ezto. value: 33.34 points E8-17 (Supplement 8A) Recording Write-Offs a nd Report

Question

ezto. value: 33.34 points E8-17 (Supplement 8A) Recording Write-Offs a nd Reporting Accounts Receivable U wiring in new homes. Because the company's financial statements are prepared only for tax purposes, Jon uses the direct write-off method. During 2015, its first year of operations, Trevorson $29,600 of services on account. The company collected $25,800 of these reoeivables during the year, and Jon believed that the remaining $3,800 was fully collectible. In $3,800 would be ollected, so he wrote off the entre amount. To make matters worse, Jon sold only $6,400 of services during the year owned by Jon Trevorson, an electrician who installs Electronics sold 2016, Jon discovered that none of the Required: 1. Propare journal entries to record tho transactions in 2015 and 2018. (f no entry is required for a transactionlevent, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record the service revenue of $29,600 sold on account in 2015. Note: Enter debits before credits. Date General Journal Debit Credit 2015 Record entry Clear entry View general journal

Explanation / Answer

Requirement 4

Answer E8-17 2015 Sales $29,600 2015 Receivables $25,800 2016 Write-off $3,800 2016 Sales $5,400 Record the service revenue $29,600 sold on account 2015 2015 Accounts Receivable $29,600 Sales Revenue $29,600 Record the collection of $25,800 from outstanding customers accounts in 2015 2015 Cash $25,800 Accounts Receivable $25,800 Record write-off of outstanding customer balances of $3,800 determined to be uncollectible in 2016 2016 Bad Debt Expense $3,800 Accounts Receivable $3,800 Record the service revenue $5,400 sold on account 2016 2016 Accounts Receivable $5,400 Sales Revenue $5,400 2-a TREVORSON ELECTRONICS Income Statement For the years ended december 31 2015 2016 Sales $29,600 $5,400 Bad Debt Expense $3,800 Net Income $29,600 $1,600 2-b As per the data provided yes 2-c Compartive to 2015 yes

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