Ass Homework: Chapter 9 Homework Question 1, Problem 9-8A (similar to) Part 1 of 12 HW Score: 0%, 0 of 2 points O Points: 0 of 2 Save Ellworth Supply uses the allowance method in accounting for uncollectible accounts with the estimate based on the aging-of-accounts receivable method. The company had the following account balances on November 30, 2020: Accounts Receivable $ 687,000 Allowance for Doubtful Accounts (credit balance) 87,000 The following transactions took place during the month of December 2020: Click the icon to view the transactions.) Required Requirement 1. Record the transactions in the general journal. December 2. Earth Inc., which owes $48,000, is unable to pay on time and has given a 25-day, 15-percent note in settlement of the account. (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Dec. ??????? ???????????????????????????????????????????????????????????????????????????? info - ? 2 Earth Inc., which owes $48,000, is unable to pay on time and has given a 25-day, 15-percent note in settlement of the account. 6 Received from Ivy Gladstone the amount owed on a November 7 dishonoured note, plus extra interest for 30 days at 4 percent computed on the maturity value of the note ($14,000). This dishonoured note had been converted to an account receivable on November 7. 10 Received notice that a customer (Ted Googel) has filed for bankruptcy. Googel owes $19,600. The courts will confirm the amount recoverable at a later date. 11 Determined the account receivable from Kristen Walters ($9,800) was uncollectible and wrote it off. 18 Received a cheque from the courts in the amount of $16,500 as final settlement of Googel's account. 27 Earth Inc. paid the note received on December 2. 27 Determined the account receivable for Donald Maggie ($5,500) was uncollectible and wrote it off. 31 Sales for the month totalled $726,000 (of which 75 percent were on account) and collections on account totalled $606,210. 31 Ellworth Supply did an aging of accounts receivable that indicated that $78,000 is expected to be uncollectible. The company recorded the appropriate adjustment. fst, Print Done Clear all Check