The accounts receivable balance for Renue Spa at December 31, Year 1, was $61,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $3,750. During Year 2, $2,100 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $500 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $215,000, and cash collections from receivables were $218,000. Uncollectible accounts expense was estimated to be 2 percent of the sales on account for the period.RequiredRecord the transactions in general journal form and post to T-accounts.Based on the preceding information, compute (after year-end adjustment):(1) Balance of allowance for doubtful accounts at December 31, Year 2.(2) Balance of accounts receivable at December 31, Year 2.(3) Net realizable value of accounts receivable at December 31, Year 2.What amount of uncollectible accounts expense will Renue report for Year 2? Got stuck please help! Required AGeneralJournalRequired A TRequired BRequired CAccountsRecord the transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in thefirst account field.)View transaction listARecord entry for uncollectible accounts written off.B Record entry for reinstated previously written-offaccounts.C Record entry for collected reinstated accounts.D Record services on account.☑CreditERecord entry for collection of accounts receivable.FRecord entry for uncollectible accounts expense.Note := journal entry has been entered> GeneralJournalAccountsRequirea bRequireaPost the transactions to T-accounts.Cash (partial)Beginning BalanceService RevenueBeginning BalanceEnding BalanceEnding BalanceAccounts ReceivableUncollectible Accounts ExpenseBeginning BalanceBeginning BalanceEnding Balance0Allowance for Doubtful AccountsBeginning BalanceEnding BalanceEnding Balance0

Year 2 General Journal Entries:Dr. Allowance for Doubtful accounts2,100 Cr. Accounts receivables…

Answered: Required A General Journal Required A T…

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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The accounts receivable balance for Renue Spa at December 31, Year 1, was $61,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $3,750. During Year 2, $2,100 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $500 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $215,000, and cash collections from receivables were $218,000. Uncollectible accounts expense was estimated to be 2 percent of the sales on account for the period.RequiredRecord the transactions in general journal form and post to T-accounts.Based on the preceding information, compute (after year-end adjustment):(1) Balance of allowance for doubtful accounts at December 31, Year 2.(2) Balance of accounts receivable at December 31, Year 2.(3) Net realizable value of accounts receivable at December 31, Year 2.What amount of uncollectible accounts expense will Renue report for Year 2? Got stuck please help!