The following transactions were completed by Firas Redhwan Bhd during the fiscial year ended December 31: Feb. 8. Received 40% of the RM18,000 balance owed by Ahmed Co., a bankrupt business, and wrote off the reminder as uncollectable. 2 BKAR1013 FINANCIAL ACCOUNTING AND REPORTING I May 27. Reinstated the account of Jamal, which had been written off in the preceding year as uncollectible. Journalize the receipt of RM7,350 cash in full payment of Jamal's account. Aug. 13. Wrote off the RM6,400 balance owed by Yasmeen Co., which has no assets. Oct. 31 Reinstated the account of Nur Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of RM3,880 cash in full payment of the account. Dec. 31. Wrote off the following accounts as uncollectible (compound entry): A Co., RM7,190; B Co., RM5,500, C Co., RM9,400; D Co., RM1,110. Dec 31. Based on an analysis of the RM1,785,000 of account receivable, it was estimated that RM35,700 will be uncollectable. Journalize the adjusting entry.

The following transactions were completed by Firas Redhwan Bhd during the fiscial year ended December 31: Feb. 8. Received 40% of the RM18,000 balance owed by Ahmed Co., a bankrupt business, and wrote off the reminder as uncollectable. 2 BKAR1013 FINANCIAL ACCOUNTING AND REPORTING I May 27. Reinstated the account of Jamal, which had been written off in the preceding year as uncollectible. Journalize the receipt of RM7,350 cash in full payment of Jamal's account. Aug. 13. Wrote off the RM6,400 balance owed by Yasmeen Co., which has no assets. Oct. 31 Reinstated the account of Nur Co., which had been written off in the preceding year as uncollectible. Journalized the receipt of RM3,880 cash in full payment of the account. Dec. 31. Wrote off the following accounts as uncollectible (compound entry): A Co., RM7,190; B Co., RM5,500, C Co., RM9,400; D Co., RM1,110. Dec 31. Based on an analysis of the RM1,785,000 of account receivable, it was estimated that RM35,700 will be uncollectable. Journalize the adjusting entry.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Record the Year 1 transactions in general journal form.
At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chan records its Bad Debts Expense for that estimate. On the following February 1, Chan decides that the $580 account of P. Park is uncollectible and writes it off as a bad debt. On June 5, Park unexpectedly pays the amount previously written off. Prepare Chan's journal entries for the transactions. View transaction list Journal entry worksheet 1 2 3 4 Record the estimated bad debts expense. Note: Enter debits before credits. Debit Date General Journal Credit Dec 31