Exercise 8-8 Receivables, allowance for doubtful accounts, write-off, and subsequent recovery LO1, 2, 3Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,800, thebad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,180. Journalize theremaining journal entries for the 2023 year.Dec. 2202331Sold tents for $5,360 on account with a cost of $2,680.Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 andGrouse Co. with an accounts receivable balance of $2,680 were uncollectible and needed to bewritten off.Unexpectedly received payment from Grouse Co. for $2,680.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 beposted separately.View transaction listJournal entry worksheet

Detailed explanation:When making journal entries analyze what accounts are affected and how these…

Answered: Exercise 8-8 Receivables, allowance for…

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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QUESTION 1 On December 31, 2018, Ava Company had an ending balance of $5864 in its accounts receivable account and an unadjusted (current) balance in its allowance for doubtful accounts account of $160.Ava estimates uncollectible accounts expense to be 9% of receivables. Based on this information, the amount of net realizable accounts receivable shown on the 2018 balance sheet is $
Chapters 8-9-10-11 & Ratios i Help Saved 1 to 30 $ 96,000 Total 31 to 60 61 to 90 Over 90 $ 600,000 $ 402,000 $ 42,000 $ 24,000 $ 36,000 Accounts receivable Percent uncollectible 18 28 5% 78 108 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit, c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $700 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record bad…
Answer for problem D and E
Question 8 of 8 -/ 20 View Policies Current Attempt in Progress Select financial information from Marshall Inc. is shown below: 2022 2021 Receivables $423,018 $376,089 less allowance for doubtful accounts 45,890 32,236 Receivables, net 377,128 343,853 Credit sales 5,245,000 4,846,300 Calculate the receivables turnover and the collection period for 2022. (Round answers to 1 decimal place, e.g. 12.3.) Receivables Turnover Ratio times Average Collection Period days Save for Later Attempts: 0 of 1 used Submit Answer II
Aa-2
Exercise 8-03 At the beginning of the current period, Kingbird Corp. had balances in Accounts Receivable of $192,800 and in Allowance for Doubtful Accounts of $8,520 (credit). During the period, it had net credit sales of $722,500 and collections of $708,940. It wrote off as uncollectible accounts receivable of $7,972. However, a $3,275 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,740 at the end of the period. (Omit cost of goods sold entries.) (a) Prepare the entries to record sales and collections during the period. (b) Prepare the entry to record the write-off of uncollectible accounts during the period. (c) Prepare the entries to record the recovery of the uncollectible account during the period. (d) Prepare the entry to record bad debt expense for the period. (Credit account titles are automatically indented…
Chanter 9 Receivables Receivables s: Series A PR 9-1A Entries related to uncollectible accounts OBJ. 4 The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31: Jan. 29. Received 40% of the $17,000 balance owed by Jankovich Co., a bankrupt busi- bacce ness, and wrote off the remainder as uncollectible. Apr. 18. Reinstated the account of Vince Karm, which had been written off in the preced- ing 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 Golden Stallion Co., which has no assets. Nov. 7. Reinstated the account of Wiley Co., which had been written off in the preced- ogn AGLG LGb ubongio ing 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 (one entry): Claire Moon Inc., $22,860; Jet Set Co., $15,320; Randall Distributors, $41,460;…
Required information Problem 9-3A (Algo) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Does this write-off directly affect Jarden's net income? Uncollectible 1.25% 2.00 6.50 32.75 68.00 Problem 9-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $4,700 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
My Home CengageNOWv2 | Online teaching and learning reso... 10.2 Calculate the Cost of Goods Sold and Ending In.. еBook Print Item Jars Plus recorded $862,430 in credit sales for the year and $489,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave…
Exercise 7-11 (Algo) Uncollectible accounts; allowance method vs. direct write-off method Johnson Company calculates its allowance for uncollectible'accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $12,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $200,100, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 22,000. Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. 4. If Johnson instead used the direct write-off method, what…
rmn.3
QUESTION 39 Sally's Shed had account balances in Accounts Receivable of $415,000 and in Allowance for Uncollectible Accounts of $800 (debit) before any adjustments on December 31. An analysis on December 31 determined that the allowance for uncollectible accounts should be 4% of accounts receivable. The amount of the end of period adjustment would be: A. $15,190 OB. $15,800 OC. $16,600 D. $17,400

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