Accounting question

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The following was taken from the records of Smith Company in the year ending December 31, 2014. Journalize the following transactions in an Excel spreadsheet for year-end 2014 using the aging method. Assume that the allowance for doubtful accounts has a beginning credit balance of $18,000 on January 1, 2014.

Assignment Template attached below

Label the events below as journal entries #1 to #4, along with the dates of the entries:

  1. February 20, 2014: Wrote off Jones account: $7,250.
  2. May 20, 2014: Received $4,050 as partial payment on the $8,000 account receivable due from Garcia.
  3. August 10, 2014: Received $7,250 from Jones on the account written off on February 20, 2014.
  4. September 15: Wrote off the individual account receivables for the following customers as payment not expected in future: Tang: $4,400; Mulaka: $2,210; Quan: $1,375.

December 31, 2014: Smith Company prepared the following aging schedule for it accounts receivables:

  • $160,000 of Accounts Receivable (A/R) are 0-30 days late: 3% probability of not being paid.
  • $40,000 of A/R are 31-60 days late: 10% probability of not being paid.
  • $18,000 of A/R are 61-90 days late: 20% probability of not being paid.
  • $1,500 of A/R are later than 90 days late: 50% probability of not being paid.

Instructions:

Submit the following items in an Excel spreadsheet, labeling each as 1, 2, 3, and 4:

  1. The four journal entries (1 to 4 above) with a one-sentence description for each
  2. The allowance for doubtful accounts T-account
  3. The journal entry to record bad debt expense
  4. The balance sheet presentation of net realizable value, including gross accounts receivables of $219,500

 

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