The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: January 19. April 3. July 16. November 23. December 31. December 31. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,130 cash in full payment of Arlene's account. Wrote off the $12,200 balance owed by Premier GS Co., which is bankrupt. Received 45% of the $21,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,470 cash in full payment. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $9,180; Fogle Co., $2,725; Lake Furniture, $7,010; Melinda Shryer, $1,980. Based on an analysis of the $1,078,700 of accounts receivable, it was estimated that $46,900 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $44,700 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,078,700 balance in accounts receivable reflects the adjustments made during the year. Jan. 19 Jan. 19. Apr. 3 00 DDO DO DO DDDDD DCO DO DO DDDDD Νον. 23 Dec. 31 Dec. 31 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Jan. 1 Balance III The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: January 19. April 3. July 16. November 23. December 31. December 31. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,130 cash in full payment of Arlene's account. Wrote off the $12,200 balance owed by Premier GS Co., which is bankrupt. Received 45% of the $21,900 balance owed by Hayden Co., a bankrupt business, and wrote off the remainder as uncollectible. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,470 cash in full payment. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $9,180; Fogle Co., $2,725; Lake Furniture, $7,010; Melinda Shryer, $1,980. Based on an analysis of the $1,078,700 of accounts receivable, it was estimated that $46,900 will be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $44,700 in a T account presented below in requirement 2b for Allowance for Doubtful Accounts. 2. a. Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,078,700 balance in accounts receivable reflects the adjustments made during the year. Jan. 19 Jan. 19. Apr. 3 00 DDO DO DO DDDDD DCO DO DO DDDDD Νον. 23 Dec. 31 Dec. 31 2. b. Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Jan. 1 Balance III
Expert Answer:
Answer rating: 100% (QA)
Allowance for Doubtful Accounts T Account Jan 1 Balance 0 January 19 Reinstated the account of Arlen... View the full answer
Related Book For
Corporate Financial Accounting
ISBN: 978-1133952411
12th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan E. Duchac
Posted Date:
Students also viewed these accounting questions
-
The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the...
-
The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the...
-
MidWest Amusements is in the process of reviewing 10 proposals for new rides at its theme parks in cities scattered throughout the American heartland. The companys only experienced safety engineer...
-
What is the definition of capital market?
-
In older cities across North America, infrastructure is deteriorating, including water lines that supply homes and businesses. A report to the Toronto city council stated that there are on average 30...
-
Comment on the statement: Classes provide the containers and objects provide the contents.
-
What is each shareholder's realized gain or loss? b. What is each shareholder's recognized gain or loss? c. What is each shareholder's basis in their stock? When does their holding period begin? d....
-
Could you elucidate the symbiotic relationship between Continuous Improvement initiatives and the cultivation of a culture of innovation, wherein incremental advancements coalesce to catalyze...
-
TV Trends to Watch in 2021 In 2021, expect larger and cheaper 4K TVs, a new level of voice control, interaction with other smart products, and mini Led backlights to improve color contrast and...
-
You have recently been appointed as the Store Manager of the Australian Hardware Newcastle store. You and the COO (Chief Operating Officer) have discussed opportunities for you to make an impact and...
-
Which of Yellows statements regarding the trade implementation of non-equity investments is correct? A. Only Statement 4 B. Only Statement 5 C. Both Statement 4 and Statement 5 Robert Harding is a...
-
Identify which investment manager is most suitable for Patnode. Justify your response based solely on each managers investment philosophy and approach Susan Patnode, age 66, was recently widowed and...
-
Discuss how Smiths stated expectation would be reflected in estimated portfolio risk under the fee structure identified by Porter. After narrowing their choice to three managers with different fee...
-
Determine which of the three investment vehicles is most appropriate for Circues IPS. Justify your response. Porter and Smith next consider how the performance-based fee structures of the prospective...
-
An investor is considering hiring three managers who have the following skill levels: Type I and Type II errors both occur when the investor is: A. hiring Manager 1 for large-cap stocks and not...
-
THE iterative software development method. Just read the case thoroughly and answer the below-mentioned 3 questions. Here are the three questions to be answered: 1. What are the two choices Lalonde...
-
Why is a help desk and production support critical to system implementations? Discuss its interrelationship with the problem management and reporting system.
-
The following data were gathered to use in reconciling the bank account of Conway Company: Balance per bank ............$23,900 Balance per company records....... 8,700 Bank service charges...
-
A building with a cost of $780,000 has an estimated residual value of $90,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method. (a) What is the amount of the...
-
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $560 million. The income before taxes for The Campbell Soup Company for the year was $1,242 million. a....
-
Has the concept of SD achieved the balance between all three pillars: environmental protection; economic development; and social issues?
-
Please reflect on and explain the role and usefulness of the concept of SD in relation to the protection of the environment.
-
How many dimensions of the PSNR principle can you enumerate? To which one does UN Resolution 1803(1962) refer?
Study smarter with the SolutionInn App