1. On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,293, Pharoah Company estimates that 8% of its accounts receivable balance of $88,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. 2. On May 11, 2017, Pharoah Company determined that B. Jared’s account was uncollectible and wrote off $1,166. 3. On June 12, 2017, Jared paid the amount previously written off. Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Choose a transaction date December 31, 2016May 11, 2017June 12, 2017 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 2. Choose a transaction date December 31, 2016May 11, 2017June 12, 2017 Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount 3. Choose a transaction date December 31, 2016May 11, 2017June 12, 2017 Enter an account title to reinstate account previously written off Enter a debit amount Enter a credit amount Enter an account title to reinstate account previously written off Enter a debit amount Enter a credit amount (To reinstate account previously written off) Enter an account title Enter a debit amount Enter a credit amount Enter an account title Enter a debit amount Enter a credit amount

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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1.		On December 31, 2016, when its Allowance for Doubtful Accounts had a debit balance of $1,293, Pharoah Company estimates that 8% of its accounts receivable balance of $88,900 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts.
2.		On May 11, 2017, Pharoah Company determined that B. Jared’s account was uncollectible and wrote off $1,166.
3.		On June 12, 2017, Jared paid the amount previously written off.

Prepare the journal entries on December 31, 2016, May 11, 2017, and June 12, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Date	Account Titles and Explanation	Debit	Credit
1.	Choose a transaction date December 31, 2016May 11, 2017June 12, 2017	Enter an account title	Enter a debit amount	Enter a credit amount
		Enter an account title	Enter a debit amount	Enter a credit amount
2.	Choose a transaction date December 31, 2016May 11, 2017June 12, 2017	Enter an account title	Enter a debit amount	Enter a credit amount
		Enter an account title	Enter a debit amount	Enter a credit amount
3.	Choose a transaction date December 31, 2016May 11, 2017June 12, 2017	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
		Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
		(To reinstate account previously written off)
		Enter an account title	Enter a debit amount	Enter a credit amount
		Enter an account title	Enter a debit amount	Enter a credit amount

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