Entries related to uncollectible accounts following transactions were completed by the Emmanuel Company during the current fiscal year ended December 31:Jan. 29. Received 40% of the $17,000 balance owed by the Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18. Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,560 cash in full payment of Karm’s account.Aug. 9. Wrote off the $22,380 balance owed by the Golden Stallion Co., which has no assets. Nov. 7. Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $13,220 cash in full payment of the account.Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Claire Moon, Inc., $22,860; Jet Set Co., $15,320; Randall Distributors, $41,460; Harmonic Audio, $18,890.Dec. 31. Based on an analysis of the $2,740,000 of accounts receivable, it was estimated that $113,330 will be uncollectible. Journalized the adjusting entry.Instructions1. Record the January 1 credit balance of $102,380 in a T account for Allowance for Doubtful Accounts. 2. Journalize the transactions. Post each entry that affects the following selected T accounts and determine the new balances: Allowance for Doubtful Accounts Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31.
PR 9-1A Entries related to uncollectible accounts following transactions were completed by the Emmanuel Company during the current fiscal year ended December 31:Jan. 29. Received 40% of the $17,000 balance owed by the Jankovich Co., a bankrupt business, and wrote off the remainder as uncollectible. Apr. 18. Reinstated the account of Vince Karm, which had been written off in the preceding year as uncollectible. Journalized the receipt of $7,560 cash in full payment of Karm’s account.Aug. 9. Wrote off the $22,380 balance owed by the Golden Stallion Co., which has no assets. Nov. 7. Reinstated the account of Wiley Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of $13,220 cash in full payment of the account.Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Claire Moon, Inc., $22,860; Jet Set Co., $15,320; Randall Distributors, $41,460; Harmonic Audio, $18,890.Dec. 31. Based on an analysis of the $2,740,000 of accounts receivable, it was estimated that $113,330 will be uncollectible. Journalized the
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