Outdoor Equipment OE sells camping equipment. On December the accounts receivable account had a balance of $ the bad debt expense account had a balance of $ and the allowance for doubtful accounts had a credit balance of $ Journalize the remaining journal entries for the year.
Dec. Sold tents for $ on account with a cost of $
Determined that the total accounts of Rocky Co with an accounts receivable balance of $ and Grouse Co with an accounts receivable balance of $ were uncollectible and needed to be written off.
Unexpectedly received payment from Grouse Co for $
Estimated that of accounts receivable recorded to date would be uncollectible.
Required:
Prepare journal entries to record the transactions. Note: Writeoff of uncollectible accounts for Rocky Co and Grouse Co should be posted separately.
Post the Taccount for accounts receivable, bad debt expense, and allowance for doubtful accounts. Determine the ending balance for each account.
