Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,690 cash in full payment of Arlene's account. Apr. 3. Wrote off the $9,680 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $17,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,755 Nov. 23. cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,285; Fogle Co., $2,165; Lake Furniture, $5,560; Melinda Shryer, $1,570.
Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $1,690 cash in full payment of Arlene's account. Apr. 3. Wrote off the $9,680 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $17,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,755 Nov. 23. cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,285; Fogle Co., $2,165; Lake Furniture, $5,560; Melinda Shryer, $1,570.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hi,
I am wondering if someone can please help explain the formulas for the rest of this problem?
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Transcribed Image Text:Entries Related to Uncollectible Accounts
The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31:
Jan. 19.
Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt
of $1,690 cash in full payment of Arlene's account.
Apr. 3.
Wrote off the $9,680 balance owed by Premier GS Co., which is bankrupt.
July 16.
Received 25% of the $17,400 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible.
Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,755
Nov. 23.
cash in full payment.
Dec. 31.
Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,285; Fogle Co., $2,165; Lake Furniture, $5,560;
Melinda Shryer, $1,570.
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