Assignment 3 (Chapters 8 & 9)

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On December 31, 2017, when its accounts receivable were $246,000 and its account Allowance for Doubtful Accounts had an unadjusted debit balance of $1,600, Hiroole Corp. estimated that $13,800 of its accounts receivable would become uncollectible, and it recorded the bad debts adjusting entry. On May 11, 2018, Hiroole determined that Fei Ya Chengs account was uncollectible and wrote off $1,600. On November 12, 2018, Cheng paid the amount previously written off.

(a)

Your answer is correct.

Prepare the required journal entries to record each of the above transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 2017

Date	Account Titles and Explanation	Debit	Credit
May. 11Nov. 12Dec. 31Correct answer	Correct answer	Correct answer	Correct answer
	Correct answer	Correct answer	Correct answer

2018

Date	Account Titles and Explanation	Debit	Credit
May. 11Nov. 12Dec. 31Correct answer	Correct answer	Correct answer	Correct answer
	Correct answer	Correct answer	Correct answer
May. 11Nov. 12Dec. 31Correct answer	Correct answer	Correct answer	Correct answer
	Correct answer	Correct answer	Correct answer
	(To reinstate account previously written off)
	Correct answer	Correct answer	Correct answer
	Correct answer	Correct answer	Correct answer
	(To record amount collected)

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List of Accounts

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(b)

Your answer is incorrect.

What is the carrying amount of the receivables on (1) December 31, 2017; (2) May 11, 2018; and (3) November 12, 2018, assuming that the total amount of accounts receivable of $246,000 is unchanged on each of these three dates except for any changes recorded above.

		Carrying amount
December 31, 2017		$ Incorrect answer
May 11, 2018		$ Incorrect answer
November 12, 2018		$ Incorrect answer

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List of Accounts

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Attempts: 1 of 2 used

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