Homework Answers
a.
| Account title and explanation | Debit | Credit |
| Accounts receivable-John smith | $2,500 | |
| Accounts receivable-Marry Todd | $3,000 | |
| Accounts receivable-Luke Jones | $1,500 | |
| Accounts receivable-Shelly Davis | $2,000 | |
| Accounts receivable-Lisa Walters | $1,000 | |
| Sales revenue | $10,000 | |
| [To record sales on account] |
b.
| Allowance for doubtful accounts | |||
| Beginning | $250 | ||
c.
| Account title and explanation | Debit | Credit |
| Cash | $9,150 | |
| Accounts receivable-John smit | $2,500 | |
| Accounts receivable-Marry Todd | $2,700 | |
| Accounts receivable-Luke Jones | $1,000 | |
| Accounts receivable-Shelly Davis | $2,000 | |
| Accounts receivable-Lisa Walters | $950 | |
| [To record collections from customers] |
d.
| Account title and explanation | Debit | Credit |
| Allowance for doubtful accounts | $50 | |
| Accounts receivable-Lisa Walters | $50 | |
| [To record writeoff of uncollectible] |
e.
| Account title and explanation | Debit | Credit |
| Accounts receivable-Lisa Walters | $50 | |
| Allowance for doubtful accounts | $50 | |
| [To reinstate previously written off] | ||
| Cash | $50 | |
| Accounts receivable-Lisa Walters | $50 | |
| [To record collection from lisa walters] |
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Prepare the journal entries to record all the 2020 transactions, including the adjustment for bad debts expense at year end. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit (To record sales) (To record cash collected from customers) (To write off accounts receivable) (To reinstate an account that were previously written...
ou EX(LO, of 200.000 credit sales 17,300. Ha end of the 2) At the beginning of the current period. Coe Lidhad balances in Accounts Receivable 000 and in Allowance for Doubtful Accounts of £9,000 (credit). During the period, a ne les of £800,000 and collections of £763,000. It wrote off as uncollectible accounts receivable 2). However, a 3,00 account previously written off as uncollectible was recovered before the current period. Uncollectible accounts are estimated to total £25.000 at the end...
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