checker flag auto parts inc completed the following selected transactions during 201 4138643
Checker Flag Auto Parts, Inc., completed the following selected transactions during 2016:
Jan 17 Sold inventory to Sandy Skovic, $500 on account. Ignore cost of goods sold.
Jun 29 Wrote off Saidy Skovic’s account as uncollectible after repeated efforts to collect from her.
Aug 6 Received $400 from Sandy Skovic, along with a letter stating her intention to pay within 30 days. Reinstated Skovic’s account in full.
Sep 4 Received the balance due from Sandy Skovic.
Dec 31 Made a compound entry to write off the following accounts as uncollectible:
Mary Sloan, $125; Jim Nielson, $260, and Man Jameson, $375.
Dec 31 Based on an aging of accounts receivable, estimated uncollectible accounts as $1,680.
1. Open T-accounts for Allowance for Uncollectible Accounts and Bad Debt Expense. These accounts have beginning balances of $1,100 (cr.) and 0, respectively.
2. Record the transactions in the journal and post to the two T-accounts; remember to update account balances but ignore posting references.
3. The December 31 balance of Accounts Receivable is $23,470. Show how Accounts Receivable would be reported on the balance sheet at that date.
Checker Flag Auto Parts Inc completed the following selected transactions