The following transactions were completed by Irvine Company during the current fiscal year ended December 31:     Required: 1. Record the January 1 credit balance of $25,685 in a T-account for Allowance for Doubtful Accounts.   2.A. Journalize the transactions. Refer to the Chart of Accounts for exact wording of account titles. B. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense. 3. Determine the expected net realizable value of the accounts receivable as of December 31 (after all of the adjustments and the adjusting entry). 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of ¼ of 1% of the net sales of $17,710,000 for the year, determine the following: A. Bad debt expense for the year. B. Balance in the allowance account after the adjustment of…

company’s accounting records provide the following information concerning certain account balances and changes in the account balances during the current year. Transaction information is missing from each of the below. Prepare the journal entry to record the information for each account. b. Allowance for Doubtful Accounts: Jan. 1 balance, $1,500; Dec. 31 balance, $2,200; adjusting entry increasing allowance on Dec. 31, $4,800. Record write-off uncollectible accounts receivable. c. Inventory of office supplies: Jan. 1 balance, $1,500; Dec. 31 balance, $1,350; office supplies expense for the year, $9,500. Record purchase of office supplies. d. Equipment: Jan. 1 balance, $20,500; Dec. 31 balance, $18,000; equipment costing $8,000 was sold during the year. Record purchase of equipment. e. Accounts Payable: Jan. 1 balance $9,000; Dec. 31 balance, $11,500; purchases on - account for the year, $48,000. Record cash payments. Please dont provide solution in image thnx

Hunter, inc., analyzed it’s accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible. The company handles credit losses using the allowance method. The credit balance of the allowance for doubtful accounts is $820 on December 31, before any adjustments. A. Prepare the adjusting entry for estimated credit losses on December 31. B. Prepare the journal entry to write off the Rose company’s account on April 10 of the following year in the amount of $650.

The December 31, 2021, ledger of accounts receivable has a balance of 24,000,000. On this date, the company estimates 1,200,000 to be uncollectible , whereas 2,000,000 have to be written off.Required:1. Carry out any necessary journal entries.2. Present the accounts receivable extract as it has to appear in the statement of financial position of December 31,2021.

Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be found below: The accounts receivable account had a balance of $114,630 and the beginning balance in the allowance for uncollectible accounts was $6,200.Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for the Accounts Receivable. 4. Assume that the aging of accounts receivable method was used by the company and that $7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. You are now required to:a. Determine the amount to be charged to uncollectible expense (show your workings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the…

Use the information in the attachment to prepare journal entries without explanations for the following transactions involving notes payable for Gomez Company, whose fiscal year ends June 30.

For a business that uses the allowance method of accounting for uncollectible receivables: Journalize the entries to record the following: Use correct journal format. Just use the month for the date. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200. In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible. In November of the next year, $400 of the Fronk Co. account 1s reinstated and payment of that amount is received. In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.

Cero company collected an account receivable from a customer whose account has been written off in the previous year. The net effect of the entry made by Cero

The company determines that the interest expense on a note payable for the period ending December 31 is $490. This amount is payable on January 1. Journalize these transactions for December 31 and January 1. If an amount box does not require an entry, leave it blank.