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Easy Accounting Assignment




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.;1-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;7-Sep Received the balance from Henry G.;1-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;Requirements;1 Journalize the transactions, omitting explanations.;The December 31 balance of Accounts Receivable is $139,000 and the balance in the Allowance account is Credit $1,800.;Journal;Date Accounts Post. Ref Debit Credit;2 Post the beginning balance to the allowance for uncollectible accounts T to determine the adjusting entry needed for bad debt expense.;Allowance


Paper#81749 | Written in 18-Jul-2015

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