Carla Vista Ltd. began operations in January 2023. On December 31, 2023, the end of its first year of operations, the balance in the company's Accounts Receivable account was $126,000. All of the company's sales are made on account, and during 2023, 80% of the total credit sales were collected, and no accounts were written off as uncollectible. Carla Vista's management grouped its receivable based on credit risk characteristics, including geographic location and the length of time the receivables have been outstanding, and estimated the expected rate of credit losses for each group. Based on this, management estimated that the expected total credit loss would be $12,600. During the following year, 2024, Carla Vista had sales totalling $943,000. It collected 75% of these sales, togethe with 95% of the outstanding receivables from 2023. During 2024, the company wrote off $20,800 of receivables from customers whose accounts were determined to be uncollectible. During the year, the company also recovered $2,900 from customers whose accounts had previously been written off. (Note that this amount was not included in the collection figures given above.) Managemen determined that the expected total credit losses would be $18,275. (a) Prepare the necessary journal entries for recording all of the preceding transactions in the accounting system of Carla Vista Ltd. for 2023 and 2024. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.) Date Account Titles and Explanation 2023 2024 (To record credit sales) (To record cash collected from customers) (To recognize the credit losses) (To record credit sales) Debit Credit

Jars Plus recorded $865,430 in credit sales for the year and $493,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.0% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,670, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. A. Dec. 31 To record bad debt, income statement method B. Dec. 31…

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Jayco Inc. started its operations in 2022. Its sales during 2022, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2022, its fiscal year-end, and determined the account balance to be $14,000.   The unadjusted balances of selected accounts at December 31, 2023 are as follows:     Accounts receivable $ 300,000   Allowance for doubtful accounts (debit)   10,000   Sales revenue (including 80 percent in sales on account)   800,000       Aging of the accounts receivable on December 31, 2023, resulted in an estimate of $11,000 in potentially uncollectible accounts.   Required: 2. Prepare the journal entries to record all the transactions during 2023 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…