At the beginning of Year 2, Oak Consulting had the following normal balances in its accounts. Balance $26,100 Accounts receivable. 23,700 14,500 Accounts payable Common stock 21,600 Retained earnings 13,700 The following events apply to Oak Consulting for Year 2: Account Cash 1. Provided $69,200 of services on account. 2. Incurred $3,400 of operating expenses on account. 3. Collected $50,100 of accounts receivable. 4. Paid $30,100 cash for salaries expense. 5. Paid $16,110 cash as a partial payment on accounts payable. 6. Paid a $8,400 cash dividend to the stockholders.

On December 31, 20X1, the company reported a debit balance of $200,000 in accounts receivable and a credit balance of $5,000 in the allowance for expected credit losses. December 31 is the company’s reporting date. During 20X2, the company had the following transactions:   a. The company made a credit sale of $300,000.   b. The company collected accounts receivable for 350,000.   c. The company wrote off the uncollectible accounts for $12,000.   d. The company collected the receivable of $4,000 that had been written off previously.        Required Note: Show calculation:   (1) Prepare journal entries to record the above four transactions.   (2) Assume that 2% of the company’s accounts receivable cannot be collected, prepare the adjusting journal entry at the end of 20X2.

The following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expense

On January 1, 2024, the general ledger of Big Blast Fireworks includes the following account balances:   Accounts Debit Credit Cash $24,300   Accounts Receivable 42,500   Allowance for Uncollectible Accounts   $2,700 Inventory 42,000   Land 79,600   Accounts Payable   29,200 Notes Payable (8%, due in 3 years)   42,000 Common Stock   68,000 Retained Earnings   46,500 Totals $188,400 $188,400   The $42,000 beginning balance of inventory consists of 420 units, each costing $100. During January 2024, Big Blast Fireworks had the following inventory transactions:   January 3 Purchase 1,050 units for $115,500 on account ($110 each). January 8 Purchase 1,150 units for $132,250 on account ($115 each). January 12 Purchase 1,250 units for $150,000 on account ($120 each). January 15 Return 160 of the units purchased on January 12 because of defects. January 19 Sell 3,600 units on account for $576,000. The cost of the units sold is determined using a FIFO…