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9 August, 23:08

The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,440. Aug. 14. Received $3,000 as partial payment on the $12,500 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,440 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31 Wrote off the following accounts as uncollectible (record as one journal entry):

a. Wade Dolan $4,600

b. Greg Gagne 3,600

c. Amber Kisko 7,150

d. Shannon Poole 2,975

e. Niki Spence 6,630

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Answers (1)
  1. 10 August, 03:01
    0
    The journal entries for all transactions are as follows;

    Explanation:

    June 8. Bad Debts Expense Dr.$8,440

    Accounts-Receivable-Kathy Quantel Cr.$8,440

    Aug 14. Bank Dr.$3,000

    Bad Debt Expense Dr. $9,500

    Accounts Receivable-Rosalie Oakes Cr.$12,500

    Oct 16. Accounts-Receivable-Kathy Quantel Dr.$8,440

    Bad Debts Expense Cr. $ 8,440

    Cash Dr. $8,440

    Accounts-Receivable-Kathy Quantel Cr.$8,440

    Dec 31. Bad debt Expense Dr. 24,955

    Account Receivable-Wade Dolan Cr.$4,600

    A/R-Greg Gagne Cr.$3,600

    A/R-Amber Kisko Cr.$7,150

    A/R - Shannon Poole Cr.$2,975

    A/R-Niki Spence Cr.$6,630
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