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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text: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.
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