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assignment_mod_11_1.xlsx
Module 11 Accounting Assignment – The Allowance Method and Notes Receivable
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Review the transactions and financial position of Outfitters Supply Co. in the Excel Template. Requirements: Journalize the transactions, omitting explanations. Submit your completed assignment to the drop box below. Please check the Course Calendar for specific due dates. Save your assignment as an Excel document. (Mac users, please remember to append the “.xlsx” extension to the filename.) The name of the file should be your first initial and last name, followed by an underscore and the name of the assignment, and an underscore and the date. An example is shown below: Jstudent_exampleproblem_101504 |
>M 1 Assignment
ize the transactions, omitting explanations. Receivable is $139,000 and the balance in the account is $1,800.
Accounts Credit1
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
Journal
The December 31 balance of Accounts
Allowance
Credit
Journal
Date
Post. Ref
Debit
2
Post the beginning balance to the allowance for uncollectible accounts T to determine the adjusting entry needed for bad debt expense.
Allowance
