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Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3,200 (cr.) and S0, respectively. Remember to update account balances but ignore posting references. Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) - x Jan 17: Sold inventory to Riley Brunswick, $500 on account. Ignore cost of goods sold More Info Journal Entry Date Accounts Debit Credit Jan 17 Sold inventory to Riley Brunswick. $500, on account Ignore cost of Jan 17 goods sold Jun 29 Wirote off the Riley Brunswick account as uncollectible after repeated eforts to collect from him. Received $175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Aug 6 Sep 4 Oct 31 Made a compound entry to write off the following accounts as Received the balance due from Riley Brunswick Jun 29: Wrote off the Riley Brunswick account as uncolectible after repeated efforts to collect from him uncollectible: Brody Conrad. $100: Tom Marquet. S700: and Sylvia Walsh, $900. Journal Entry Dec 31 Based on an aging of accounts receivable, estimated uncollectible Date Accounts Debit Credit accounts as $4.000. Jun 29 Print Done Aug 6. Received S175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full Begin by preparing the entry to reinstate the account (Do not record the receipt of cash, this will be recorded in the next entry) Journal Entry Date Accounts Debit Credit Aug Now prepare the entry for the receipt of $175 from Riley Brunswick Journal Entry Date Accounts Debit Credit Aug 6

Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3,200 (cr.) and S0, respectively. Remember to update account balances but ignore posting references. Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) - x Jan 17: Sold inventory to Riley Brunswick, $500 on account. Ignore cost of goods sold More Info Journal Entry Date Accounts Debit Credit Jan 17 Sold inventory to Riley Brunswick. $500, on account Ignore cost of Jan 17 goods sold Jun 29 Wirote off the Riley Brunswick account as uncollectible after repeated eforts to collect from him. Received $175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Aug 6 Sep 4 Oct 31 Made a compound entry to write off the following accounts as Received the balance due from Riley Brunswick Jun 29: Wrote off the Riley Brunswick account as uncolectible after repeated efforts to collect from him uncollectible: Brody Conrad. $100: Tom Marquet. S700: and Sylvia Walsh, $900. Journal Entry Dec 31 Based on an aging of accounts receivable, estimated uncollectible Date Accounts Debit Credit accounts as $4.000. Jun 29 Print Done Aug 6. Received S175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full Begin by preparing the entry to reinstate the account (Do not record the receipt of cash, this will be recorded in the next entry) Journal Entry Date Accounts Debit Credit Aug Now prepare the entry for the receipt of $175 from Riley Brunswick Journal Entry Date Accounts Debit Credit Aug 6

FINANCIAL ACCOUNTING
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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Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3,200 (cr.) and $0, respectively. Remember to update account balances but ignore posting references. Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 17: Sold inventory to Riley Brunswick, $500 on account. Ignore cost of goods sold. More Info Journal Entry Date Accounts Debit Credit Jan 17 Sold inventory to Riley Brunswick, $500, on account. Ignore cost of goods sold. Wrote off the Riley Brunswick account as uncollectible after repeated Jan 17 Jun 29 efforts to collect from him Received $175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Aug 6 Sep 4 Received the balance due from Riley Brunswick. Oct 31 Made a compound entry to write off the following accounts as uncollectible: Brody Conrad, $100; Tom Marquet, $700; and Sylvia Walsh, $900. Jun 29: Wrote off the Riley Brunswick account as uncollectible after repeated efforts to collect from him. Journal Entry Dec 31 Based on an aging of accounts receivable, estimated uncollectible accounts as $4,000. Date Accounts Debit Credit Jun 29 Print Done Aug 6: Received $175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Begin by preparing the entry to reinstate the account. (Do not record the receipt of cash, this will be recorded in the next entry.) Journal Entry Date Accounts Debit Credit Aug Now prepare the entry for the receipt of $175 from Riley Brunswick, Journal Entry Date Accounts Debit Credit Aug 6
Transcribed Image Text:Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3,200 (cr.) and $0, respectively. Remember to update account balances but ignore posting references. Begin by recording the transactions in the journal. (Record debits first, then credits. Exclude explanations from any journal entries.) Jan 17: Sold inventory to Riley Brunswick, $500 on account. Ignore cost of goods sold. More Info Journal Entry Date Accounts Debit Credit Jan 17 Sold inventory to Riley Brunswick, $500, on account. Ignore cost of goods sold. Wrote off the Riley Brunswick account as uncollectible after repeated Jan 17 Jun 29 efforts to collect from him Received $175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Aug 6 Sep 4 Received the balance due from Riley Brunswick. Oct 31 Made a compound entry to write off the following accounts as uncollectible: Brody Conrad, $100; Tom Marquet, $700; and Sylvia Walsh, $900. Jun 29: Wrote off the Riley Brunswick account as uncollectible after repeated efforts to collect from him. Journal Entry Dec 31 Based on an aging of accounts receivable, estimated uncollectible accounts as $4,000. Date Accounts Debit Credit Jun 29 Print Done Aug 6: Received $175 from Riley Brunswick, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Begin by preparing the entry to reinstate the account. (Do not record the receipt of cash, this will be recorded in the next entry.) Journal Entry Date Accounts Debit Credit Aug Now prepare the entry for the receipt of $175 from Riley Brunswick, Journal Entry Date Accounts Debit Credit Aug 6
Sep 4: Received the balance due from Riley Brunswick. Journal Entry Date Accounts Debit Credit Sep Oct 31: Made a compound entry to write off the following accounts as uncollectible: Brody Conrad, S100; Tom Marquet, S700; and Sylvia Walsh, $900. Journal Entry Date Accounts Debit Credit Oct 31 Dec 31: Based on the aging of accounts receivable, estimated uncollectible accounts as $4,000. Journal Entry Date Accounts Debit Credit Dec 31 Now post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3.200 (cr.) and $0 respectively. Remember to update account balances but ignore posting references. (Post to the accounts in the same order as the journal entries prepared above, using the first available line on the debit or credit side of each T-account.) Allowance for uncollectible accounts Bad debt expense Beg Bal 3,200 Beg Bal Requirement 2. The December 31 balance of Accounts receivable is $122,000. Show how Accounts receivable would be reported on the balance sheet at that date. (Complete all answer boxes.) Salem Auto Parts, Inc. Balance Sheet (partial) December 31 Less:
Transcribed Image Text:Sep 4: Received the balance due from Riley Brunswick. Journal Entry Date Accounts Debit Credit Sep Oct 31: Made a compound entry to write off the following accounts as uncollectible: Brody Conrad, S100; Tom Marquet, S700; and Sylvia Walsh, $900. Journal Entry Date Accounts Debit Credit Oct 31 Dec 31: Based on the aging of accounts receivable, estimated uncollectible accounts as $4,000. Journal Entry Date Accounts Debit Credit Dec 31 Now post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $3.200 (cr.) and $0 respectively. Remember to update account balances but ignore posting references. (Post to the accounts in the same order as the journal entries prepared above, using the first available line on the debit or credit side of each T-account.) Allowance for uncollectible accounts Bad debt expense Beg Bal 3,200 Beg Bal Requirement 2. The December 31 balance of Accounts receivable is $122,000. Show how Accounts receivable would be reported on the balance sheet at that date. (Complete all answer boxes.) Salem Auto Parts, Inc. Balance Sheet (partial) December 31 Less:
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