Dialex Watches completed the following selected transactions during 2024 and 2025: Requirements 1. Open T-accounts for Allowance
Question:
Dialex Watches completed the following selected transactions during 2024 and 2025:
Requirements
1. Open T-accounts for Allowance for Bad Debts and Bad Debts Expense, assuming the accounts begin with a zero balance. Record the transactions in the general journal (omit explanations) and post to the two T-accounts.
2. Assume the December 31, 2025, balance of Accounts Receivable is $136,000. Show how net accounts receivable would be reported on the balance sheet at that date.
Transcribed Image Text:
2024 Dec. 31 31 2025 Jan. 17 Jun. 29 Aug. 6 Dec. 31 31 31 Estimated that bad debts expense for the year was 3% of credit sales of $410,000 and recorded that amount as expense. The company uses the allowance method. Made the closing entry for bad debts expense. Sold merchandise inventory to Marty White, $400, on account. Ignore Cost of Goods Sold. Wrote off Marty White's account as uncollectible after repeated efforts to collect from him. Received $400 from Marty White, along with a letter apologizing for being so late. Reinstated White's account in full and recorded the cash receipt. Made a compound entry to write off the following accounts as uncollectible: Barry Krisp, $1,600; Maria Bryant, $1,100; and Richard Renik, $400. Estimated that bad debts expense for the year was 3% of credit sales of $490,000 and recorded the expense. Made the closing entry for bad debts expense.
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1 2 Date 2024 Dec 31 2025 Jan 17 Accounts and Explanation Bad Debts E...View the full answer
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Related Book For
Horngrens Accounting The Financial Chapters
ISBN: 9780136162186
13th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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