Allowance method entries The following transactions were completed by Wild Trout Gallery during...
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Allowance method entries The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December : Jan. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $ cash in full payment of Arlenes account. Apr. Wrote off the $ balance owed by Premier GS Co which is bankrupt. July Received of the $ balance owed by Hayden Co a bankrupt business, and wrote off the remainder as uncollectible. Nov. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $ cash in full payment. Dec. Wrote off the following accounts as uncollectible compound entry: Cavey Co $ ; Fogle Co $ ; Lake Furniture, $ ; Melinda Shryer, $ Dec. Based on an analysis of the $ of accounts receivable, it was estimated that $ will be uncollectible. Journalize the adjusting entry. Required: Record the January credit balance of $ in a T account presented below in requirement b for Allowance for Doubtful Accounts. Question Content Area a Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December adjusting entry, assume the $ balance in accounts receivable reflects the adjustments made during the year. Jan. reinstate Accounts ReceivableArlene Gurley Accounts ReceivableArlene Gurley Allowance for Doubtful Accounts Allowance for Doubtful Accounts Jan. collection Cash Cash Accounts ReceivableArlene Gurley Accounts ReceivableArlene Gurley Apr. Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts ReceivablePremier GS Co Accounts ReceivablePremier GS Co July Cash Cash Cash Allowance for Doubtful Accounts Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts ReceivableHayden Co Accounts ReceivableHayden Co Accounts ReceivableHayden Co Nov. reinstate Accounts ReceivableHarry Carr Accounts ReceivableHarry Carr Allowance for Doubtful Accounts Allowance for Doubtful Accounts Nov. collection Cash Cash Accounts ReceivableHarry Carr Accounts ReceivableHarry Carr Dec. writeoff Allowance for Doubtful Accounts Allowance for Doubtful Accounts Allowance for Doubtful Accounts Accounts ReceivableCavey Co Accounts ReceivableCavey Co Accounts ReceivableCavey Co Accounts ReceivableFogle Co Accounts ReceivableFogle Co Accounts ReceivableFogle Co Accounts ReceivableLake Furniture Accounts ReceivableLake Furniture Accounts ReceivableLake Furniture Accounts ReceivableMelinda Shryer Accounts ReceivableMelinda Shryer Accounts ReceivableMelinda Shryer Dec. adjusting Bad Debt Expense Bad Debt Expense Allowance for Doubtful Accounts Allowance for Doubtful Accounts Question Content Area b Post each entry that affects the following T accounts and determine the new balances: Allowance for Doubtful Accounts Apr. fill in the blank afad Jan. Balance fill in the blank afad July fill in the blank afad Jan. fill in the blank afad Dec. fill in the blank afad Nov. fill in the blank afad Dec. Unadjusted Balance fill in the blank afad Dec. Adjusting Entry fill in the blank afad Dec. Adjusted Balance fill in the blank afad Bad Debt Expense Dec. Adjusting Entry fill in the blank afad Question Content Area Determine the expected net realizable value of the accounts receivable as of December after all of the adjustments and the adjusting entry $fill in the blank affdbfe Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December had been based on an estimated expense of of of the sales of $ for the year, determine the following: a Bad debt expense for the year. $fill in the blank affdbfe b Balance in the allowance account after the adjustment of December $fill in the blank affdbfe c Expected net realizable value of the accounts receivable as of December after all of the adjustments and the adjusting entry
Allowance method entries
The following transactions were completed by Wild Trout Gallery during the current fiscal year ended December :
Jan. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $ cash in full payment of Arlenes account.
Apr. Wrote off the $ balance owed by Premier GS Co which is bankrupt.
July Received of the $ balance owed by Hayden Co a bankrupt business, and wrote off the remainder as uncollectible.
Nov. Reinstated the account of Harry Carr, which had been written off two years earlier as uncollectible. Recorded the receipt of $ cash in full payment.
Dec. Wrote off the following accounts as uncollectible compound entry: Cavey Co $ ; Fogle Co $ ; Lake Furniture, $ ; Melinda Shryer, $
Dec. Based on an analysis of the $ of accounts receivable, it was estimated that $ will be uncollectible. Journalize the adjusting entry.
Required:
Record the January credit balance of $ in a T account presented below in requirement b for Allowance for Doubtful Accounts.
Question Content Area
a Journalize the transactions. If an amount box does not require an entry, leave it blank. Note: For the December adjusting entry, assume the $ balance in accounts receivable reflects the adjustments made during the year.
Jan. reinstate
Accounts ReceivableArlene Gurley
Accounts ReceivableArlene Gurley
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Jan. collection
Cash
Cash
Accounts ReceivableArlene Gurley
Accounts ReceivableArlene Gurley
Apr.
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Accounts ReceivablePremier GS Co
Accounts ReceivablePremier GS Co
July
Cash
Cash
Cash
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Accounts ReceivableHayden Co
Accounts ReceivableHayden Co
Accounts ReceivableHayden Co
Nov. reinstate
Accounts ReceivableHarry Carr
Accounts ReceivableHarry Carr
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Nov. collection
Cash
Cash
Accounts ReceivableHarry Carr
Accounts ReceivableHarry Carr
Dec. writeoff
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Accounts ReceivableCavey Co
Accounts ReceivableCavey Co
Accounts ReceivableCavey Co
Accounts ReceivableFogle Co
Accounts ReceivableFogle Co
Accounts ReceivableFogle Co
Accounts ReceivableLake Furniture
Accounts ReceivableLake Furniture
Accounts ReceivableLake Furniture
Accounts ReceivableMelinda Shryer
Accounts ReceivableMelinda Shryer
Accounts ReceivableMelinda Shryer
Dec. adjusting
Bad Debt Expense
Bad Debt Expense
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts
Question Content Area
b Post each entry that affects the following T accounts and determine the new balances:
Allowance for Doubtful Accounts
Apr.
fill in the blank afad
Jan. Balance fill in the blank afad
July
fill in the blank afad
Jan.
fill in the blank afad
Dec.
fill in the blank afad
Nov.
fill in the blank afad
Dec. Unadjusted Balance
fill in the blank afad
Dec. Adjusting Entry
fill in the blank afad
Dec. Adjusted Balance fill in the blank afad
Bad Debt Expense
Dec. Adjusting Entry
fill in the blank afad
Question Content Area
Determine the expected net realizable value of the accounts receivable as of December after all of the adjustments and the adjusting entry
$fill in the blank affdbfe
Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December had been based on an estimated expense of of of the sales of $ for the year, determine the following:
a Bad debt expense for the year.
$fill in the blank affdbfe
b Balance in the allowance account after the adjustment of December
$fill in the blank affdbfe
c Expected net realizable value of the accounts receivable as of December after all of the adjustments and the adjusting entry
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