Majestic Travel experienced the following revenue and accounts receivable write-offs: (Click the icon to view the...

 

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Majestic Travel experienced the following revenue and accounts receivable write-offs: (Click the icon to view the revenue and accounts receivable write-off information.) Majestic Travel estimates bad debt expense to be $146. Requirements Journalize service revenue (all on account), bad debt expense, and write-offs during March. Include explanations. Is an estimate of bad debts of $146 being uncollectible reasonable? Begin by preparing the journal entry for service revenue for the month of March. (Record debits first, then credits. Explanations will appear on the last line of the journal entry.) Journal Entry Date Mar Date Accounts and Explanations Mar Now, prepare the journal entry for bad debt expense for the month of March. (Round you answer to the nearest whole dollar.) Journal Entry Debit Accounts and Explanations Credit Debit Credit Revenue and accounts receivable write-off information Service Revenue Month January $ 6,600 $ February 6,800 7,300 20,700 $ March $ Accounts Receivable Write-Offs January February March 54 $ 54 $ Print Done 86 101 S 187 $ $ 32 111 143 $ - Totals X 140 133 111 384 Date Mar Date Finally, prepare the journal entry for the write-offs during March. Mar Accounts and Explanations Bad debt of $146 Journal Entry Debit Accounts and Explanations Debit Credit Credit i Revenue and accounts receivable write-off information Service Month Revenue January $ 6,600 $ February March 6,800 7,300 $ 20,700 $ Accounts Receivable Write-Offs January February March 54 $ 54 $ Print of uncollectible accounts based on January's and February's actual uncollected accounts. Done 86 101 $ 187 $ $ 32 111 143 $ - X - Totals 140 133 111 384 Majestic Travel experienced the following revenue and accounts receivable write-offs: (Click the icon to view the revenue and accounts receivable write-off information.) Majestic Travel estimates bad debt expense to be $146. Requirements Journalize service revenue (all on account), bad debt expense, and write-offs during March. Include explanations. Is an estimate of bad debts of $146 being uncollectible reasonable? Begin by preparing the journal entry for service revenue for the month of March. (Record debits first, then credits. Explanations will appear on the last line of the journal entry.) Journal Entry Date Mar Date Accounts and Explanations Mar Now, prepare the journal entry for bad debt expense for the month of March. (Round you answer to the nearest whole dollar.) Journal Entry Debit Accounts and Explanations Credit Debit Credit Revenue and accounts receivable write-off information Service Revenue Month January $ 6,600 $ February 6,800 7,300 20,700 $ March $ Accounts Receivable Write-Offs January February March 54 $ 54 $ Print Done 86 101 S 187 $ $ 32 111 143 $ - Totals X 140 133 111 384 Date Mar Date Finally, prepare the journal entry for the write-offs during March. Mar Accounts and Explanations Bad debt of $146 Journal Entry Debit Accounts and Explanations Debit Credit Credit i Revenue and accounts receivable write-off information Service Month Revenue January $ 6,600 $ February March 6,800 7,300 $ 20,700 $ Accounts Receivable Write-Offs January February March 54 $ 54 $ Print of uncollectible accounts based on January's and February's actual uncollected accounts. Done 86 101 $ 187 $ $ 32 111 143 $ - X - Totals 140 133 111 384

Answer rating: 100% (QA)

nal Entries Date Account title and explanation Debit Credit Mar Accounts receivable ... View the full answer