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Module 11 Assignment_Outfitters Supply Co_The Allowance Method and Notes Receivable




Question;Module 11 Assignment;Outfitters;Supply Co. completed the following transactions during the year.;20-Jan;Sold Inventory to Henry;G., $600, on account. Ignore COGS.;01-Jun;Loaned $10,000 cash to;Kayaks Inc., receiving a 6 month, 11% note.;30-Jun;Wrote off the Henry G.;account as uncollectible after repeated efforts to collect from him.;15-Aug;Received $200 from Henry;G., along with a letter stating his intention to pay within 30 days.;Reinstated his account in full;07-Sep;Received the balance from;Henry G.;01-Dec;Collected the maturity;value on the Kayaks Inc. note.;19-Dec;Received a $3000, 60 day;12% note on account from Tommy R.;31-Dec;Wrote off the following;accounts as uncollectible;Jones $700, Smith $300;Kettle $600;31-Dec;Based on an aging of;accounts receivable, estimated uncollectible accounts is $2900;31-Dec;Made an adjusting entry;to accrue the interest on the Tommy R. note


Paper#37586 | Written in 18-Jul-2015

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