Please don't give solution in image format... Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, thebad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,200. Journalizethe remaining journal entries for the 2023 year.Dec. 2 Sold tents for $5,400 on account with a cost of $2,700.202331Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,400 andGrouse Co. with an accounts receivable balance of $2,700 were uncollectible and needed to bewritten off.Unexpectedly received payment from Grouse Co. for $2,700.Estimated that 10% of accounts receivable recorded to date would be uncollectible.Required:1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should beposted separately.View transaction listJournal entry worksheet12Record the sales.DateDec 02, 20233Note: Enter debits before credits.45 6General JournalDebitCredit 2. Post the T-account for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balancefor each account.Beg. Bal.End BalBeg. Bal.End. Bal.Accounts Receivable52,000Bad debt expenseBeg. Bal.End. Bal.Allowance for Doubtful Accounts5,200

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Description: Please don't give solution in image format... Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, thebad debt expense account had a balance of $0, and the allowance for doubtful acc

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Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,200. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,400 on account with a cost of $2,700. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,400 and Grouse Co. with an accounts receivable balance of $2,700 were uncollectible and needed to be written off. 20 23 Unexpectedly received payment from Grouse Co. for $2,700. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately.

Outdoor Equipment (OE) sells camping equipment. On December 1, the accounts receivable account had a balance of $52,000, the bad debt expense account had a balance of $0, and the allowance for doubtful accounts had a credit balance of $5,200. Journalize the remaining journal entries for the 2023 year. Dec. 2 Sold tents for $5,400 on account with a cost of $2,700. Determined that the total accounts of Rocky Co. with an accounts receivable balance of $1,400 and Grouse Co. with an accounts receivable balance of $2,700 were uncollectible and needed to be written off. 20 23 Unexpectedly received payment from Grouse Co. for $2,700. 31 Estimated that 10% of accounts receivable recorded to date would be uncollectible. Required: 1. Prepare journal entries to record the transactions. Note: Write-off of uncollectible accounts for Rocky Co. and Grouse Co. should be posted separately.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6EB: Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in...

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