Question

Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. July 3. Received $27,375 on an account. Balance Sheet Assets Liabilities + Stockholders' Equity + + July. 3. Statement of Cash Flows Income Statement July 3. Wrote off the remaining $87,275 owed on account as uncollectible. Balance Sheet Assets Liabilities + Stockholders' Equity + July. 3. Statement of Cash Flows Income Statement

Answer 1

For better understanding, The answers the boxes are writing directly without without drawing Jaly. 3. Rearving a $ 27375 on a alioun Balance sheet Asset- No estat Lrability Norrat Noortet - statement of Cashrow $ 27375 increase Income statement No effect. Stade hdders equity 19 Jwey 3 - wrote at $87 275 en on Belanco sheet: " Asset Liability No elect stote hader canly No effect 2 87275) durease Castion Actement : Income Statement : Noelect (87275) Decrease

October 8 2 Reinstated criten & account 5 Balance sheet Asset 877 275 increase at Liability 2 No egg ects on stadeholders equity - Noerfect. EN Statement of Casorowa Income on statement & 87275 increas 2. No etted 10 october.8 PPS Reinstated amart od 8725 revered C Balance sheet. Assas No extect Lrabinity : : No erect Sbdeholders eauty 8 No ettant 15 statement of carrow, Income Statemet 87 275 increase No esteit 2 20