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In: Accounting

Record the following transactions for Heart and Soul Dance Co. in general journal form. 20-x Dec....

Record the following transactions for Heart and Soul Dance Co. in general journal form.

20-x

Dec. 31 Net sales on account for the period were $640,000. Heart and Soul Dance Co. uses the percentage of sales method of estimating uncollectible accounts. Heart and Soul Dance Co. estimates that 3% of net sales are uncollectible. The balance in Allowance for Bad Debts is a $980 credit.

If an amount box does not require an entry, leave it blank.

Page: 1

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1 Dec. 31 1

2 2

20-y

Jan. 6 The accounts receivable of Marissa Marco was determined to be uncollectible and written off, $6,200.

Mar. 8 Notice was received that Paul Dante, a customer, was bankrupt. His balance of $4,200 was written off.

May 28 Reinstated the Shin Yun account that had been written off in the preceding year as uncollectible. Entered the receipt of $5,400 cash as full settlement of Yun's account.

If an amount box does not require an entry, leave it blank.

Page:

DATE DESCRIPTION POST. REF. DEBIT CREDIT

1 Jan. 6 1

2 2

3 Mar. 8 3

4 4

5 May 28 5

6 6

7 May 28 7

8 8

Solutions

Expert Solution

Date Particulars Debit ( Amount In $) Credit ( Amount In $)
31.Dec.20-y Bad Debt Expense 19200
       Allowances for doubtful accounts 19200
(Being 3% of Net sales are uncollectable based on percentage of sales method)
06.Jan Allowances for doubtful accounts 6200
       Accounts Receivables 6200
(Being account of marissa marco written off)
8. March Allowances for doubtful accounts 4200
       Accounts Receivables 4200
(Being account of Paul Dante written off)
28. May Accounts Receivables 5400
       Allowances for doubtful accounts 5400
(Receivable of $ 5400 reinstated in account of Shin Yun)
28. May Cash 5400
       Accounts Receivables 5400
(Being Cash Received from Shin Yun)

ekkarill92 answered 2 years ago
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