Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,400, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,140. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,280 on account with a cost of $2,640. es 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,340 and Grouse Co. with an accounts receivable balance of $2,640 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,640. 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 5 6 Record the sales. 7
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,400, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,140. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,280 on account with a cost of $2,640. es 20 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,340 and Grouse Co. with an accounts receivable balance of $2,640 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,640. 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 5 6 Record the sales. 7
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
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Transcribed Image Text:Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,400, the
bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,140. Journalize the
remaining journal entries for the 2023 year.
Dec.
2
Sold tents for $5,280 on account with a cost of $2,640.
es
20
Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,340 and
Grouse Co. with an accounts receivable balance of $2,640 were uncollectible and needed to be
written off.
23 Unexpectedly received payment from Grouse Co. for $2,640.
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
5
6
Record the sales.
7
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