Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Chapter B, Problem 8MCQ
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Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be found below:
The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200.
Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.
Bennett Company uses the allowance method to account for uncollectible accounts. Prepare the
appropriate journal entries to record the following transactions during 2010. You may omit journal
entry explanations.
June 20
The account of Ken Watts for $1,000 was deemed to be uncollectible and is written off
as a bad debt.
Received a check for $1,000 from Ken Watts, whose account had previously been
written off as uncollectible.
Oct. 14
Dec. 31
Use the following information for year-end adjusting entries:
The balance of Accounts Receivable and Allowance for Doubtful Accounts at year end
are $131,000 and $2,900, respectively. It is estimated that bad debts will be 4% of
accounts receivable.
low Running Shoes uses the Aging of receivables method to account for uncollectible accounts.
The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit)
The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000.
The company completed the following transactions during 2010 and 2011:
2010
June 10th
Wrote off the balance of $600 from Manny Miller’s account as uncollectible
September 15th
Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier
December 31st
Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible
December 31st
Made the closing entry for the uncollectible expense account
2011
Jan 17
Sold inventory to Jack Frost, $1100, on account
August 15
Wrote off as uncollectible the…
Chapter B Solutions
Financial Accounting
Ch. B - Indicate whether each of the following accounts...Ch. B - Prob. 2YTCh. B - Prob. 1QCh. B - Prob. 2QCh. B - Prob. 3QCh. B - Prob. 4QCh. B - Prob. 5QCh. B - Prob. 6QCh. B - Prob. 7QCh. B - Prob. 8Q
Ch. B - Prob. 9QCh. B - Prob. 1MCQCh. B - Prob. 2MCQCh. B - Prob. 3MCQCh. B - Prob. 4MCQCh. B - Prob. 5MCQCh. B - Prob. 6MCQCh. B - Prob. 7MCQCh. B - Prob. 8MCQCh. B - Prob. 9MCQCh. B - Prob. 10MCQCh. B - Prob. 1SEACh. B - Prob. 2SEACh. B - Prob. 3SEACh. B - Prob. 4SEACh. B - Prob. 5SEACh. B - Prob. 6SEACh. B - Prob. 7SEACh. B - Prob. 8SEACh. B - Prob. 9SEACh. B - Prob. 10SEBCh. B - Prob. 11SEBCh. B - Prob. 12SEBCh. B - Prob. 13SEBCh. B - Prob. 14SEBCh. B - Prob. 15SEBCh. B - Prob. 16SEBCh. B - Prob. 17SEBCh. B - Prob. 18SEBCh. B - Prob. 19EACh. B - Prob. 20EACh. B - Record transactions to T-accounts and prepare an...Ch. B - Prob. 22EACh. B - Prob. 23EACh. B - Record closing entries and compute net income. (LO...Ch. B - Record journal entries, record adjusting entries,...Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prob. 27EBCh. B - Prob. 28EBCh. B - Prob. 29EBCh. B - Prob. 30EBCh. B - Prob. 31EBCh. B - Prob. 32EBCh. B - Prob. 33EBCh. B - Prob. 34EBCh. B - Prepare a trial balance and financial statements....Ch. B - Record journal entries, post to T-accounts, and...Ch. B - Prepare closing entries and financial statements....Ch. B - Record adjusting journal entries, post to...Ch. B - Prob. 39PACh. B - Prob. 40PACh. B - Prob. 41PACh. B - Prob. 42PACh. B - Prob. 43PBCh. B - Prob. 44PBCh. B - Prob. 45PBCh. B - Prob. 46PBCh. B - Prob. 47PBCh. B - Prob. 48PBCh. B - Prob. 49PBCh. B - Prob. 50PBCh. B - Prob. 51FSACh. B - Prob. 52CTP
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- Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200. Prepare journal entries for each transaction. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.arrow_forwardOn December 31, 2017, Extreme Fitness has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2018, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling $10,000. Assume that on February 2, 2018, Extreme Fitness received a payment of $500 from one of the customers whose balance had been written off. Prepare the journal entries to record this transaction. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)arrow_forwardSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) o The balance in the Accounts Receivable account as at Jan 1*, 2010 was $133,0oo. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller's account as uncollectible Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written September 15th off earlier Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible Made the closing entry for the uncollectible expense account December 31st December 31st 2011 Sold inventory to Jack Frost, $1100, on account Wrote off as uncollectible the accounts of Jan 17 Barry Semper, $1,500; Maria Jesus $1,400 and Rory Paul…arrow_forward
- Take me to the text YardWorks sells landscaping materials. During the month of July 2019, the following transactions occurred. Assume zero balances for the subledger and general ledger accounts. Assume no entries were made directly to the accounts payable general ledger from the general journal. Jul 5 Purchased office supplies for $640 on account from Office Supply Shop. Jul 10 Purchased inventory for $1,140 cash from Rock-N-Roll with Cheque #408. Jul 12 Paid telephone bill for $340 cash with Cheque #409. Jul 17 Paid the amount owing to Office Supply Shop with Cheque #410. Jul 27 Purchased inventory for $3,570 from Pathway Stones on account. Requireda) Record the above transactions in the purchases journal and the cash payments journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts payable control account.Do not enter dollar signs or commas in the input boxes.…arrow_forwardSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) o The balance in the Accounts Receivable account as at Jan 1*, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller's account as uncollectible Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible Made the closing entry for the uncollectible expense account September 15th December 31st December 31st 2011 Sold inventory to Jack Frost, $1100, on account Wrote off as uncollectible the accounts of Jan 17 Barry Semper, $1,500; Maria Jesus $1,400 and Rory Paul…arrow_forwardPrior to recording the following. E. Perry Electronics, Incorporated, had a credit balance of $2.600 in its Allowance for Doubtful Accounts 1. On August 31, 2017, a customer balance for $540 from a prior year was determined to be uncollectable and was written off 2. On December 15, 2017, the customer balance for $540 written off on August 31, 2017, was collected in full Required: Using the following categories, indicate the accounts affected and the amounts (Enter any decreases to accounts with a minus sign.) Transaction 2a (Reversal of write-off) 2b (Collection from customer) Assets Liabilities Shareholders Equity Chearrow_forward
- Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller's account as uncollectible Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible September 15th December 31st December 31st Made the closing entry for the uncollectible expense account 2011 Sold inventory to Jack Frost, $1100, on Jan 17 account Wrote off as uncollectible the accounts of August 15 Barry Semper, $1,500; Maria Jesus $1,400 and…arrow_forwardSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…arrow_forwardSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…arrow_forward
- Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…arrow_forwardSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…arrow_forwardSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15 Wrote off as uncollectible the…arrow_forward
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