Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51, 800, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5, 180. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $ 5,360 on account with a cost of $2,680. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and Grouse Co. with an accounts receivable balance of $2,680 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,680. 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. 2. Post the T- account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account.

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51, 800, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5, 180. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $ 5,360 on account with a cost of $2,680. 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and Grouse Co. with an accounts receivable balance of $2,680 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,680. 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. 2. Post the T- account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...

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Outdoor Equipment sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000 the bad debt expense account had a balance of $0 and the allowance for doubtful accounts had a credit balance of $5000. Journalize the remaining entries for the year 2020. Required: Prepare journal entries to record the transactions. Note: write off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Draw and fill in the T – accounts for account receivable, bad debt expense and allowance for doubtful accounts. Determine the ending balance for each account.
At the end of the prior year, Durney's Outdoor Outfitters reported the following information. Accounts Receivable, December 31, prior year Accounts Receivable (Gross) (A) Allowance for Doubtful Accounts (XA) Accounts Receivable (Net) (A) $ 48,151 8,419 $ 39,732 During the current year, sales on account were $305,298, collections on account were $290,200, write-offs of bad debts were $7,004, and the bad debt expense adjustment was $4,720. Required: 1-a. Complete the Accounts Receivable and Allowance for Doubtful Accounts T-accounts to determine the balance sheet values. 1-b. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the income statement for the current year. 1-c. Complete the amounts related to Accounts Receivable and Bad Debt Expense that would be reported on the balance sheet for the current year.
At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Auto Repairs Service was $22,300. Credit sales for the year were $515,000.(11 points) Required: Make the necessary adjusting entry (December 31, 20XX) in general journal form under each of the following assumptions. 1.Allowance for Bad Debts has a credit balance of $870. The percentage of sales method is used, and bad debt expense is estimated to be 1.0% of credit sales. The percentage of receivables method is used and an analysis of the accounts produces an estimate of $1,580 in uncollectible accounts. GENERAL JOURNALPage 1 Date Description Post Ref. Debit Credit
Wolfe, Inc. had credit sales for the period of $146,000. The balance in Allowance for Doubtful Accounts is a debit of $663. If Wolfe estimates that 5% of credit sales will be uncollectible, what is the required journal entry to record estimated uncollectible accounts? O A. Debit Bad Debt Expense, $7,300; credit Allowance for Uncollectible Accounts, $7,300. O B. No entry is required. O C. Debit Bad Debt Expense, $6.637; credit Allowance for Uncollectible Accounts, $6.637. O D. Debit Bad Debt Expense, $7,963; credit Allowance for Uncollectible Accounts, S7,963.
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At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $301,000 and in Allowance for Uncollectible Accounts of $890 (credit) before adjustment. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. Bad debt expense for the year should be: Multiple Choice $2,120 $2,621 $3,900 $3,010 Deas 020 # Mout
During its first year of operations winter retreats earned net credit sales of $366,000. Industry experience suggests that bad debts will amount to 1% of net credit sales. At December 31, 2024 accounts receivable total $38,000. The company uses the allowance method to account for uncollectibles.
Abbott Company uses the allowance method of accounting for uncollectible accounts. Abbott estimates that 2% of credit sales will be uncollectible. On January 1, the Allowance for Doubtful Accounts had a credit balance of $3,300. During the year, Abbott wrote-off accounts receivable totaling $2,800 and made credit sales of $105,000. After the adjusting entry, the December 31 balance in Bad Debt Expense would be Select the correct answer. $5,400 $3,300 $2,100 $2,600
During the current year, Witz Electric, Inc., recorded credit sales of $800,000. Based on prior experience, it estimates a 2 percent bad debt rate on credit sales. Required: Prepare journal entries for each transaction: (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On September 29 of the current year, an account receivable for $3,000 from March of the current year was determined to be uncollectible and was written off. b. The appropriate bad debt expense adjustment was recorded for the current year. View transaction list Journal entry worksheet 2 1 Record the entry for bad debt expense. Note: Enter debits before credits. Transaction General Journal Debit Credit b.
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