The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $9,030. Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry):   Wade Dolan $2,620 Greg Gagne 1,630 Amber Kisko 6,230 Shannon Poole 3,610 Niki Spence 990 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. a.  Journalize the transactions under the direct write-off method. June 8 Allowance for Doubtful Accounts        Accounts Receivable-Kathy Quantel  Aug. 14 Cash    Bad Debt Expense    Accounts Receivable-Rosalie Oakes  Oct. 16 Accounts Receivable-Kathy Quantel    Bad Debt Expense  Oct. 16 Cash    Accounts Receivable-Kathy Quantel  Dec. 31 Bad Debt Expense    Accounts Receivable-Wade Dolan    Accounts Receivable-Greg Gagne    Accounts Receivable-Amber Kisko    Accounts Receivable-Shannon Poole    Accounts Receivable-Niki Spence  Dec. 31 No entry    No entry  b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: June 8 Allowance for Doubtful Accounts    Accounts Receivable-Kathy Quantel  Aug. 14 Cash    Allowance for Doubtful Accounts    Accounts Receivable-Rosalie Oakes  Oct. 16 Accounts Receivable-Kathy Quantel    Allowance for Doubtful Accounts  Oct. 16 Cash    Accounts Receivable-Kathy Quantel  Dec. 31 Allowance for Doubtful Accounts    Accounts Receivable-Wade Dolan    Accounts Receivable-Greg Gagne    Accounts Receivable-Amber Kisko    Accounts Receivable-Shannon Poole    Accounts Receivable-Niki Spence  Dec. 31 Bad Debt Expense    Allowance for Doubtful Accounts

Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter6: Aging Accounts Receivable (aging)
Section: Chapter Questions
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The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31:

June 8. Wrote off account of Kathy Quantel, $9,030.
Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.
Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt.
Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry):
 
Wade Dolan $2,620
Greg Gagne 1,630
Amber Kisko 6,230
Shannon Poole 3,610
Niki Spence 990
Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts.

a.  Journalize the transactions under the direct write-off method.

June 8 Allowance for Doubtful Accounts     
  Accounts Receivable-Kathy Quantel 
Aug. 14 Cash 
  Bad Debt Expense 
  Accounts Receivable-Rosalie Oakes 
Oct. 16 Accounts Receivable-Kathy Quantel 
  Bad Debt Expense 
Oct. 16 Cash 
  Accounts Receivable-Kathy Quantel 
Dec. 31 Bad Debt Expense 
  Accounts Receivable-Wade Dolan 
  Accounts Receivable-Greg Gagne 
  Accounts Receivable-Amber Kisko 
  Accounts Receivable-Shannon Poole 
  Accounts Receivable-Niki Spence 
Dec. 31 No entry 
  No entry 

b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable:

