The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31:June 8.Wrote off account of Kathy Quantel, $9,030.Aug. 14.Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.Oct. 16.Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt.Dec. 31.Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan$2,620Greg Gagne1,630Amber Kisko6,230Shannon Poole3,610Niki Spence990Dec. 31.If necessary, record the year-end adjusting entry for uncollectible accounts.a. Journalize the transactions under the direct write-off method.June 8Allowance for Doubtful Accounts Accounts Receivable-Kathy Quantel Aug. 14Cash Bad Debt Expense Accounts Receivable-Rosalie Oakes Oct. 16Accounts Receivable-Kathy Quantel Bad Debt Expense Oct. 16Cash Accounts Receivable-Kathy Quantel Dec. 31Bad Debt Expense Accounts Receivable-Wade Dolan Accounts Receivable-Greg Gagne Accounts Receivable-Amber Kisko Accounts Receivable-Shannon Poole Accounts Receivable-Niki Spence Dec. 31No entry No entry b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable:June 8Allowance for Doubtful Accounts Accounts Receivable-Kathy Quantel Aug. 14Cash Allowance for Doubtful Accounts Accounts Receivable-Rosalie Oakes Oct. 16Accounts Receivable-Kathy Quantel Allowance for Doubtful Accounts Oct. 16Cash Accounts Receivable-Kathy Quantel Dec. 31Allowance for Doubtful Accounts Accounts Receivable-Wade Dolan Accounts Receivable-Greg Gagne Accounts Receivable-Amber Kisko Accounts Receivable-Shannon Poole Accounts Receivable-Niki Spence Dec. 31Bad Debt Expense Allowance for Doubtful Accounts b My Questions | bartlebyGrades for Kirstin Kemp: ACCT X & My Home* CengageNOWv2 | Online teach xG how to screen shot on dell lap x +A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseE Apps H Microsoft account .Blackboard Learn H Log In or Register |. O my.csudh.edu CS.O myCB A Adaptive Math | Ad.O e MYGBCLAIMNew In - Honeybum O. Registrations>>Homework: Chapter 8N eBookShow Me Howb. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysisof receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable:Aging Class (NumberReceivables BalanceEstimated Percent ofof Days Past Due)on December 31Uncollectible Accounts0-30 days$433,0003 %31-60 days163,000861-90 days51,0002091-120 days19,00050More than 120 days26,00090Total receivables$692,000>June 8 Allowance for Doubtful Accounts yAccounts Receivable-Kathy Quantel vAug. 14 Cash vAllowance for Doubtful Accounts yAccounts Receivable-Rosalie Oakes vOct. 16 Accounts Receivable-Kathy QuantelyCheck M WedkDroviousNext5:19 PMP Type here to searchO G 4)1/25/202120近 b My Questions | bartlebyGrades for Kirstin Kemp: ACCT X & My Home* CengageNOWv2 | Online teach xG how to screen shot on dell lap x +A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=falseAppsMicrosoft account .Blackboard Learn H Log In or Register . O my.csudh.edu CS.O myCB A Adaptive Math | Ad.O O MYGBCLAIMNew In - Honeybum O. Registrations>>Homework: Chapter 81 eBookD Show Me HowEntries for Bad Debt Expense Under the Direct Write-Off and Allowance MethodThe following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31:June 8. Wrote off account of Kathy Quantel, $9,030.Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cashreceipt.Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry):Wade Dolan$2,620Greg Gagne1,630Amber Kisko6,230Shannon Poole3,610>Niki Spence066Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts.If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.a. Journalize the transactions under the direct write-off method.June 8 Bad Debt Expense vAccounts Receivable-Kathy Quantel vAug. 14 Cash yChock MuWodkDroviousNext5:18 PMP Type here to searchO G 4)1/25/202120近00

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $9,030. Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,620 Greg Gagne 1,630 Amber Kisko 6,230 Shannon Poole 3,610 Niki Spence 990 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. a. Journalize the transactions under the direct write-off method. June 8 Allowance for Doubtful Accounts Accounts Receivable-Kathy Quantel Aug. 14 Cash Bad Debt Expense Accounts Receivable-Rosalie Oakes Oct. 16 Accounts Receivable-Kathy Quantel Bad Debt Expense Oct. 16 Cash Accounts Receivable-Kathy Quantel Dec. 31 Bad Debt Expense Accounts Receivable-Wade Dolan Accounts Receivable-Greg Gagne Accounts Receivable-Amber Kisko Accounts Receivable-Shannon Poole Accounts Receivable-Niki Spence Dec. 31 No entry No entry b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: June 8 Allowance for Doubtful Accounts Accounts Receivable-Kathy Quantel Aug. 14 Cash Allowance for Doubtful Accounts Accounts Receivable-Rosalie Oakes Oct. 16 Accounts Receivable-Kathy Quantel Allowance for Doubtful Accounts Oct. 16 Cash Accounts Receivable-Kathy Quantel Dec. 31 Allowance for Doubtful Accounts Accounts Receivable-Wade Dolan Accounts Receivable-Greg Gagne Accounts Receivable-Amber Kisko Accounts Receivable-Shannon Poole Accounts Receivable-Niki Spence Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $9,030. Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,620 Greg Gagne 1,630 Amber Kisko 6,230 Shannon Poole 3,610 Niki Spence 990 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. a. Journalize the transactions under the direct write-off method. June 8 Allowance for Doubtful Accounts Accounts Receivable-Kathy Quantel Aug. 14 Cash Bad Debt Expense Accounts Receivable-Rosalie Oakes Oct. 16 Accounts Receivable-Kathy Quantel Bad Debt Expense Oct. 16 Cash Accounts Receivable-Kathy Quantel Dec. 31 Bad Debt Expense Accounts Receivable-Wade Dolan Accounts Receivable-Greg Gagne Accounts Receivable-Amber Kisko Accounts Receivable-Shannon Poole Accounts Receivable-Niki Spence Dec. 31 No entry No entry b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: June 8 Allowance for Doubtful Accounts Accounts Receivable-Kathy Quantel Aug. 14 Cash Allowance for Doubtful Accounts Accounts Receivable-Rosalie Oakes Oct. 16 Accounts Receivable-Kathy Quantel Allowance for Doubtful Accounts Oct. 16 Cash Accounts Receivable-Kathy Quantel Dec. 31 Allowance for Doubtful Accounts Accounts Receivable-Wade Dolan Accounts Receivable-Greg Gagne Accounts Receivable-Amber Kisko Accounts Receivable-Shannon Poole Accounts Receivable-Niki Spence Dec. 31 Bad Debt Expense Allowance for Doubtful Accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

June 8	Allowance for Doubtful Accounts
	Accounts Receivable-Kathy Quantel

Aug. 14	Cash
	Bad Debt Expense
	Accounts Receivable-Rosalie Oakes

Oct. 16	Cash
	Accounts Receivable-Kathy Quantel
Dec. 31	Bad Debt Expense
	Accounts Receivable-Wade Dolan
	Accounts Receivable-Greg Gagne
	Accounts Receivable-Amber Kisko
	Accounts Receivable-Shannon Poole
	Accounts Receivable-Niki Spence
Dec. 31	No entry
	No entry