Homework: Chapter 5&6 Score: 0.3 of 1 pt HW Score: 14 39%, 058 of EE Question ep
ID: 2592208 • Letter: H
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Homework: Chapter 5&6 Score: 0.3 of 1 pt HW Score: 14 39%, 058 of EE Question ep E5-31 B (similar to) On November 30, Hn op Party Planners had a s35 000 balance n Accounts Receivable and a S254-rede bala e n AI wa ce i" LVcol ible Ac nt, Orngre enter noonde i les·s n on One da ernated as t% ofane ute Nonde, m tre collodions on account woro $16 1 000, and writo offs of uncolletle receivables totaled $2860 Uncol the accounts e pense Read the requirements Requirement 1. Joumalize sales, collections, methed oring Decenter Explanatons ae not roguted Recond deoits rnt ten ceds Excoe wite-offs of uncollectibles, and uncollectble-account expense by he allowance explanations from any journal entries ) (a) Begin by recording the journal entry for December salesExplanation / Answer
Opening accounting Receivables =$35000 Opening balance in allowance for Uncollectable accounts =$2941 Credit sales =$193000 Collections during the year =$161000 Write off bad debts =$2860 Uncollectable account expenses =1% on credit sales requirement 1 Journal Entries Date Account titles& Explanation Debit Credit 1 For Slaes made Account receivables A/c $193000 To Sales A/c $193000 (being sales has been Recorded) 2 For collections cash A/c $161000 To Accounts recevables A/c $161000 (being cash Collected from Customers) 3 Write off Uncollectables Allowance for uncollectable A/c $2860 To Account recevables A/c $2860 4 For bad debt Expesne Bad debt Expenses A/c (1%*$193000) $1930 To Allowance for uncollcetable accounts A/c $1930 (being bad debt expenses has been recorded) Requirement 2 2 T - Accounts for Accoutns recevables and Allownces for uncollectable accounts Account receivables Account Account Amount Account Amount Opening balance $35000 Collection $161000 Sales $193000 Allowance for Uncollectables $2860 Closing Balance $64140 $228000 $228000 allowance for Uncollectable account Account Amount Account Amount Opening balance $2941 Accounts receivables $2860 bad debt Expense $1930 Closing balance $2011 $4871 $4871
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