question archive The accounts receivable balance for Renue Spa at December 31, Year 1, was $87,000
The accounts receivable balance for Renue Spa at December 31, Year 1, was $87,000
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The accounts receivable balance for Renue Spa at December 31, Year 1, was $87,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,700. During Year 2, $2,500 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $150 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $213,000, and cash collections from receivables were $214,954. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. c. What amount of uncollectible accounts expense will Renue report for Year 2? Required A General Required AT Accounts Required B Required C Journal Record the transactions in general journal form. (If no entry is required for a transaction/event, select "No jou first account field.) View transaction list Journal entry worksheet < A B ? DE F > Record entry for uncollectible accounts written off. Note: Enter debits before credits General Journal Debit Credit Transaction 1. Journal entry worksheet < A B ? DE F Record entry for reinstated previously written-off accounts. Note: Enter debits before credits. Transaction General Journal Debit Credit 2a. Record entry Clear entry View general Journal Journal entry worksheet < ? B ? DE F > Record entry for collected reinstated accounts. Note: Enter debits before credits. General Journal Dobit Credit Transaction 2b. Record entry Clear entry View general Journal View transaction list Journal entry worksheet « ? ? ? D E ?? F > Record services on account. Note: Enter debits before credits Transaction General Journal Debit Credit 3. Record entry Clear entry View general Journal Journal entry worksheet < A B C D E E F Record entry for collection of accounts receivable. Note: Enter debits before credits Transaction General Journal Debit Credit Record entry Clear entry View general Journal Journal entry worksheet < A B C D E F > Record entry for uncollectible accounts expense. Note: Enter debits before credits General Journal Debit Transaction 5. Credit Record entry Clear entry View general Journal Required Required A Required AT General Accounts Required B Journal Post the transactions to T-accounts. Cash (partial) Service Revenue Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Receivable Beginning Balance Uncollectible Accounts Expense Beginning Balance Ending Balance Ending Balance Allowance for Doubtful Accounts Beginning Balance Ending Balance by entering your answers in the tabs below. tes Required A Required AT General Accounts Required B Journal Required C Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. Sho (1) Allowance for doubtful accounts (2) Accounts receivable (3) Net realizable value < Required AT Accounts Required C > b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31, Year 2. (3) Net realizable value of accounts receivable at December 31, Year 2. c. What amount of uncollectible accounts expense will Renue report for Year 2? tes Complete this question by entering your answers in the tabs below. Required A General Required AT Accounts Required B Journal Required C What amount of uncollectible accounts expense will Renue report for Year 2? Uncollectible accounts exponse < Required B Required
