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    sweetkendra's Avatar
    sweetkendra Posts: 37, Reputation: 2
    Junior Member
    		  
    #1

    Nov 27, 2007, 10:17 AM
    Entering items in the General Journal
    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?
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
    Junior Member
    		  
    #2

    Nov 27, 2007, 05:27 PM
    Quote 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
    student 101's Avatar
    student 101 Posts: 53, Reputation: 1
    Junior Member
    		  
    #3

    Nov 27, 2007, 05:45 PM
    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.
    qcmar24's Avatar
    qcmar24 Posts: 65, Reputation: 3
    Junior Member
    		  
    #4

    Nov 27, 2007, 06:08 PM
    Quote 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.
    If sweetendra has any complains about me giving her the answer let her complain to me you don't need to complain for her
    student 101's Avatar
    student 101 Posts: 53, Reputation: 1
    Junior Member
    		  
    #5

    Nov 27, 2007, 06:11 PM
    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
    sweetkendra's Avatar
    sweetkendra Posts: 37, Reputation: 2
    Junior Member
    		  
    #6

    Nov 27, 2007, 06:53 PM
    This does help, thanks so much. going over it and taking in mental notes helps me learn.
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