Accounts  2  A  Journalize the transactions  For the December 31 adjusting entry, assume the $1,774,000 balance in accounts receivable reflects the adjustments made during the year  Refer to the chart of accounts for a listing of the account titles the company uses  B  Post each entry that affects the following selected T accounts and determine the new balances  Allowance for Doubtful Accounts and Bad Debt Expense  3  Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry)  4  Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1  of the net sales of $18,660,000 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  C  Expected net realizable value of the accounts receivable as of December 31

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Jan. 29	Received 30% of the $18,900 balance owed by Kovar Co., a bankrupt business, and wrote off the remainder as uncollectible.
Apr. 18	Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,265 cash in full payment of Clarks account.
Aug. 9	Wrote off the $6,410 balance owed by Iron Horse Co., which has no assets.
Nov. 7	Reinstated the account of Vinyl Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,980 cash in full payment of the account.
Dec. 31	Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc., $7,090; DeVine Co., $5,485; Moser Distributors, $9,415; Oceanic Optics, $1,190.
Dec. 31	Based on an analysis of the $1,774,000 of accounts receivable, it was estimated that $35,480 will be uncollectible. Journalized the adjusting entry.

Question

The following transactions were completed by Daws Company during the current fiscal year ended December 31: Jan. 29 Received 30% of the $18,900 balance owed

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