ID: A 4. Assume that part of accounts and other receivables on Thompson Toys\' b
ID: 2601068 • Letter: I
Question
ID: A 4. Assume that part of accounts and other receivables on Thompson Toys' balance sheet is $16 million and that Thompson estimates its uncollectible accounts as 2 percent of all accounts receivable using accounts receivable aging method. Record the adjusting entry to recognize uncollectible accounts if the Allowance for Uncollectible Accounts has a balance of a. $104,000 credit b. $46,000 debit Page 1 General Journal Description Datc Credit Post. Debit Ref 5. In the journal provided, prepare entries for the following (assume a calendar-ycar accounting period): Use a bank year for interest. Show calculations. Dec. 1 Received a 90-day 15 percent note receivable for $3,920 from a customer as an extension of his past-due account. 31 Made the year-end adjustment for accrued interest Mar. 1 Received full payment on the note. General Journal Description Post. Debit Credit Ref DateExplanation / Answer
question 1:
workings:
question 2:
Date Description Post ref Debit Credit a Bad debt expense 2,16,000.00 To allowance for uncollectible accounts 2,16,000.00 [bad debt expense entry for the year] b Bad debt expense 3,66,000.00 To allowance for uncollectible accounts 3,66,000.00 [bad debt expense entry for the year]