Module 11 Outfitters Supply Co. completed the following transactions during the year.

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) Journalize the transactions, omitting explanations.

The December 31 balance of Accounts Receivable is $139,000 and the balance in the Allowance account is Credit $1,800.                                                                                                                                                                                

2)  Post the beginning balance to the allowance for uncollectible accounts T to determine the adjusting  entry needed for bad debt expense.