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2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance

2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance

College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter16: Accounting For Accounts Receivable
Section: Chapter Questions
Problem 3CP: At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in...
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Please answer this ASAP I need it by tonight!!!

And please don't cut off the answers. I already answered the first part I just need the allowance for doubtful account and the bad debt expense parts answered 

2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance Bad Debt Expense Dec. 31 Adjusting Entry 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting ently). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the sales of $7,510,000 for the year, determine the following: a. Bad debt expense for the year. b. Balance in the allowance account after the adjustment of December 31. C. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
Transcribed Image Text:2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. 3 Jan. 1 Balance July 16 Jan. 19 Dec. 31 Nov. 23 Dec. 31 Unadjusted Balance Dec. 31 Adjusting Entry Dec. 31 Adjusted Balance Bad Debt Expense Dec. 31 Adjusting Entry 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting ently). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of of 1% of the sales of $7,510,000 for the year, determine the following: a. Bad debt expense for the year. b. Balance in the allowance account after the adjustment of December 31. C. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,400 cash in full payment of Arlene's account. Apr. 3 Wrote off the $13,750 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $24,700 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,910 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $10,345; Fogle Co., $3,070; Lake Furniture, $7,895; Melinda Shryer, $2,230. 31 Based on an analysis of the $1,216,700 of accounts receivable, it was estimated that $52,900 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $50,400 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,216,700 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Accounts Receivable-Arlei 2,400 Allowance for Doubtful /v 2,400 Jan. 19-collection Cash 2,400 0. Accounts Receivable-Arlei 2,400 Apr. 3 Allowance for Doubtful / v 13,750 V 0. Accounts Receivable-Prem 13,750 July 16 Cash Allowance for Doubtful / v Accounts Receivable-Ha' V 24,700 Nov. 23-reinstate Accounts Receivable-Ha v 3,910 V Allowance for Doubtful v 3,910 Nov. 23-collection Cash 3,910 Accounts Receivable-Ha v 3,910V Dec. 31-write-off Allowance for Doubtful A v Accounts Receivable-C:v 10,345 Accounts Receivable-Fi v 3,070 Accounts Receivable-Lake v 7,895 Accounts Receivable-Melin v 0. 2,230 Dec. 31-adjusting Bad Debt Expe Allowance for Doubtful / v
Transcribed Image Text:Jan. 19 Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,400 cash in full payment of Arlene's account. Apr. 3 Wrote off the $13,750 balance owed by Premier GS Co., which is bankrupt. July 16 Received 40% of the $24,700 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Nov. 23 Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,910 cash in full payment. Dec. 31 Wrote off the following accounts as uncollectible (one entry): Cavey Co., $10,345; Fogle Co., $3,070; Lake Furniture, $7,895; Melinda Shryer, $2,230. 31 Based on an analysis of the $1,216,700 of accounts receivable, it was estimated that $52,900 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $50,400 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,216,700 balance in accounts receivable reflects the adjustments made during the year. Jan. 19-reinstate Accounts Receivable-Arlei 2,400 Allowance for Doubtful /v 2,400 Jan. 19-collection Cash 2,400 0. Accounts Receivable-Arlei 2,400 Apr. 3 Allowance for Doubtful / v 13,750 V 0. Accounts Receivable-Prem 13,750 July 16 Cash Allowance for Doubtful / v Accounts Receivable-Ha' V 24,700 Nov. 23-reinstate Accounts Receivable-Ha v 3,910 V Allowance for Doubtful v 3,910 Nov. 23-collection Cash 3,910 Accounts Receivable-Ha v 3,910V Dec. 31-write-off Allowance for Doubtful A v Accounts Receivable-C:v 10,345 Accounts Receivable-Fi v 3,070 Accounts Receivable-Lake v 7,895 Accounts Receivable-Melin v 0. 2,230 Dec. 31-adjusting Bad Debt Expe Allowance for Doubtful / v
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