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2b. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Bad Debt Expense. 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been besed on an estimated expense of K of 1% or the salos of $18,660,000 for the year, determine the following: for the year: b. Baiance in the allowance account after the adjustment of December 31 . c. Fxpected net reafizable value of the accounts receivable as of December 31 . 0/1 3. Determine the axpected netceaszable value of the eccounts menivable as of December 31 (after all or the adjustments and the adjusting Foedback Chark MylWor. 3. Remember that net realizable value is the amount that is expected to be collected or reaiced. 4. Assuming that instead of basing the provision for uncollectiole accounts on an analysis of the actusting entry on December 3 t been based on an estimated expense of % of 1% or the sales of 510,660,000 for the vear, devermine the following: a. Bad debtexoense for the year. 110 Cash 410 Salns: 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable-DeCoy Co. 122 Accounts Recelvable-Seth Nelsen EXPENSES 123 Accounts Recolvable-Kat Tracks Co. 510 Cost of Goods Sold 124 Accounts Recelvablo-Crawford Co. 520 Sales Salaries Expense 125 Accounts Receivable-Newbauer Co. 521 Advertising Expense 126 Accounts Receivable-Bonneville Co. 522 Depreciation Expense-Store Equipment 127 Accounts Receivable-Crow Distributors 523 Detivery Expense 12A Accounts Receivable-Fiber Optics 524 Repairs Expense 129 Allowance for Doubthul Accounts 529 Selling Expenses 131 Interest Recoivable 530 Omce Salaries Expense 132 Notes Receivable 531 Rent Expense 141 Merchandise Inventory 532. Depreciation Expense-Omce Equipment 145 Offlce Supplies 533 Insurance Expense 146 Store Supplies 534 Office Supplies Expense 151 Prepaid insurance 535 Store Supplies Expense 181 Land 536 Credit Card Expense 191 Store Equipment 537 Cash Shortand Over 192 Accumulated Depreciation-Store Equipment 538 Bad Debt Expense 193 Orfice Equipment 539 Miscellanoous Exponse 104 Accumulated Depreciation-Orice Equipment 710 Interent Expenso \begin{tabular}{|c|c|c|c|c|c|c|} \hline 1 & & Allowance for Doubtfut Accounts & & & 7.265 .00 & 1 \\ \hline 6 & May 27 & Cash & 7 & 7,265.00 & & \\ \hline , & & Accounts Reccivable-Seth Netsen & & & 7.265 .00 & 1 \\ \hline s & Aug 13 & Allowance for Doubtful Accounts & J & 6.410 .00 & & \\ \hline , & & Accounts Receivabte-Kat Tracks Co. & I & & 6.410 .00 & 1 \\ \hline 30 & Oct 31 & Accounts Receivable-Crawford Co. & 1 & 3.980 .00 & & \\ \hline is & & Allowance for Doubtfut Accounts & 1 & & 3.980 .00 & 1 \\ \hline 12 & 0ct31 & Cash & & 3,980.00 & & \\ \hline is & & Accounts Receivable-Crambord Co. & y & & 3.980 .00 & 1 \\ \hline 14 & Dec31 & Alewance for Doubtful Accounts & & 23,180.00 & & 1 \\ \hline is & & Accounts Receivabte-Newbaver Co. & \} & & 7,090.00 & 1 \\ \hline is & & Accounts Receivable-Bonneville Co. & 1 & & 5,485.00 & i \\ \hline 1) & & Accounts Receivable-Crow Distributors & & & 9.415 .00 & a. \\ \hline H & & Nrcounts Receivable-fiber Optics & 4 & & 1,190.00 & 1 \\ \hline 19 & Dec 31 & Bad Debt Expense & & & & \\ \hline 20 & & Allowance for Doubtful Accounts & & & & \\ \hline \end{tabular} The following transactions were completed by Irvine Company during the current fiscal year ended December 31 : Fab 8 Recelved 30% of the 518,900 balance owad by becoy Co, a bankrupt business, and wrote oft the remainder as uncollectible. May 27 Reinstated the account of Seth Netsen, which had been written off in the preceding year as uncollectible. Journalized the recelpt of $7,265 cash in fuil payment of Seth's account. Aug. 13 Wrote ofr the $6,410 balance owed by Kat Tracks C0, Which has no assets. Oct 31 Reinstated the account of Crawtord co., which had been written off in the preceding year as uncollectible. Journalized the receipt of 53.980 cash in full payment of the account. Dec: 31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., 57,090 ; Bonneville Co. 55,485 , Crow Distributors, 59,415 . Fiber Optics, $1,190. Dec 31 Based on an analysis of the 51.774,000 of accounts recelvable, it was estimated that 535.480 witt be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $25,795 in a T-account for Allowance for Doubtrut Accounts 2. a Noumalize the transactions. b. Post each entry that affects the followng selected Traccounts and determine the new balances: Allowance for Doubt Bad Debt Expense. 3. Defermine the expected netrealizable value of the accounts recewable as of December 31 . 4. Assurning that instead of basing the provision for uncollectible accounts on an analysis of cecencables. the adjusting ent 2b. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Bad Debt Expense. 