enteries related to uncollectible accounts akeAssignmentMain.do?invoker-assignme
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enteries related to uncollectible accounts
akeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator-assignment-take;&inprogress-false; eBook Show Me How Calculator Print Item Entries Related to Uncollectible Accounts The following transactions were completed by The Wild Trout Gallery during the current fiscal year ended December 31 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. lournalized the receipt of $2,305 cash in full payment of Arlene's account. Dan. 19. 3. Wrote off the $13,210 balance owed by Premier GS Co, which is bankrupt. 16. Received 30% of the 23,700 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. account of tarry Carr, which had been witten off two years eartier as uncollectble. Recorded the receipt of Nov 23. $3,755 cash in full payment Wrote off the following accounts as uncoll Melinda Shryer, $2,145. Based on an analysis of the $1,168,400 of accounts receivable, it was estimated that $50,800 will be uncollectible. Journalized Dec. 31. ectible (one entry): Cavey Co., $9,935; Fogle Co, $2,950, Lake Furniture, $7,585 Dec. 31 the adjusting entry Required: 1. Record the lanuary 1 credit balance of $48,400 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize $1,168,400 balance in accounts receivable reflects the adjustments made during the e the transactions. For a compound transaction, if an smount bok does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the year. 19 reinstale Accounts Payeble Arlene Giartey x Allowance for Doubtful Accounts Allowance for Doubtful Accounts x 0 more Check My Work uses remaining Save and ExitSubmit for Grading All work saved. 443 PMExplanation / Answer
1. Allowance for Doubtful Accounts:
2. In the books of The Wild Trout Gallery:
3. Expected net realizable value of accounts receivable :
4. a. Bad debt expense for the year : $ 36,050
b. Balance in allowance account : $ 37,825
c. Expected net realizable value of accounts realizable : $ 1,130,575
Accounts Receivable: GS Co. 13,210 Jan 1 Balance 48,400 Accounts Receivable: Hayden Co. 16,590 Accounts Receivable: Arlene Gurley 2,305 Accounts Receivable: Cavey Co. 9,935 Accounts Receivable: Harry Carr 3,755 Accounts Receivable: Fogle Co. 2,950 Accounts Receivable: Lake Furniture 7,585 Accounts Receivable: Melinda Shryer 2,145 Bad Debt Expense 48,755 Dec 31 Adjusted Balance 50,800Related Questions
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