TJ. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118.000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from joumal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar 2018 13 Accounts PR Dr. Cr. More info 2018 Mar Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $305 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Done

TJ. Race Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2018, Accounts Receivable has a $118.000 balance Joumalize the following transactions for T.J. Race: (Click the icon to view the transactions.) (Record debits first, then credits. Exclude explanations from joumal entries.) March 13, 2018: Wrote off S. Rose's account for $1,800. Journal Entry Date Mar 2018 13 Accounts PR Dr. Cr. More info 2018 Mar Apr 2019 Nov. Dec. Ded 13 Wrote off S. Rose's account for $1,800 14 Wrote off P. Soy's account for $650 8 P. Soy paid bad debts of $650 that was written off April 14, 2018 7 Wrote off J. Minor's account as uncollectible, $305 12 Wrote off D. Lovejoy's account for $350 due from sales made on account in 2018 Print Done

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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At January 1, 2018, Winding Mountain Flagpoles had Accounts Receivable of $27,000, and Allowance for Bad Debts had a credit balance of $4,000. During the year, Winding Mountain Flagpoles recorded the following: Requirement 2. Post Winding's transactions to the Accounts Receivable and Allowance for Bad Debts T-accounts. Enter the beginning balances and the journal entries, and then compute the unadjusted balance of each account.
On December 31, 2023, when its accounts receivable were $282,000 and its Allowance for Expected Credit Losses had an unadjusted debit balance of $1,900, Runner Corp. estimated that $15,800 of its accounts receivable account would become uncollectible, and it recorded the credit losses adjusting entry. On May 11, 2024, Runner determined that Fei Ya Cheng's account was uncollectible and wrote off $1,800. On November 12, 2024, Cheng paid the amount previously written off. (a) Your answer is partially correct. Prepare the required journal entries to record each of the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record entries in the order displayed in the problem statement.) 2023 (b) Date Account Titles and Explanation Dec. 31 No Entry 2024 No Entry Date Account Titles and…
At January 1, 2024, ABC Company reported an allowance for bad debts with a $7,190 credit balance. During 2024, ABC wrote-off as uncollectible accounts receivable totaling $12,530. At December 31, 2024, ABC Company had accounts receivable totaling $325,000 and prepared the following aging schedule: Accounts Receivable not past due 1-39 days past due 40-79 days past due 80-119 days past due over 119 days past due total $167,000 $ 52,000 $ 69,000 $ 26,000 $ 11,000 $325,000 % Uncollectible 2% 8% 14% 22% 45% Calculate the amount of bad debt expense recorded by ABC Company for 2024.
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es Dexter Company uses the direct write-off method. March 11 Dexter determines that it cannot collect $9,800 of its accounts receivable from Leer Company. March 29 Leer Company unexpectedly pays its account in full to Dexter Company. Dexter records its recovery of this bad debt. Prepare journal entries to record the above transactions. View transaction list Journal entry worksheet 1 2 3 Record write-off of Leer Company account. Note: Enter debits before credits. Date March 11 General Journal Debit Credit Record entry Clear entry View general journal >
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