| | 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 |
Monie73
copy_of_assignment_mod_11_1.xlsx
