(a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is uncollectible. Determined that the account of Mark Pippy for $4,000 is uncollectible. Received a cheque for $1,800 as payment on account from Henry Hum, whose 10 Sept. 12 Oct. 10 account had previously been written off as uncollectible. He indicated the remainder of his account would be paid in November. Nov. 15 Received a cheque for $700 from Henry Hum as payment on his account. (b)Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2008. (c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?
(a)Record the following events in 2008. Aug. Determined that the account of Henry Hum for $2,500 is uncollectible. Determined that the account of Mark Pippy for $4,000 is uncollectible. Received a cheque for $1,800 as payment on account from Henry Hum, whose 10 Sept. 12 Oct. 10 account had previously been written off as uncollectible. He indicated the remainder of his account would be paid in November. Nov. 15 Received a cheque for $700 from Henry Hum as payment on his account. (b)Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2008. (c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 8MC: Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of...
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Question
![(a)Record the following events in 2008.
Determined that the account of Henry Hum for $2,500 is uncollectible.
Determined that the account of Mark Pippy for $4,000 is uncollectible.
Received a cheque for $1,800 as payment on account from Henry Hum, whose
Aug.
10
Sept.
12
Oct.
10
account had previously been written off as uncollectible. He indicated the remainder of his account
would be paid in November.
Nov.
15
Received a cheque for $700 from Henry Hum as payment on his account.
(b)Prepare the adjusting journal entry to record the bad debt provision for the year ended
December 31, 2008.
(c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F611696ec-017e-423d-b935-d2eed5bac725%2F877a4434-6536-486b-a679-6b9d0552f1c0%2Fvixn3hg_processed.jpeg&w=3840&q=75)
Transcribed Image Text:(a)Record the following events in 2008.
Determined that the account of Henry Hum for $2,500 is uncollectible.
Determined that the account of Mark Pippy for $4,000 is uncollectible.
Received a cheque for $1,800 as payment on account from Henry Hum, whose
Aug.
10
Sept.
12
Oct.
10
account had previously been written off as uncollectible. He indicated the remainder of his account
would be paid in November.
Nov.
15
Received a cheque for $700 from Henry Hum as payment on his account.
(b)Prepare the adjusting journal entry to record the bad debt provision for the year ended
December 31, 2008.
(c)What is the balance of Allowance for Doubtful Accounts at December 31, 2008?
![1) Past experience indicates that 2% of net credit sales will eventually be uncollectible for the Elmerez
Rental Company. Selected general ledger account balances at December 31, 2007, and December
31, 2008, appear below:
2007
2008
Sales
$421,000
$526,500
Sales returns and allowances
21,000
26,500
Accounts Receivable
80,000
100,000
Allowance for Doubtful Accounts
3,000
Instructions](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F611696ec-017e-423d-b935-d2eed5bac725%2F877a4434-6536-486b-a679-6b9d0552f1c0%2Fx6ikc_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1) Past experience indicates that 2% of net credit sales will eventually be uncollectible for the Elmerez
Rental Company. Selected general ledger account balances at December 31, 2007, and December
31, 2008, appear below:
2007
2008
Sales
$421,000
$526,500
Sales returns and allowances
21,000
26,500
Accounts Receivable
80,000
100,000
Allowance for Doubtful Accounts
3,000
Instructions
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