Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,200. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,400 on account with a cost of $2,700. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,400 and Grouse Co. with an accounts receivable balance of $2,700 were uncollectible and needed to be written off. 20 23 Unexpectedly received payment from Grouse Co. for $2,700. 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.
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,200. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,400 on account with a cost of $2,700. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,400 and Grouse Co. with an accounts receivable balance of $2,700 were uncollectible and needed to be written off. 20 23 Unexpectedly received payment from Grouse Co. for $2,700. 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, the
bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,200. Journalize
the remaining journal entries for the 2023 year.
Dec. 2 Sold tents for $5,400 on account with a cost of $2,700.
20
23
31
Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,400 and
Grouse Co. with an accounts receivable balance of $2,700 were uncollectible and needed to be
written off.
Unexpectedly received payment from Grouse Co. for $2,700.
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
Record the sales.
Date
Dec 02, 2023
3
Note: Enter debits before credits.
4
5 6
General Journal
Debit
Credit
Transcribed Image Text:2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance
for each account.
Beg. Bal.
End Bal
Beg. Bal.
End. Bal.
Accounts Receivable
52,000
Bad debt expense
Beg. Bal.
End. Bal.
Allowance for Doubtful Accounts
5,200
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