Acc 504 module 3 hw

At year-end (December 31), Alvare Company estimates its bad debts as 0.40% of its annual credit sales of $686,000. Alvare 1.

value:
3.34 points

 

Following are selected transactions Deshawn Company for 2010 and 2011.

  

 

  Dec.

13  

Accepted a $28,000, 45-day, 7% note dated December 13 in granting Latisha Clark a time extension on her past-due account receivable.

 

31  

Prepared an adjusting entry to record the accrued interest on the Clark note.

  

 

  Jan.

27  

Received Clark’s payment for principal and interest on the note dated December 13.

  Mar.

3  

Accepted a $22,000, 10%, 90-day note dated March 3 in granting a time extension on the pastdue account receivable of Shandi Company.

  

17  

Accepted a $20,000, 30-day, 8% note dated March 17 in granting Juan Torres a time extension on his past-due account receivable.

  Apr.

16  

Torres dishonors his note when presented for payment.

  May

1  

Wrote off the Torres account against the Allowance for Doubtful Accounts.

 June

1  

Received the Shandi payment for principal and interest on the note dated March 3.

    

Prepare journal entries for the above transactions for 2011. (Use 360 days a year. Do not round intermediate calculations and round your final answers to nearest dollar amount. Omit the “$” sign in your response.)

Date

General Journal

Debit

Credit

2011

 

 

 

  Jan.

27  

  

 

 

 

             

 

 

 

$ 

$ 

  

 

 

  

  

$ 

 

 

 

 

 

 

 

 

 

 

 

At year-end (December 31), Alvare Company estimates its bad debts as 0.40% of its annual credit sales of $686,000. Alvare records its Bad Debts Expense for that estimate. On the following February 1, Alvare decides that the $343 account of P. Coble is uncollectible and writes it off as a bad debt. On June 5, Coble unexpectedly pays the amount previously written off.

  

Prepare the journal entries of Alvare to record these transactions and events of December 31, February 1, and June 5. (Omit the “$” sign in your response.)

 

 

records its Bad Debts Expense for that estimate. On the following February 1, Alvare decides that the $343 account of P. Coble is uncollectible and writes it off as a bad debt. On June 5, Coble unexpectedly pays the amount previously written off.

  

Prepare the journal entries of Alvare to record these transactions and events of December 31, February 1, and June 5. (Omit the “$” sign in your response.)

 

 

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