Easy Accounting Assignment
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| Module 11 Assignment: | |||||||||||||
| Outfitters Supply Co. completed the following transactions during the year. | |||||||||||||
| 20-Jan | Sold Inventory to Henry G., $600, on account. Ignore COGS. | ||||||||||||
| 1-Jun | Loaned $10,000 cash to Kayaks Inc., receiving a 6 month, 11% note. | ||||||||||||
| 30-Jun | Wrote off the Henry G. account as uncollectible after repeated efforts to collect from him. | ||||||||||||
| 15-Aug | Received $200 from Henry G., along with a letter stating his intention to pay within 30 days. Reinstated his account in full | ||||||||||||
| 7-Sep | Received the balance from Henry G. | ||||||||||||
| 1-Dec | Collected the maturity value on the Kayaks Inc. note. | ||||||||||||
| 19-Dec | Received a $3000, 60 day, 12% note on account from Tommy R. | ||||||||||||
| 31-Dec | Wrote off the following accounts as uncollectible: | ||||||||||||
| Jones $700, Smith $300, Kettle $600 | |||||||||||||
| 31-Dec | Based on an aging of accounts receivable, estimated uncollectible accounts is $2900 | ||||||||||||
| 31-Dec | Made an adjusting entry to accrue the interest on the Tommy R. note | ||||||||||||
| Requirements: | |||||||||||||
| 1 | Journalize the transactions, omitting explanations. The December 31 balance of Accounts Receivable is $139,000 and the balance in the Allowance account is Credit $1,800. | ||||||||||||
| Journal | |||||||||||||
| Date | Accounts | Post. Ref | Debit | Credit | |||||||||
| 2 | Post the beginning balance to the allowance for uncollectible accounts T to determine the adjusting entry needed for bad debt expense. | ||||||||||||
| Allowance | |||||||||||||
12 years ago
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