Problem E (20 points) Chet. Y Acc. can be used more than once -ANALYSIS OF TRANS

Question

Problem E (20 points) Chet. Y Acc. can be used more than once -ANALYSIS OF TRANSACTIONS AND ADJUSTMENTS INSTRUCTIONS: In recording the selected transactions and adjustments, indicate the titles of the general ledger accounts to be debited and credited by inserting in the appropriate column the letters that correspond to the account titles listed. ACCOUNTS A. Accounts Payable E. Interest Expense 1. Misc, Administrative Expense B. Accounts Receivable F. Interest Revenue J. Notes Payable C. Allowance for Doubtful Accounts G. Interest Payable K. Notes Receivable D. Cash H. Interest Receivable L. Bad Debt Expense For For TRANSACTIONS Debit Scoring Credit Scoring 0. Received the final payment on a promissory note KF 1-2. Recorded the adjusting entry for estimated uncollectible accounts at the end of the fiscal period, based upon the allowance method 3-4. Wrote off the account of the bankrupt debtor (included in Allowance for Doubtful Accounts provision had been made in Question 1-2) ... 5-8. Recovered the bad debt written off in Question 3-4 D - m i No i d d o 9-10. Replaced a customer's account receivable with a note receivable

Explanation / Answer

Solution:

1-2)

Debit    Bad Debt Expense (L)

Credit   Allowance for Doubtful Accounts (C)

3-4)

Debit   Allowance for Doubtful Accounts (C)

Credit Accounts Receivable (B)

5-8)

Debit Accounts Receivable (B)

Credit Allowance for Doubtful Accounts (C)

Debit Cash (D)

Credit Accounts Receivable (B)

9-10)

Debit Notes Receivable (K)

Credit Accounts Receivable (B)

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