Any help you can give me in entering these items in a General Journal would be greatly appreciated.

Prepare the entries for the following transactions. (omit explanations.)

Dec. 1 Sold Merchandise on account to Katurh Wells for $600
12 Received payment of $400 from Katurh Wells
31 Made adjusting entry for Uncollectible Accounts Expense, using the percentage of
Net sales method. Net sales for the year totaled $14,000, uncollectible accounts
Are estimated at 2 percent, and Allowance for Uncollectible Accounts has a $50
Credit balance prior to adjustment.

Feb. 5 Wrote off Katurah Well's balance because she filed for bankruptcy
17 Unexpectedly received the $200 from Katurah Wells.


Is all the information needed from Dec. 31 and how would I prepare entries for these?

Quote:

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Originally Posted by sweetkendra

Any help you can give me in entering these items in a General Journal would be greatly appreciated.

Prepare the entries for the following transactions. (omit explanations.)

Dec. 1 Sold Merchandise on account to Katurh Wells for $600
12 Received payment of $400 from Katurh Wells
31 Made adjusting entry for Uncollectible Accounts Expense, using the precentage of
net sales method. Net sales for the year totaled $14,000, uncollectible accounts
are estimated at 2 percent, and Allowance for Uncollectible Accounts has a $50
credit balance prior to adjustment.

Feb. 5 Wrote off Katurah Well's balance because she filed for bankruptcy
17 Unexpectedly received the $200 from Katurah Wells.


Is all the information needed from Dec. 31 and how would I prepare entries for these?

---

December 1
Dr.Accounts receivable... 600
Cr.Sales... 600
---------------------------------------------------
Dec. 12
Dr.Cash... 400
Cr.Accounts receivable... 400
------------------------------------------------------
Dec. 31
Dr.Bad debts expense... 280
Cr.Allowance for doubtful accounts... 280
Note: since you are using the net sales method to know the amount that is uncollectible you need to multiple the total sales by the expecte uncollectible %, and it will give you the bad debts expense directly, instead of the balance for the Allowance for uncollectible accounts
Feb... 5
Dr.Allowance for uncollectible accounts... 200
Cr.Accounts receivable... 200
------------------------------------------------------------
Feb.17
Dr.Accounts receivable... 200
Cr.Allowance for uncollectible accounts... 200
---------------------------------------------------------------
Dr.Cash... 200
Cr.Accounts receivable... 200

Hope this could help you

Qc mar is OK to give answers but I think a little explanation will help. Maybe they will apratiate to know the purpose of an account and the why of it. Accounting principal.

Quote:

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Originally Posted by student 101

qc mar is ok to give answers but i think a little explanation will help. maybe they will apratiate to know the purpose of an account and the why of it. accounting principal.

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If sweetendra has any complains about me giving her the answer let her complain to me you don't need to complain for her

I'm not saying that giving answers are bad... explaining the answers are better.. if she only copies and not finds out how the answer are get and why she will have the same problem again... we have to make people stronger accountants that's our duty

This does help, thanks so much. going over it and taking in mental notes helps me learn.