value: 12.00 points transactionlevent, select \"No Journal Entry Required\" in t
ID: 2550054 • Letter: V
Question
value: 12.00 points transactionlevent, select "No Journal Entry Required" in the first account fleld.) 2. Prepare the journal entries for items (a)-0. (If no entry is required for a 1 Record service revenue ot $32,000 sold on account during January. 2 Record the adjusting entry for bad debtst as of January 31 using 1 percent of credit sales. 3 Record the collection of $16,000 of outstanding accounts receivables on February 4 receivable on February 15. provided on account during February. Credit 4 Record the write-off of a $100 account 5 Record service revenue of $22,000 Note:-journal entry has been entered Record entry View general journal Clear entry References eBook & Resources General Journal Learning Objective: 08-02 Estimate and rep uncollectible accounts Difficulty: 3 Hard Learming Objective: 08-03 Compute and rep receivable 9. valueExplanation / Answer
Journal entries
1-
date
explanation
debit
credit
accounts receivables
sales revenue
32000
cash
16000
1-Jan
accounts receivables
32000
service revenue
22000
allowance for doubtful debts
100
sales revenue
32000
allowance for doubtful debt
100
cash
100
balance
37900
31-Jan
bad debts
320
Total
54100
total
54100
allowance for doubtful debts
320
allowance for doubtful debts
4-Feb
cash
16000
accounts receivables
100
bad debts
320
accounts receivables
16000
Balance
540
bad debts
220
accounts receivable
100
15-Feb
allowance for doubtful debts
100
Total
640
total
640
accounts receivables
100
bad debt
accounts receivables
22000
allowance for doubtful debts
320
balance
540
service revenue
22000
allowance for doubtful debts
220
Total
540
28-Feb
bad debts
220
allowance for doubtful debts
220
2-
balance sheet
current assets
1-Mar
notes receivables
2400
Accounts receivables
37900
Cash
2400
less allowance for doubtful debts
540
37360
notes receivables+ interest on notes receivables
2400
1-Mar
accounts receivable
100
allowance for doubtful debt
100
total of current assets
1-Mar
Cash
100
accounts receivable
100
3-
bad debt
before income from operation
interest revenue
after income from operations
31-Mar
Notes receivables
interest revenue
Journal entries
1-
date
explanation
debit
credit
accounts receivables
sales revenue
32000
cash
16000
1-Jan
accounts receivables
32000
service revenue
22000
allowance for doubtful debts
100
sales revenue
32000
allowance for doubtful debt
100
cash
100
balance
37900
31-Jan
bad debts
320
Total
54100
total
54100
allowance for doubtful debts
320
allowance for doubtful debts
4-Feb
cash
16000
accounts receivables
100
bad debts
320
accounts receivables
16000
Balance
540
bad debts
220
accounts receivable
100
15-Feb
allowance for doubtful debts
100
Total
640
total
640
accounts receivables
100
bad debt
accounts receivables
22000
allowance for doubtful debts
320
balance
540
service revenue
22000
allowance for doubtful debts
220
Total
540
28-Feb
bad debts
220
allowance for doubtful debts
220
2-
balance sheet
current assets
1-Mar
notes receivables
2400
Accounts receivables
37900
Cash
2400
less allowance for doubtful debts
540
37360
notes receivables+ interest on notes receivables
2400
1-Mar
accounts receivable
100
allowance for doubtful debt
100
total of current assets
1-Mar
Cash
100
accounts receivable
100
3-
bad debt
before income from operation
interest revenue
after income from operations
31-Mar
Notes receivables
interest revenue
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