Question

CIEL Font Paragon Styles Editing R oes not tion tabs in your Competency, elements of the competency and performance crtena Correction Grid 01H8 - 11-12-13-212.5 2.6 4.1 4.5-5.1 52-5.3 5.4 0105 -2.3 3.2 plying Satisfactory Acceptable Unsatisfactory Highly Satisfactory 13.15 Highly Unsatisfactory 0.5 15 Points 9 12 8 6-7 On January 1, 2019. Joe's CellPhones had a debit Accounts Receivable balance of S150 000 and a credit balance in Allowance for doubtful accountstof$30 000 During 2019 it had the following selected transactions 1 January 2 Sold on account 100 DDD of merchandize to Fanzi Cost of the goods sold 550 000 January 30 Fang paid only 580 000 of his account receivable March 30 After repeated attempts to collect Joe's wrote offits Account Receivable from Fanzi December 1 Joe's received a 120 000 cheque from Fanzi with his apologies for the late payment December 31 Using the aging of accounts receivable, Joe's estimates is uncollectible accounts $ 40 000 REQUIRED Joumalize the Joe's CellPhones transactions including the adjustment of the bad debt of December 31 2019

Answer 1

Answer: Date Jan 2 Credit Account Tiitle Account Receivables A/c Sales Revenue A/C Debit $ 100,000 $ 100,000 $ 50,000 Cost of Goods Sold A/C Inventory A/C $ 50,000 Jan 30 $ 80,000 Cash A/C Account Receivables A/c $ 80,000 Mar 30 $ 20,000 Allowance for Doubtful Debts A/C Account Receivables A/C $ 20,000 Dec 1 $ 20,000 Account Receivables A/c Allowance for Doubtful Debts A/C $ 20,000 $ 20,000 Cash A/C Account Receivables A/C $ 20,000 Dec 31 $ 10,000 Bad Debts Expenses A/C Allowance for Doubtful Debts A/C $ 10,000

Answer 2

Answer: Date Jan 2 Credit Account Tiitle Account Receivables A/c Sales Revenue A/C Debit $ 100,000 $ 100,000 $ 50,000 Cost of Goods Sold A/C Inventory A/C $ 50,000 Jan 30 $ 80,000 Cash A/C Account Receivables A/c $ 80,000 Mar 30 $ 20,000 Allowance for Doubtful Debts A/C Account Receivables A/C $ 20,000 Dec 1 $ 20,000 Account Receivables A/c Allowance for Doubtful Debts A/C $ 20,000 $ 20,000 Cash A/C Account Receivables A/C $ 20,000 Dec 31 $ 10,000 Bad Debts Expenses A/C Allowance for Doubtful Debts A/C $ 10,000