Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance...
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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful account had a credit balance of $5,000. Journalize the remaining journal entries for the 2017 year. Dec. 2 Sold tents for $5,000 on account with a cost of $2.500. 20 23 31 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1.200 and Grouse Co with an accounts receivable balance of $2,500 were uncollectible and needed to be written off. Unexpectedly received payment from Grouse Co. for $2,500. Estimated that 10% of accounts receivable recorded to date would be uncollectible Required 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. 2. Draw and fill in the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,000, the bad debt expense account had a balance of $0, and the allowance for doubtful account had a credit balance of $5,000. Journalize the remaining journal entries for the 2017 year. Dec. 2 Sold tents for $5,000 on account with a cost of $2.500. 20 23 31 Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1.200 and Grouse Co with an accounts receivable balance of $2,500 were uncollectible and needed to be written off. Unexpectedly received payment from Grouse Co. for $2,500. Estimated that 10% of accounts receivable recorded to date would be uncollectible Required 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately. 2. Draw and fill in the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account.
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Answer rating: 100% (QA)
Date General Journal Debit Credit Dec 22020 Accounts receivabl... View the full answer
Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
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