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 $1,630 cash in full payment of Arlene’s account. Apr. 3. Wrote off the $9,340 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $16,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,655 cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,025; Fogle Co., $2,085; Lake Furniture, $5,365; Melinda Shryer, $1,515. Dec. 31. Based on an analysis of the $825,700 of accounts receivable, it was estimated that $35,900 will be uncollectible. Journalized the adjusting entry. I need assistance with the following problems in the images.
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 $1,630 cash in full payment of Arlene’s account. Apr. 3. Wrote off the $9,340 balance owed by Premier GS Co., which is bankrupt. July 16. Received 25% of the $16,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,655 cash in full payment. Dec. 31. Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,025; Fogle Co., $2,085; Lake Furniture, $5,365; Melinda Shryer, $1,515. Dec. 31. Based on an analysis of the $825,700 of accounts receivable, it was estimated that $35,900 will be uncollectible. Journalized the adjusting entry. I need assistance with the following problems in the images.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $1,630 cash in full payment of Arlene’s account. |
Apr. 3. | Wrote off the $9,340 balance owed by Premier GS Co., which is bankrupt. |
July 16. | Received 25% of the $16,800 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. |
Nov. 23. | Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,655 cash in full payment. |
Dec. 31. | Wrote off the following accounts as uncollectible (one entry): Cavey Co.,$7,025; Fogle Co., $2,085; Lake Furniture, $5,365; Melinda Shryer, $1,515. |
Dec. 31. | Based on an analysis of the $825,700 of |
I need assistance with the following problems in the images.
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