Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,800, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,180. Journalize the remaining journal entries for the 2023 year. Dec. 2 20 23 Sold tents for $5,360 on account with a cost of $2,680. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and Grouse Co. with an accounts receivable balance of $2,680 were uncollectible and needed to be written off. Unexpectedly received payment from Grouse Co. for $2,680. 31 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sales. Note: Enter debits before credits. Date Dec 02, 2023 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Record the cost of sales and reduce inventory. Note: Enter debits before credits. Date Dec 02, 2023 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the write-off of uncollectible accounts for Rocky Co. and Grouse Co. separately. Note: Enter debits before credits. Date Dec 20, 2023 General Journal Debit Credit View general journal Clear entry Record entry > View transaction list Journal entry worksheet < 1 2 3 4 56 > Record the reinstate account of Grouse Co. Note: Enter debits before credits. Date Dec 23, 2023 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet > 1 2 3 4 5 6 > Record the full payment of account. Note: Enter debits before credits. Date Dec 23, 2023 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet < 1 2 3 4 5 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit View general journal Record entry Clear entry 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Beg. Bal. End. Bal. Accounts Receivable 51,800 51,800 Bad debt expense Beg. Bal. End. Bal. 0 Allowance for Doubtful Accounts Beg. Bal. 5,180 End. Bal. 5,180 Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $51,800, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,180. Journalize the remaining journal entries for the 2023 year. Dec. 2 20 23 Sold tents for $5,360 on account with a cost of $2,680. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,380 and Grouse Co. with an accounts receivable balance of $2,680 were uncollectible and needed to be written off. Unexpectedly received payment from Grouse Co. for $2,680. 31 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. View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the sales. Note: Enter debits before credits. Date Dec 02, 2023 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet < 1 2 3 4 5 6 > Record the cost of sales and reduce inventory. Note: Enter debits before credits. Date Dec 02, 2023 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet 1 2 3 4 5 6 Record the write-off of uncollectible accounts for Rocky Co. and Grouse Co. separately. Note: Enter debits before credits. Date Dec 20, 2023 General Journal Debit Credit View general journal Clear entry Record entry > View transaction list Journal entry worksheet < 1 2 3 4 56 > Record the reinstate account of Grouse Co. Note: Enter debits before credits. Date Dec 23, 2023 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet > 1 2 3 4 5 6 > Record the full payment of account. Note: Enter debits before credits. Date Dec 23, 2023 General Journal Debit Credit View general journal Record entry Clear entry View transaction list Journal entry worksheet < 1 2 3 4 5 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date Dec 31, 2023 General Journal Debit Credit View general journal Record entry Clear entry 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account. Beg. Bal. End. Bal. Accounts Receivable 51,800 51,800 Bad debt expense Beg. Bal. End. Bal. 0 Allowance for Doubtful Accounts Beg. Bal. 5,180 End. Bal. 5,180
Expert Answer:
Related Book For
Fundamental Accounting Principles Volume I
ISBN: 978-1260305821
16th Canadian edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
Students also viewed these finance questions
-
Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,700, the bad debt expense account had a balance of $0, and the allowance for...
-
Compute for the fringe benefits tax due in the following scenarios. During 201A, Alpha Corporation gave the following fringe benefits to its employees: Salaries to rank and file employees P1,000,000...
-
Consumer Digest recently reported that car batteries X, Y, and Z have average service lives of three, four, and six years, respectively. Grace found that the best retail prices for these batteries in...
-
(a) Prove that z = ()2. (b) Prove that if n is a positive integer, then z = ()n.
-
Discuss the role and function of selling.
-
The following are three situations, all involving nonpublic companies, in which the auditor is required to develop an audit strategy: 1. The client has inventory at approximately 50 locations in a...
-
Figure 3.1 shows a concrete hut of dimensions 10 m x 10m x 3m. On each wall there is a window of area 1.2 m. A metal door of area 2 m is installed on the front wall. The average U-values of the...
-
Because the company's cash is limited, Andrews thinks the payback method should be used to choose between the capital budgeting projects. a. What are the benefits and limitations of using the payback...
-
You will work with the production function: FpK, Lq" AKL 1. Let K be capital, L labor, w is the wage (the price of one unit of labor), and r is the rental rate (the price of one unit of capital. What...
-
Using the Internet or another source of public information, determine and list the typical bid/ask spread of the U.S. dollar / British pound (USD/GBP) exchange rate (i.e., the pound quoted in USD)....
-
Discuss the role of body language in the client-adviser relationship. Provide examples of various aspects of body language to demonstrate your point.
-
Assume that the continuous annual risk-free rate is 6% and the current spot price of the S&P 500 is $1,600. a.) If the continuous dividend yield is 1.5%, what is the prepaid forward price for a...
-
Victory Company's $1,000 par, 8.75% coupon, 30 year bonds were issued 20 years ago.The bonds pay semi-annual coupons. If investors require a 13% annual rate of return on this bond, what is the bond's...
-
Read the article Frito-Lay Inc and answer the following question: Are the Sun Chips multi-grain snacks a sustainable new product addition to the Frito-Lay product line? Think about whether it aligns...
-
Copy and complete the statement. 3800 m ? km =
-
(a) Complete a steady-state simulation of the vinyl-chloride process in Figure 2.6. First, create a simulation flowsheet. Assume that: Cooling water is heated from 30 to \(50^{\circ} \mathrm{C}\)...
-
For the monochlorobenzene separation process in Figure 7.14, the results of an ASPEN PLUS simulation are provided in the multimedia modules under ASPEN \( ightarrow\) Principles of Flowsheet...
-
Complete a simulation of the entire process for the hydrodealkylation of toluene in Figure 6.14. Initially, let the purge/recycle ratio be 0.25 ; then, vary this ratio and determine its effect on the...
Study smarter with the SolutionInn App