Home / Business / Accounting /Execusmart Consultants has provided business consulting services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial list of transactions. During January, the company provided services for $380,000 on credit. On January 31, the company estimated bad debts using 1 percent of credit sales. On February 4, the company collected $190,000 of accounts receivable. On February 15, the company wrote off $600 account receivable. During February, the company provided services for $330,000 on credit. On February 28, the company estimated bad debts using 1 percent of credit sales. On March 1, the company loaned $15,000 to an employee, who signed a 10% note due in 3 months. On March 15, the company collected $600 on the account written off one month earlier. On March 31, the company accrued interest earned on the note. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts had an unadjusted credit balance of $9,600. Customer Total Number of Days Unpaid 0 to 30 31 to 60 61 to 90 Over 90 Arrow Ergonomics $ 1,100 $ 400 $ 300 $ 400 Asymmetry Architecture 3,800 $ 3,800 Others (not shown to save space) 112,400 42,800 57,000 6,800 5,800 Weight Whittlers 3,800 3,800 Total Accounts Receivable $ 121,100 $ 47,000 $ 57,300 $ 7,200 $ 9,600 Estimated Uncollectible (%) 2% 20% 30% 40% Prepare the journal entries for items (a) to (j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Record service revenue of $380,000 sold on account during January. 2 - Record the adjusting entry for bad debts as of January 31, using 1 percent of credit sales method. 3 - Record the collection of $190,000 of outstanding accounts receivable on February 4. 4 - Record the write-off of $600 accounts receivable on February 15. 5 - Record service revenue of $330,000 sold on account during February. 6 - Record the adjusting entry for bad debts as of February 28 using 1 percent of credit sales method. 7 - Record the receipt of a note on March 1 for a $15,000 loan to an employee. 8 - Record the reversal of the $600 accounts receivable balance previously written off on February 15. 9 - Record the receipt of cash of $600 from the customer. 10 - Record the interest accrued on the note as of March 31. 11 - Record the adjusting entry for bad debts as of March 31, using the aging of accounts receivable method.

Question Execusmart Consultants has provided business consulting services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial list of transactions. During January, the company provided services for $380,000 on credit. On January 31, the company estimated bad debts using 1 percent of credit sales. On February 4, the company collected $190,000 of accounts receivable. On February 15, the company wrote off $600 account receivable. During February, the company provided services for $330,000 on credit. On February 28, the company estimated bad debts using 1 percent of credit sales. On March 1, the company loaned $15,000 to an employee, who signed a 10% note due in 3 months. On March 15, the company collected $600 on the account written off one month earlier. On March 31, the company accrued interest earned on the note. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts had an unadjusted credit balance of $9,600. Customer Total Number of Days Unpaid 0 to 30 31 to 60 61 to 90 Over 90 Arrow Ergonomics $ 1,100 $ 400 $ 300 $ 400 Asymmetry Architecture 3,800 $ 3,800 Others (not shown to save space) 112,400 42,800 57,000 6,800 5,800 Weight Whittlers 3,800 3,800 Total Accounts Receivable $ 121,100 $ 47,000 $ 57,300 $ 7,200 $ 9,600 Estimated Uncollectible (%) 2% 20% 30% 40% Prepare the journal entries for items (a) to (j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.) Record service revenue of $380,000 sold on account during January. 2 - Record the adjusting entry for bad debts as of January 31, using 1 percent of credit sales method. 3 - Record the collection of $190,000 of outstanding accounts receivable on February 4. 4 - Record the write-off of $600 accounts receivable on February 15. 5 - Record service revenue of $330,000 sold on account during February. 6 - Record the adjusting entry for bad debts as of February 28 using 1 percent of credit sales method. 7 - Record the receipt of a note on March 1 for a $15,000 loan to an employee. 8 - Record the reversal of the $600 accounts receivable balance previously written off on February 15. 9 - Record the receipt of cash of $600 from the customer. 10 - Record the interest accrued on the note as of March 31. 11 - Record the adjusting entry for bad debts as of March 31, using the aging of accounts receivable method.

TJZPBS The Asker · Accounting

Execusmart Consultants has provided business consulting services for several years. The company has been using the percentage of credit sales method to estimate bad debts but switched at the end of the first quarter this year to the aging of accounts receivable method. The company entered into the following partial list of transactions.

  1. During January, the company provided services for $380,000 on credit.
  2. On January 31, the company estimated bad debts using 1 percent of credit sales.
  3. On February 4, the company collected $190,000 of accounts receivable.
  4. On February 15, the company wrote off $600 account receivable.
  5. During February, the company provided services for $330,000 on credit.
  6. On February 28, the company estimated bad debts using 1 percent of credit sales.
  7. On March 1, the company loaned $15,000 to an employee, who signed a 10% note due in 3 months.
  8. On March 15, the company collected $600 on the account written off one month earlier.
  9. On March 31, the company accrued interest earned on the note.
  10. On March 31, the company adjusted for uncollectible accounts, based on the following aging analysis, which includes the preceding transactions (as well as others not listed). Prior to the adjustment, Allowance for Doubtful Accounts had an unadjusted credit balance of $9,600.

Customer Total Number of Days Unpaid
0 to 30 31 to 60 61 to 90 Over 90
Arrow Ergonomics $ 1,100 $ 400 $ 300 $ 400
Asymmetry Architecture 3,800 $ 3,800
Others (not shown to save space) 112,400 42,800 57,000 6,800 5,800
Weight Whittlers 3,800 3,800
Total Accounts Receivable $ 121,100 $ 47,000 $ 57,300 $ 7,200 $ 9,600
Estimated Uncollectible (%) 2% 20% 30% 40%

  1. Prepare the journal entries for items (a) to (j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Do not round intermediate calculations.)

  • Record service revenue of $380,000 sold on account during January.

  • 2 - Record the adjusting entry for bad debts as of January 31, using 1 percent of credit sales method.

  • 3 - Record the collection of $190,000 of outstanding accounts receivable on February 4.

  • 4 - Record the write-off of $600 accounts receivable on February 15.

  • 5 - Record service revenue of $330,000 sold on account during February.

  • 6 - Record the adjusting entry for bad debts as of February 28 using 1 percent of credit sales method.

  • 7 - Record the receipt of a note on March 1 for a $15,000 loan to an employee.

  • 8 - Record the reversal of the $600 accounts receivable balance previously written off on February 15.

  • 9 - Record the receipt of cash of $600 from the customer.

  • 10 - Record the interest accrued on the note as of March 31.

  • 11 - Record the adjusting entry for bad debts as of March 31, using the aging of accounts receivable method.

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