June 8 Allowance for Doubtful Accounts 
  Accounts Receivable-Kathy Quantel 
Aug. 14 Cash 
  Allowance for Doubtful Accounts 
  Accounts Receivable-Rosalie Oakes 
Oct. 16 Accounts Receivable-Kathy Quantel 
  Allowance for Doubtful Accounts 
Oct. 16 Cash 
  Accounts Receivable-Kathy Quantel 
Dec. 31 Allowance for Doubtful Accounts 
  Accounts Receivable-Wade Dolan 
  Accounts Receivable-Greg Gagne 
  Accounts Receivable-Amber Kisko 
  Accounts Receivable-Shannon Poole 
  Accounts Receivable-Niki Spence 
Dec. 31 Bad Debt Expense 
  Allowance for Doubtful Accounts 
b My Questions | bartleby
Grades for Kirstin Kemp: ACCT X & My Home
* CengageNOWv2 | Online teach x
G how to screen shot on dell lap x +
A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
E Apps H Microsoft account .
Blackboard Learn H Log In or Register |. O my.csudh.edu CS.
O myCB A Adaptive Math | Ad.
O e MYGBCLAIM
New In - Honeybum O. Registrations
>>
Homework: Chapter 8
N eBook
Show Me How
b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis
of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable:
Aging Class (Number
Receivables Balance
Estimated Percent of
of Days Past Due)
on December 31
Uncollectible Accounts
0-30 days
$433,000
3 %
31-60 days
163,000
8
61-90 days
51,000
20
91-120 days
19,000
50
More than 120 days
26,000
90
Total receivables
$692,000
>
June 8 Allowance for Doubtful Accounts y
Accounts Receivable-Kathy Quantel v
Aug. 14 Cash v
Allowance for Doubtful Accounts y
Accounts Receivable-Rosalie Oakes v
Oct. 16 Accounts Receivable-Kathy Quantel
y
Check M Wedk
Drovious
Next
5:19 PM
P Type here to search
O G 4)
1/25/2021
20
近
Transcribed Image Text:b My Questions | bartleby Grades for Kirstin Kemp: ACCT X & My Home * CengageNOWv2 | Online teach x G how to screen shot on dell lap x + A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false E Apps H Microsoft account . Blackboard Learn H Log In or Register |. O my.csudh.edu CS. O myCB A Adaptive Math | Ad. O e MYGBCLAIM New In - Honeybum O. Registrations >> Homework: Chapter 8 N eBook Show Me How b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $27,090 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number Receivables Balance Estimated Percent of of Days Past Due) on December 31 Uncollectible Accounts 0-30 days $433,000 3 % 31-60 days 163,000 8 61-90 days 51,000 20 91-120 days 19,000 50 More than 120 days 26,000 90 Total receivables $692,000 > June 8 Allowance for Doubtful Accounts y Accounts Receivable-Kathy Quantel v Aug. 14 Cash v Allowance for Doubtful Accounts y Accounts Receivable-Rosalie Oakes v Oct. 16 Accounts Receivable-Kathy Quantel y Check M Wedk Drovious Next 5:19 PM P Type here to search O G 4) 1/25/2021 20 近
b My Questions | bartleby
Grades for Kirstin Kemp: ACCT X & My Home
* CengageNOWv2 | Online teach x
G how to screen shot on dell lap x +
A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false
Apps
Microsoft account .
Blackboard Learn H Log In or Register . O my.csudh.edu CS.
O myCB A Adaptive Math | Ad.
O O MYGBCLAIM
New In - Honeybum O. Registrations
>>
Homework: Chapter 8
1 eBook
D Show Me How
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Method
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31:
June 8. Wrote off account of Kathy Quantel, $9,030.
Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible.
Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash
receipt.
Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry):
Wade Dolan
$2,620
Greg Gagne
1,630
Amber Kisko
6,230
Shannon Poole
3,610
>
Niki Spence
066
Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts.
If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank.
a. Journalize the transactions under the direct write-off method.
June 8 Bad Debt Expense v
Accounts Receivable-Kathy Quantel v
Aug. 14 Cash y
Chock MuWodk
Drovious
Next
5:18 PM
P Type here to search
O G 4)
1/25/2021
20
近
00
Transcribed Image Text:b My Questions | bartleby Grades for Kirstin Kemp: ACCT X & My Home * CengageNOWv2 | Online teach x G how to screen shot on dell lap x + A https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false Apps Microsoft account . Blackboard Learn H Log In or Register . O my.csudh.edu CS. O myCB A Adaptive Math | Ad. O O MYGBCLAIM New In - Honeybum O. Registrations >> Homework: Chapter 8 1 eBook D Show Me How Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Method The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $9,030. Aug. 14. Received $6,410 as partial payment on the $16,160 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $9,030 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,620 Greg Gagne 1,630 Amber Kisko 6,230 Shannon Poole 3,610 > Niki Spence 066 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense v Accounts Receivable-Kathy Quantel v Aug. 14 Cash y Chock MuWodk Drovious Next 5:18 PM P Type here to search O G 4) 1/25/2021 20 近 00
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ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning