PLEASE ANSWER ALL 5

1.journalize the following transactions, using the allowance method of accounting for uncollectible receivables:

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Oct. 2. Received $2,890 from Ian Kearns and wrote off the remainder owed of $6,440 as uncollectible. If an amount box does not require an entry, leave it blank.

Oct. 2	Accounts Payable-Ian KearnsAccounts Receivable-Ian KearnsBad Debt ExpenseCashSales	- Select -	- Select -
	Accounts Payable-Ian KearnsAccounts Receivable-Ian KearnsAllowance for Doubtful AccountsBad Debt ExpenseSales	- Select -	- Select -
	Accounts Payable-Ian KearnsAccounts Receivable-Ian KearnsAllowance for Doubtful AccountsBad Debt ExpenseCash	- Select -	- Select -

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Dec. 20. Reinstated the account of Ian Kearns and received $6,440 cash in full payment. If an amount box does not require an entry, leave it blank.

Reinstate	Accounts Receivable-Ian KearnsAllowance for Doubtful AccountsBad Debt ExpenseCashSales	- Select -	- Select -
	Accounts Receivable-Ian KearnsAllowance for Doubtful AccountsBad Debt ExpenseCashSales	- Select -	- Select -
Collection	Accounts Receivable-Ian KearnsAllowance for Doubtful AccountsBad Debt ExpenseCashSales	- Select -	- Select -
	Accounts Receivable-Ian KearnsAllowance for Doubtful AccountsBad Debt ExpenseCashSales	- Select -	- Select -

2.

Apr.	15.	Received $810 from Joe Brown and wrote off the remainder owed of $4,820 as uncollectible.
Aug.	7.	Reinstated the account of Joe Brown and received $4,820 cash in full payment.

Required:

Journalize the above transactions, using the allowance method of accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

3.

Percent of Sales Method

At the end of the current year, Accounts Receivable has a balance of $580,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,610,000. Bad debt expense is estimated at 1.1% of sales.

a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1

b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

	Adjusted Balance Debit (Credit)
Accounts Receivable	$fill in the blank 2
Allowance for Doubtful Accounts	$fill in the blank 3
Bad Debt Expense	$fill in the blank 4

c. Determine the net realizable value of accounts receivable.

4.

Analysis of Receivables Method

At the end of the current year, Accounts Receivable has a balance of $575,000, Allowance for Doubtful Accounts has a credit balance of $5,000, and sales for the year total $2,590,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $22,500.

a. Determine the amount of the adjusting entry for uncollectible accounts. $fill in the blank 1

b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.

Accounts Receivable	$fill in the blank 2
Allowance for Doubtful Accounts	$fill in the blank 3
Bad Debt Expense	$fill in the blank 4

c. Determine the net realizable value of accounts receivable. $fill in the blank 5

5.

Entries for Uncollectible Receivables, using Allowance Method

Journalize the following transactions in the accounts of Arizona Interiors Company, a Restaurant Supply Company that uses the allowance method of accounting for uncollectible receivables:

May 1.	Sold merchandise on account to Taiwan Palace Co., $13,200. The cost of the merchandise sold was $9,500.
Aug. 30.	Received $3,800 from Taiwan Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible.
Dec. 8.	Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $9,400 cash in full payment.

If an amount box does not require an entry, leave it blank.

May 1-sale	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.CashCost of Merchandise SoldSales	- Select -	- Select -
	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.CashCost of Merchandise SoldSales	- Select -	- Select -
May 1-cost	Allowance for Doubtful AccountsCashCost of Merchandise SoldMerchandise InventorySales	- Select -	- Select -
	Allowance for Doubtful AccountsCashCost of Merchandise SoldMerchandise InventorySales	- Select -	- Select -
Aug. 30	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.CashCost of Merchandise SoldMerchandise Inventory	- Select -	- Select -
	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.Allowance for Doubtful AccountsCost of Merchandise SoldSales	- Select -	- Select -
	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.Allowance for Doubtful AccountsCashCost of Merchandise Sold	- Select -	- Select -
Dec. 8-reinstated	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.Allowance for Doubtful AccountsBad Debt ExpenseMerchandise Inventory	- Select -	- Select -
	Accounts Payable-Taiwan Palace Co.Accounts Receivable-Taiwan Palace Co.Allowance for Doubtful AccountsBad Debt ExpenseMerchandise Inventory	- Select -	- Select -
Dec. 8-collection	Allowance for Doubtful AccountsAccounts Receivable-Taiwan Palace Co.Bad Debt ExpenseCashSales	- Select -	- Select -
	Allowance for Doubtful AccountsAccounts Receivable-Taiwan Palace Co.Bad Debt ExpenseCashSales	- Select -	- Select -