4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of the adjusting entry on December 31 had been besed on an estimated expense of K of 1% or the salos of $18,660,000 for the year, determine the following: for the year: b. Baiance in the allowance account after the adjustment of December 31 . c. Fxpected net reafizable value of the accounts receivable as of December 31 . 0/1 3. Determine the axpected netceaszable value of the eccounts menivable as of December 31 (after all or the adjustments and the adjusting Foedback Chark MylWor. 3. Remember that net realizable value is the amount that is expected to be collected or reaiced. 4. Assuming that instead of basing the provision for uncollectiole accounts on an analysis of the actusting entry on December 3 t been based on an estimated expense of % of 1% or the sales of 510,660,000 for the vear, devermine the following: a. Bad debtexoense for the year. 110 Cash 410 Salns: 111 Petty Cash 610 Interest Revenue 121 Accounts Receivable-DeCoy Co. 122 Accounts Recelvable-Seth Nelsen EXPENSES 123 Accounts Recolvable-Kat Tracks Co. 510 Cost of Goods Sold 124 Accounts Recelvablo-Crawford Co. 520 Sales Salaries Expense 125 Accounts Receivable-Newbauer Co. 521 Advertising Expense 126 Accounts Receivable-Bonneville Co. 522 Depreciation Expense-Store Equipment 127 Accounts Receivable-Crow Distributors 523 Detivery Expense 12A Accounts Receivable-Fiber Optics 524 Repairs Expense 129 Allowance for Doubthul Accounts 529 Selling Expenses 131 Interest Recoivable 530 Omce Salaries Expense 132 Notes Receivable 531 Rent Expense 141 Merchandise Inventory 532. Depreciation Expense-Omce Equipment 145 Offlce Supplies 533 Insurance Expense 146 Store Supplies 534 Office Supplies Expense 151 Prepaid insurance 535 Store Supplies Expense 181 Land 536 Credit Card Expense 191 Store Equipment 537 Cash Shortand Over 192 Accumulated Depreciation-Store Equipment 538 Bad Debt Expense 193 Orfice Equipment 539 Miscellanoous Exponse 104 Accumulated Depreciation-Orice Equipment 710 Interent Expenso \begin{tabular}{|c|c|c|c|c|c|c|} \hline 1 & & Allowance for Doubtfut Accounts & & & 7.265 .00 & 1 \\ \hline 6 & May 27 & Cash & 7 & 7,265.00 & & \\ \hline , & & Accounts Reccivable-Seth Netsen & & & 7.265 .00 & 1 \\ \hline s & Aug 13 & Allowance for Doubtful Accounts & J & 6.410 .00 & & \\ \hline , & & Accounts Receivabte-Kat Tracks Co. & I & & 6.410 .00 & 1 \\ \hline 30 & Oct 31 & Accounts Receivable-Crawford Co. & 1 & 3.980 .00 & & \\ \hline is & & Allowance for Doubtfut Accounts & 1 & & 3.980 .00 & 1 \\ \hline 12 & 0ct31 & Cash & & 3,980.00 & & \\ \hline is & & Accounts Receivable-Crambord Co. & y & & 3.980 .00 & 1 \\ \hline 14 & Dec31 & Alewance for Doubtful Accounts & & 23,180.00 & & 1 \\ \hline is & & Accounts Receivabte-Newbaver Co. & \} & & 7,090.00 & 1 \\ \hline is & & Accounts Receivable-Bonneville Co. & 1 & & 5,485.00 & i \\ \hline 1) & & Accounts Receivable-Crow Distributors & & & 9.415 .00 & a. \\ \hline H & & Nrcounts Receivable-fiber Optics & 4 & & 1,190.00 & 1 \\ \hline 19 & Dec 31 & Bad Debt Expense & & & & \\ \hline 20 & & Allowance for Doubtful Accounts & & & & \\ \hline \end{tabular} The following transactions were completed by Irvine Company during the current fiscal year ended December 31 : Fab 8 Recelved 30% of the 518,900 balance owad by becoy Co, a bankrupt business, and wrote oft the remainder as uncollectible. May 27 Reinstated the account of Seth Netsen, which had been written off in the preceding year as uncollectible. Journalized the recelpt of $7,265 cash in fuil payment of Seth's account. Aug. 13 Wrote ofr the $6,410 balance owed by Kat Tracks C0, Which has no assets. Oct 31 Reinstated the account of Crawtord co., which had been written off in the preceding year as uncollectible. Journalized the receipt of 53.980 cash in full payment of the account. Dec: 31 Wrote off the following accounts as uncollectible (compound entry): Newbauer Co., 57,090 ; Bonneville Co. 55,485 , Crow Distributors, 59,415 . Fiber Optics, $1,190. Dec 31 Based on an analysis of the 51.774,000 of accounts recelvable, it was estimated that 535.480 witt be uncollectible. Journalized the adjusting entry. Required: 1. Record the January 1 credit balance of $25,795 in a T-account for Allowance for Doubtrut Accounts 2. a Noumalize the transactions. b. Post each entry that affects the followng selected Traccounts and determine the new balances: Allowance for Doubt Bad Debt Expense. 3. Defermine the expected netrealizable value of the accounts recewable as of December 31 . 4. Assurning that instead of basing the provision for uncollectible accounts on an analysis of cecencables. the adjusting ent

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