FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A ezto.mheducation.com
sijon 17A - Connect
Data_Sales.xlsx: fa21cob204 Computer Information Systems
Dashb
on 1-7-6A - Connect
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The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance
for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue
unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account
during Year 2 were $211,000, and cash collections from receivables were $212,936. 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?
Complete this question by entering your answers in the tabs below.
Required A
General
Required A T
Accounts
Required B
Required C
Journal
Record the transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the
first account field.)
View transaction list
Journal entry worksheet
A
B
D
F
>
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MacBook Pro
@
#
$
&
4
6.
7
* CO
3.
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Transcribed Image Text:A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. 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? Complete this question by entering your answers in the tabs below. Required A General Required A T Accounts Required B Required C Journal Record the transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet A B D F > Prev 1 of 1 Next > MacBook Pro @ # $ & 4 6. 7 * CO 3.
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