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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts recevable account had a balance of $51.800, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,180. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,360 on account with a cost of $2,680. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and 20 Grouse Co. with an accounts receivable balance of $2,680 vere uncollectible and needed to be written off. 23 Unexpectedly received payment fron Grouse Co. for $2,680. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Viww transaction list Journal entry worksheet 2 3 > 5 Record the sales. Note: Enter debits before credits. Date General Journal Debit Credit Dec 02, 2020 Record entry Clear entry View general journal 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Accounts Receivable Allowance for Doubtful Accounts Beg Bal 51,800 Beg Bal 5,180 End Bal 51,800 End. Bal 5,180 Bad debt expense Beg Bal End Bal

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts recevable account had a balance of $51.800, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,180. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,360 on account with a cost of $2,680. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and 20 Grouse Co. with an accounts receivable balance of $2,680 vere uncollectible and needed to be written off. 23 Unexpectedly received payment fron Grouse Co. for $2,680. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. Viww transaction list Journal entry worksheet 2 3 > 5 Record the sales. Note: Enter debits before credits. Date General Journal Debit Credit Dec 02, 2020 Record entry Clear entry View general journal 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Accounts Receivable Allowance for Doubtful Accounts Beg Bal 51,800 Beg Bal 5,180 End Bal 51,800 End. Bal 5,180 Bad debt expense Beg Bal End Bal

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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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,800, the bad debt expense account had a balance of $0. and the allowance for doubtful accounts had a credit balance of $5,180. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,360 on account with a cost of $2,680. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and 20 Grouse Co. with an accounts receivable balance of $2,688 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,680. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list Journal entry worksheet 1 3 4 > 2 Record the sales. Note: Enter debits before credits. Date General Journal Debit Credit Dec 02, 2020 Record entry Clear entry View general journal 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Accounts Receivable Allowance for Doubtful Accounts Beg Bal 51,800 Beg. Bal 5,180 End. Bal. 51,800 End. Bal 5,180 Bad debt expense Beg. Bl. End. Bal.
Transcribed Image Text:Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,800, the bad debt expense account had a balance of $0. and the allowance for doubtful accounts had a credit balance of $5,180. Journalize the remaining journal entries for the 2020 year. Dec. 2 Sold tents for $5,360 on account with a cost of $2,680. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and 20 Grouse Co. with an accounts receivable balance of $2,688 were uncollectible and needed to be written off. 23 Unexpectedly received payment from Grouse Co. for $2,680. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. View transaction list Journal entry worksheet 1 3 4 > 2 Record the sales. Note: Enter debits before credits. Date General Journal Debit Credit Dec 02, 2020 Record entry Clear entry View general journal 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Accounts Receivable Allowance for Doubtful Accounts Beg Bal 51,800 Beg. Bal 5,180 End. Bal. 51,800 End. Bal 5,180 Bad debt expense Beg. Bl. End. Bal.
Expert Solution
Calculation
Transaction  Accounts receivable   Allowance for Doubtful Accounts 
Beg.          51,800         5,180
1            5,360  
2    
3 -         4,060 -      4,060
4            2,680         2,680
5 -         2,680  
Unadjusted balance          53,100         3,800

 

 

Adjusted Allowance of doubtful account (53100*10%)            5,310
Less: Unadjusted Allowance of doubtful account            3,800
Adjustment for Bad debts expense            1,510

 

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