Reference no: EM132893611
Question - Dialex Watches completed the following selected transactions during 2007 & 2008:
2007
Dec. 31 Estimated that uncollectible-account (bad-debt) expense for the year was 1% of credit sales of $400,000 and recorded the amount as expense. Use the allowance method.
Dec. 31 Made the closing entry for uncollectible-account expense.
2008
Jan. 17 Sold inventory to Mitch Vanez, $600, on account. Ignore cost of goods sold.
June. 29 Wrote off Mitch Vanez's account as uncollectible after repeated effort to collect from him.
Aug. 6 Received $600 from Mitch Vanez, along with a letter apologizing for being so late. Reinstated Vanez 's account in full and recorded the cash receipt.
Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Bernard Klaus, $1,700; Marie Moner, $1,300.
Dec. 31 Estimated that uncollectible expense for the year was 1% of credit sales of $480,000, and recorded that amount as expense
Dec. 31 Made the closing entry for uncollectible-account expense.
Requirements -
a) Open general ledger accounts for Allowance for Uncollectible Accounts and Uncollectible Accounts Expense. Keep running balances. All accounts begin with zero balance.
b) Record the transactions in the general journal and post to the two ledger accounts.
c) The December 31, 2008 balance of Accounts Receivable is $1 39,000. Show how Accounts Receivable would be reported on the balance sheet at that date.
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