Journalize the transactions. For a compound transaction,

Entries Related to Uncollectible Accounts
The following transactions were completed by The Spencer Gallery during the current fiscal year ended December 31:
Mar. 15. Reinstated the account of Brad Atwell, which had been written off in the preceding year as uncollectible. Journalized the receipt of $2,240 cash in full payment of Brad’s account.
May 20. Wrote off the $12,840 balance owed by Glory Rigging Co., which is bankrupt.
Aug. 13. Received 30% of the $23,000 balance owed by Coastal Co., a bankrupt business, and wrote off the remainder as uncollectible.
Sept. 2. Reinstated the account of Lorie Kidd, which had been written off two years earlier as uncollectible. Recorded the receipt of $3,650 cash in full payment.
Dec. 31. Wrote off the following accounts as uncollectible (compound entry): Kimbro Co., $9,655; McHale Co., $2,865; Summit Furniture, $7,370; Wes Riggs, $2,085.
Dec. 31. Based on an analysis of the $1,136,200 of accounts receivable, it was estimated that $49,400 will be uncollectible. Journalized the adjusting entry.

Required:
1. Record the January 1 credit balance of $47,000 in a T account (below) for Allowance for Doubtful Accounts.
Hide
2. a.Journalize the transactions. For a compound transaction, if an amount box does not require an entry, leave it blank. Note: For the December 31 adjusting entry, assume the $1,136,200 balance in accounts receivable reflects the adjustments made during the year.
Mar. 15-reinstate
Mar. 15-collection
May 20
Aug. 13
Sept. 2-reinstate
Sept. 2-collection
Dec. 31-write-off
Dec. 31-adjusting
2. b. Post each entry that affects the following T accounts and determine the new balances:
Allowance for Doubtful Accounts
Jan. 1 Balance
Dec. 31 Adjusted Balance
Bad Debt Expense
3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
$
4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ½ of 1% of the net sales of $7,010,000 for the year, determine the following:
a. Bad debt expense for the year.
$
b. Balance in the allowance account after the adjustment of December 31.
$
c. Expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry).
$

Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.

Use the order calculator below and get ordering with idealtermpapers.com now! Contact our live support team for any assistance or inquiry.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total:

Purchase Guarantee

Why ORDER at IdealTermPapers.com?

  • Educated and experienced writers.
  • Quality, Professionalism and experience.
  • Original Content writing.
  • Best customer support.
  • Affordable Pricing on orders.
  • Thorough research.
  • Ontime delivery of finished work.
  • 100% plagiarism free papers.

Reasonable Prices

  • To get the best quality papers isn’t cheap so don’t trust extremely low prices.
  • We can’t claim that we have unreasonably low prices because low prices equal to low quality.
  • Our prices are good and they balance with the quality of our work.
  • We have a Moneyback guarantee.

Original and Quality work

  • Our writers are professionals and they write your paper from scratch and we don’t encourage copy pasting.
  • All writers are assessed and they have to pass our standards for them to work with us.
  • Plagiarism is an offence and it’s never tolerated in our company.

Native Writers plus Researchers

  • Our writers are qualified and excellent and will guarantee the best performance in your order.
  • Our team has writers who have master's and PhD qualifications who can handle any assignment
  • We have the best standards in essay writing.

We have been in business for over 7 syears

  • We have always served our customers from all over the world and they have continued to order with us.
  • We value our customers since they have trusted us to do their assignments.
  • We are competent in our writing gained from experience over the years
  • Our company has 24/7 Live Support.

You will get

  •  Custom Admission Essay written by competent professional English writers.
  •  Free revisions according to our revision policy if required
  •  Paper format:  275 words per page, Times New Roman font and size 12, doublespaced text and1 inch margin
  •  On time delivery and direct order download
  •  Privacy guaranteed

We can help you:

  •  acquire a comprehensive professional presentation.
  •  get a unique and remarkable content as per your instructions.
  •  Get an additional portion that can be included to your existing presentation;
  •  turn your work in to an eyecatching presentation with well communicated ideas.
  •  improve your presentation to acquire the best professional standards.