A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. B. Accrue one month of interest on the note receivable from Myers Manufacturing. C. Prepare a partial balance sheet showing the net accounts receivable section.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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A. Suzie estimates uncollectible accounts to be 10% of accounts receivable (which does not include the $6,000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. 

B. Accrue one month of interest on the note receivable from Myers Manufacturing.

C. Prepare a partial balance sheet showing the net accounts receivable section.

EGO
ME
Gren
Part B: Estimating Uncollect X
B Tony an
Question 1 - In Class Exercis
mheducation.com/ext/map/index.html?_con3Dcon&external_browser3D0&launchUrl=https"
N Netflix Google Translate
B D2L
* Cengage
h Hulu
E) #5.2
Required Informatlon
[The following Information applies to the questions displayed below.]
Tony and Suzle are ready to expand Great Adventures even further In 2022. Tony belleves that many groups In the
community (for example, Boy Scouts, church groups, clvlc groups, and local businesses) would like to hold one-day
outings for thelr members. Groups would engage In outdoor activitles such as rock climbing, fishing, capture the flag,
palntball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for
each member of the group to learn the Importance of TEAM (Together Everyone Achleves More).
Tony knows that most people are not familiar with these types of actlvitles, so to encourage business he allows groups to
participate In the event before paying. He offers a 5% quick-payment discount to those that pay withIn 10 days after the
event. He also guarantees that at least elght hours of outdoor activitles will be provided or the customer will recelve a
20% discount. For the first slx months of the year, the followlng activitles occur for TEAM operatlons.
Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous
equipment for $5,000 cash.
Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of
this size $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the
group only $3,000. Great Adventures provides these services on account.
Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount.
Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides
services on account for $4,000, and Reynold's agrees to pay within 30 days.
Mar. 27 Reynold's pays the full amount owed, less the 5% quick-payment discount.
Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event is
scheduled for the following week.
Apr, 14 The TEAM adventure is held for members of the Elks Lodge.
Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,000,
and Myers agrees to pay within 30 days.
May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month,
8% note receivable to replace the existing account receivable.
Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24, e0e to
these groups, with payment due in July.
2. Consider the following information as of June 30, 2022.
a. Suzie estimates uncollectible accounts to be 10% of accounts recelvable (which does not Include the $6.000 note receivable from
Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. (If no entry Is required for a particuler
transection/event, select "No Journal Entry Required" in the first account fleld.)
View transaotion kst
Journal entry worksheet
Mc
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1 of 1
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Transcribed Image Text:EGO ME Gren Part B: Estimating Uncollect X B Tony an Question 1 - In Class Exercis mheducation.com/ext/map/index.html?_con3Dcon&external_browser3D0&launchUrl=https" N Netflix Google Translate B D2L * Cengage h Hulu E) #5.2 Required Informatlon [The following Information applies to the questions displayed below.] Tony and Suzle are ready to expand Great Adventures even further In 2022. Tony belleves that many groups In the community (for example, Boy Scouts, church groups, clvlc groups, and local businesses) would like to hold one-day outings for thelr members. Groups would engage In outdoor activitles such as rock climbing, fishing, capture the flag, palntball, treasure hunts, scavenger hunts, nature hikes, and so on. The purpose of these one-day events would be for each member of the group to learn the Importance of TEAM (Together Everyone Achleves More). Tony knows that most people are not familiar with these types of actlvitles, so to encourage business he allows groups to participate In the event before paying. He offers a 5% quick-payment discount to those that pay withIn 10 days after the event. He also guarantees that at least elght hours of outdoor activitles will be provided or the customer will recelve a 20% discount. For the first slx months of the year, the followlng activitles occur for TEAM operatlons. Jan. 24 Great Adventures purchases outdoor gear such as ropes, helmets, harnesses, compasses, and other miscellaneous equipment for $5,000 cash. Feb. 25 Mr. Kendall's Boy Scout troop participates in a one-day TEAM adventure. Normally, Tony would charge a group of this size $3,500, but he wants to encourage kids to exercise more and enjoy the outdoors so he charges the group only $3,000. Great Adventures provides these services on account. Feb. 28 The Boy Scout troop pays the full amount owed, less the 5% quick-payment discount. Mar. 19 Reynold's Management has its employees participate in a one-day TEAM adventure. Great Adventures provides services on account for $4,000, and Reynold's agrees to pay within 30 days. Mar. 27 Reynold's pays the full amount owed, less the 5% quick-payment discount. Apr. 7 Several men from the Elks Lodge decide to participate in a TEAM adventure. They pay $7,500, and the event is scheduled for the following week. Apr, 14 The TEAM adventure is held for members of the Elks Lodge. Apr. 30 Myers Manufacturing participates in a TEAM adventure. Great Adventures provides services on account for $6,000, and Myers agrees to pay within 30 days. May 31 Myers Manufacturing fails to pay the amount owed within the specified period and agrees to sign a three-month, 8% note receivable to replace the existing account receivable. Jun. 15 Several MBA groups participate in TEAM adventures. Great Adventures provides services on account for $24, e0e to these groups, with payment due in July. 2. Consider the following information as of June 30, 2022. a. Suzie estimates uncollectible accounts to be 10% of accounts recelvable (which does not Include the $6.000 note receivable from Myers Manufacturing). Prepare the adjusting entry for uncollectible accounts. (If no entry Is required for a particuler transection/event, select "No Journal Entry Required" in the first account fleld.) View transaotion kst Journal entry worksheet Mc Prev 1 of 1 OType here to search
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