Just a pretty simple accounting problem. I have to be at work in a few hours so

Question

Just a pretty simple accounting problem. I have to be at work in a few hours so I don't have time to learn this whole chapter, but a walkthrough would be nice if it doesn't take too much time. I'm going to be posting like 4 other questions after this of the same material so if you want some easy points give them a shot.

On December 31, 2011, when its Allowance for Doubtful Accounts had a debit balance of $1,200, Nova Co. estimates that 10% of its accounts receivable balance of $86,700 will become uncollectible and records the necessary adjustment to the Allowance for Doubtful Accounts. On May 11, 2012, Nova Co. determined that J. Rast's account was uncollectible and wrote off $1,300. On June 12, 2012, Rast paid the amount previously written off. Prepare the journal entries on December 31, 2011, May 11, 2012, and June 12, 2012. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Explanation / Answer

1) $4000

2) $ 3000

3 $2000

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