A140/ACG1022 Section 14 Financial Accounting I – Winter 2013

assignment_mod_11_1.xlsx

Module 11 Accounting Assignment – The Allowance Method and Notes Receivable

  

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

2

>M

1

1 Assignment

31-Dec

31-Dec

1

ize the transactions, omitting explanations.
The December 31 balance of

Receivable is $139,000 and the balance in the

account is

$1,800.

Journal

Accounts

Credit

2

Allowance
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
Based on an aging of accounts receivable, estimated uncollectible accounts is $2900
Made an adjusting entry to accrue the interest on the Tommy R. note
Requirements:
Journal Accounts Allowance Credit
Date Post. Ref Debit
Post the beginning balance to the allowance for uncollectible accounts T to determine the adjusting entry needed for bad debt expense.
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