Hello! Please help me with this part. Here is the previous information that migh

Question

Hello! Please help me with this part. Here is the previous information that might help :)

(e) Your answer is partially correct. Try again Post adjusting entries to the T-accounts. (Post entries in the order of journal entries presented above Cash 13,5202/1 8,0002/1 4,1102/5 9,380 230 2,460 310 900 4,000 230 1,290 2/5 5042/18 2,6002/20 24 27 /28 2/25 2/28 Bal 9,934 Accounts Receivable 2/16 4,0602/25 2,600 2/23 4,47 280 2/27 395 2/28 Bal. 960 Supplies 1,020 2/28 2/3 600 2/28 Bal. 42 Prepaid Insurance 2/5 2,4601T 2/5 820 2/28 Bal. 164

Explanation / Answer

Please note: Only T-accounts with errors have been shown above. For Insurance expense, Depreciation expense, Bad debt expense, Supplies expense, Interest expense, and Income tax expense accounts, mention the date as 2/28 and not 2/28 Bal.

The correct journal entry is:

Uncollectible receivables = 3% x $9600 = $288

Since allowance for doubtful accounts has a debit balance of $280, credit required is for $280 + $288 = $568.

Accounts Receivable 2/16 4060 2/25 2600 2/23 4470 2/28 280 2/28 3950 2/28 Bal. 9600 Prepaid Insurance 2/5 2460 2/28 820 2/28 Bal. 1640 Equipment 2/1 9380 2/5 5700 2/28 Bal. 3680 Accounts Payable 2/18 310 2/3 1020 2/28 Bal. 710 Unearned Service Revenue 2/28 126 2/17 504 2/28 Bal. 378 Service Revenue 2/16 4060 2/23 4470 2/28 3950 2/28 126 Salaries and Wages Expense 2/24 4000 2/28 2000

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