The accounts receivable balance for Renue Spa at December Year was $ Also on that date, the balance in the Allowance for Doubtful Accounts was $ During Year $ of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $ of receivables that had been written off in a previous accounting period. Services provided on account during Year were $ and cash collections from receivables were $ Uncollectible accounts expense was estimated to be percent of the sales on account for the period.

Required

Record the transactions in general journal form and post to Taccounts.

Based on the preceding information, compute after yearend adjustment:

Balance of allowance for doubtful accounts at December Year

Balance of accounts receivable at December Year

Net realizable value of accounts receivable at December Year Required information

 

At the beginning of Year Oak Consulting had the following normal balances in its accounts.

Account Balance

Cash $

Accounts receivable

Accounts payable

Common stock

Retained earnings

The following events apply to Oak Consulting for Year :

Provided $ of services on account.

Incurred $ of operating expenses on account.

Collected $ of accounts receivable.

Paid $ cash for salaries expense.

Paid $ cash as a partial payment on accounts payable.

Paid a $ cash dividend to the stockholders.

Answer rating: 100% (QA)

To record the transactions in general journal form and post to Taccounts the following entries need ... View the full answer