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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a...

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Accounting

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $50,900, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,090. Journalize the remaining journal entries for the 2023 year.

Dec.

2

Sold tents for $5,180 on account with a cost o& $2,590..

20

Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1, 290 and Grouse Co. with an accounts receivable balance of $2,590 were uncollectible and needed to be written off.

23

Unexpectedly received payment from Grouse Co. for. $2,590.

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.

2. Post 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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\table[[,\table[[Marquis],[Company]],\table[[Bloom],[Company]],,,,],[,2020,2021,2022,2020,2021,2022],[Current Ratio,2.2,2.9,3.0,2.4,2.0,2.0],[Acid-test ratio,1.8,2.4,3.2,1.1,1.3,1.0],[\table[[Accounts],[Receivable],[Turnover]],11.5,11.0,12.0,12.9,12.5,13.4],[\table[[Merchandise],[nventory Turnover]],9.8,9.2,9.9,11.8,13.9,14.1],[Working Capital,$55,000,$72,000,$78,000,$69,000,$77,000,$89,000

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