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es Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,900, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,090. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,180 on account with a cost of $2,590. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,290 and Grouse Co. with an accounts receivable balance of $2,590 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,590. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list Journal entry worksheet < 1 5 Record the estimate for uncollectible accounts. Note: Enter debits before credits. 6

es Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,900, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,090. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,180 on account with a cost of $2,590. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,290 and Grouse Co. with an accounts receivable balance of $2,590 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,590. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list Journal entry worksheet < 1 5 Record the estimate for uncollectible accounts. Note: Enter debits before credits. 6

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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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,900, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,090. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,180 on account with a cost of $2,590. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,290 and Grouse Co. with an accounts receivable balance of $2,590 were uncollectible and needed to be written off. 20 23 Unexpectedly received payment from Grouse Co. for $2,590. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list < Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. 5 Record the estimate for uncollectible accounts. 6 >
Transcribed Image Text:Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,900, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,090. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,180 on account with a cost of $2,590. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,290 and Grouse Co. with an accounts receivable balance of $2,590 were uncollectible and needed to be written off. 20 23 Unexpectedly received payment from Grouse Co. for $2,590. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list < Journal entry worksheet 1 2 3 4 Note: Enter debits before credits. 5 Record the estimate for uncollectible accounts. 6 >
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