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Business
Accounting
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 $1,695 cash in full payment of Arlene's account. Apr. 3 Wrote off the $9,710 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. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible. Journalized the adjusting entry.

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 $1,695 cash in full payment of Arlene's account. Apr. 3 Wrote off the $9,710 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. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible. Journalized the adjusting entry.

FINANCIAL ACCOUNTING
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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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 $1,695 cash in full payment of Arlene's account. Apr. 3 Wrote off the $9,710 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. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible. Journalized the adjusting entry.
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 $1,695 cash in full payment of Arlene's account. Apr. 3 Wrote off the $9,710 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. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $2,765 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $7,305; Fogle Co., $2,170; Lake Furniture, $5,575; Melinda Shryer, $1,575. 31 Based on an analysis of the $860,200 of accounts receivable, it was estimated that $37,400 will be uncollectible. Journalized the adjusting entry.
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