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v2.cengagenow.com insane pre workout Home-Liferay O CengageNOWv2 Online teach roblem HW#6 Allowance method entries The following transactions were completed by wild Trout Gallery during the current fiscal year ended December 31: Jan. 19. Reinstated the account of Arlene Gurley, which had been written off in the preceding year as uncollectible. Journalize the receipt of $2,660 cash in full payment of Arlene's account. pr 3. Wrote off the $12,750 balance owed by Premier GS Co., which is bankrupt. July 16, Received 25% of the S22.000 balance owed by Hayden Co., a bankrupt Nov. 23. Reinstated the account of Harry Carr, which had been written off two years business, and wrote off the remainder as uncollectible earlier as uncollectible. Recorded the receipt of $4,000 cash in full payment Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Cavey Co., $3.300; Fogie ca, sa,100: Lake Furnture, Sii,400, uncollectible ( Melinda Shryer, $1,200. Dec 31. Based on an analysis of the $2,350,000 of accounts receivable, E was accounts receivable, it was estimated that $60,000 will be uncollectible. Journalize the s60 adjusting entry Required: 1. Record the January 1 credit balance of $50,000 in a T account presented below in requirement 2b for Allowance for Doubeful Accounts the transactions. For a compound transaction, if an amount box does n not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $2,350,000 balance in accounts receivable r reflects the adjustments made during the year Jan. 19-neinstale Accounts Receivable-Arlene Gurlay Allowance for Doubthul Accounts Next #Q 3 5 6 8 9 0 E IR TYU O P DF GHJ K L

Explanation / Answer

Wild Trout Gallery Journal Entries Date Particular Amount (Dr) Amount (Cr) 19/01 Accounts Receivable-Arlene Gallery $                                2,660.00     To Allowance for doubtful account $            2,660.00 (Being amount of reinstated the account) 19/01 Cash A/c $                                2,660.00    To Accounts Receivable $            2,660.00 (Being amount received from Arlene Gallery) 3/4 Allowance for doubtful Accounts $                              12,750.00     To Accounts Receivable -Premier G.S Co. $          12,750.00 (Being amount Write off for amount due from Premier G.S Co.) 16/07 Cash $                                5,500.00 Allowance for Doubtful account $                              16,500.00     To Accounts Receivable-Hayden Co. $          22,000.00 (Being part payment received 25% of $22000,and balance was uncollectible) 23/11 Accounts Receivable-Harry Carr $                                4,000.00    To Allowance for doubtful account $            4,000.00 (Being amount of reinstated the account) 23/11 Cash $                                4,000.00    To Accounts Receivable $            4,000.00 (Being amount received from Harry Carr earlier treated as uncollectible) 31/12 Allowance for doubtful accounts $                              24,000.00     To Accounts Receivable-Cavey Co. $            3,300.00      To Accounts Receivable-Fogle Co. $            8,100.00      To Accounts Receivable-Lake Furniture $          11,400.00      To Accounts Receivable-Melinda Shryer $            1,200.00 (Being following accounts was treated as uncolletible) 31/12 Bad debts Expenses $                              60,000.00     To Allowance for doubtful accounts $          60,000.00 (Being amount of $60000 will be treated as not collectible this year) Allowance for Doubtful Accounts Date Amount Date Amount 3-Apr 12750 1-Jan 50000 16-Jul 16500 19-Jan 2660 31-Dec 24000 23-Nov 4000 31 dec Adjusted balance) 63410 31/12 (Unadjusted Balnce) 60000 31-Dec 116660 116660 Bad Debts Expenses Date Amount Date Amount 31/12(Adjusted Entry) 60000 31-Dec 60000

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