UU The following transactions were completed by Daws Company during the current fiscal year ended December 31 Jan. 29 Apr 18 Aug. 9 Nov 7 Received 40% of the $17,000 balance owed by Kovar Co, a bankrupt business, and wrote off the remainder as uncollectible Reinstated the account of Spencer Clark, which had been written off in the preceding year as uncollectible Journalized the receipt of $7.405 cash in full payment of Clark's account Wrote off the $6,460 balance owed by Iron Horse Co., which has no assets Reinstated the account of Vinyl Co which had been written off in the preceding year as uncollectible Journalized the receipt of $3,940 cash in full payment of the account Wrote off the following accounts as uncollectible (one entry): Beth Connelly Inc. $7,095, DeVine Co. $5,540, Moser Distributors, $9,495, Oceanic Optics, $1,035, Based on an analysis of the $1,782,000 of accounts receivable, it was estimated that $35,640 will be uncollectible. Journalized the adjusting entry Dec 31 Dec 31 Required: 1 Record the January 1 credit balance of $25,615 in a T account for Allowance for Doubtful Accounts 2 A Journalize the transactions. For the December 31 adjusting entry assume the $1,782,000 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 Assummg that instead of basing the provision for uncollechte accounts on an analysis of receivables the adusting entry on December 31 had been based on an estimated expense of % of 1% of the sales of $17.760,000 for the year, determine the following A Bad debt expense for the year B Balance in the allowance account after the adjustment of Docomber 31 C Expected not realizable value of the accounts receivable as of December 31 Record the way I crear balance of $25.676 aamunt terme elimu 2. 0 Pisteachery at afects the following selected and meet new halunos de Decoratie La Debt Expense Allowance for Doublul Accounts Jan Be Dec 31 AB Bad Debt Expense Journal 2 Acomate the actions for the December augme 51 762.000 band infectie de dating wet to the chart accounts for any of the countries the company 2. A Journalize the transactions for the December 31 acusting entry assume the $1.782.000 bataie in accounts receivable reflects the autents de during the mar Refer to the chart of accounts for a listing of the account is the company uses TAGE 10 JOURNAL DATE DESCRIPTION POST RY ORLD ACT ARTS LATES OUT 11 Check My Workmore Check My Work unes remaining Assignment Score: 57.49% All work saved Emaior 3. Determine the expected retreatable value of the accounts receives of December 3 (alter all of the adusments and the adjusting entry $ Assuming that instead of basing the provision for uncalienble accounts on an analysis or becomes the aquang enty on December at had been based on an emated expense of Nor of the sale of $17.760,000 for the year defermine the following A Badget anse for the year. 5 B.Balance in the allowance account after the austment of December 31 C Expected net realuable value of the accounts receivable as of December 31 S Check My Work 3 more Check My Work uses remang All work saved Emainstre onment Score: 57.49% TI Type here to search C
