Green Auto Parts, Inc, completed the following selected transactions during 2016
ID: 2562983 • Letter: G
Question
Green Auto Parts, Inc, completed the following selected transactions during 2016 (Click the icon to view the transactions.) Read the requirements Requirement 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $2,400 (cr) and 0 respectively. Remember to update account balances but ignore posting references Begin by recording the transactions in the journal (Record debits first, then credits. Exclude explanations from any journal entries.) More Info 6 Requirements Jan 17 Sold inventory to Will Venture, $600, on account. Ignore cost of goods sold Jun 29 Wrote off the Will Venture account as uncollectible after repeated efforts to collect from him Aug 6 Received $150 trom Will Venture, along with a letter stating his intention to pay within 30 days 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you These accounts have beginning balances of $2.400 (cr.) and 0, respectively Remember to update account balances but ignore posting references Reinstated his account in full Sep 4 Received the balance due from Will Venture Dec 31 Made a compound entry to write off the following accounts as uncollectible. Bernard Klaus, S170 2. The December 31 balance of Accounts receivable is 5113,000. Show how Accounts receivable May Malford, $250, and Sally Sommers, $100 would be reported on the balance sheet at that date Dec 31 Based on an aging of accounts receivable, estimated uncollectible accounts as $3,700 Print Done Print Done Choose from any list or enter any number in the input fields and then continue to the next question 5:47Explanation / Answer
Answer 1. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 17-Jan Accounts Receivable Dr. 600 To Sales 600 (Record the Sales on credit) 29-Jun Allowance For Uncollectible Accounts Dr. 600 To Accounts Receivable 600 (Record the account receivable w/o) 6-Aug Accounts Receivable Dr. 600 To Allowance For Uncollectible Accounts 600 (Record the amt. w/o earlier is reinstated) 6-Aug Cash Dr. 150 To Accounts Receivable 150 (Record the cash recd from accounts receivable) 4-Sep Cash Dr. 450 To Accounts Receivable 450 (Record the cash recd from accounts receivable) 31-Dec Allowance For Uncollectible Accounts Dr. 520 To Accounts Receivable 520 (Record the account receivable w/o) 31-Dec Bad Debt Expenses Dr. 1,820 To Allowance For Uncollectible Accounts 1,820 (Record the Bad Debt Expenses) Allowance for Uncollectible Accounts To Accounts Receivable 600 By Balance b/f 2,400 To Accounts Receivable 520 By Accounts Receivable 600 By Bad Debt Expenses (Bal. Fig.) 1,820 To Balance C/f 3,700 4,820 4,820 Bad Debt Expenses To Balance B/f - To Allowance for Uncollectible A/c 1,820 By Balance b/f 1,820 1,820 1,820 Answer 3. Accounts receivable 113,000 Allwance for Uncollectible Accounts (3,700) Accounts receivable (Net) 109,300
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