More Info Salem Auto Parts Inc completed the following selec

More Info Salem Auto Parts, Inc., completed the following selected transactians during 2016 (Click the icon to view the transactions.) Read the requirements. Sold inventory to Vic Vane, $1,400, on account. Ignore cost of goods sold. Wrote off the Vic Vane account as uncollectible after repeated efforts to collect from him. Received S300 from Vic Vane, along with a letter stating his intention to pay within 30 days. Reinstated his account in full. Received the balance due from Vic Vane Made a compound entry to write off the following accounts as uncollectible: Bob Keffer, S300; Molly McAdams, $200; and Susie Stein, $700 Based on an aging of accounts receivable, estimated uncollectible accounts as $2,300 Jan 17 Jun 29 Aug 6 Now post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts t to update account balances but ignore posting references. (Post to the accounts in the same or Sep 4 Dec 31 Allowance for uncollectible accounts Bad debt expense Beg Bal 1,300 Beg Bal Dec 31 Print Done Requirement 2. The December 31 balance of Accounts receivable is $180,000. Show how A i Requirements Salem Auto Parts, Indc. Balance Sheet (partial) December 31 1. Record the transactions in the journal and post to the Allowance for uncollectible accounts and Bad debt expense ledger accounts that have been opened for you. These accounts have beginning balances of $1,300 (cr.) and 0, respectively. Remember to update account balances but ignore posting references. Less: 2. The December 31 balance of Accounts receivable is $180,000. Show how Accounts receivable would be reported on the balance sheet at that date Choose from any list or enter any number in the input fields and then continue to the ne Print Done

Solution

17-Jan Accounts receivable 1400               Sales revenue 1400 29-Jun Allowance for uncollectible accounts 1400               Accounts receivable 1400 06-Aug Accounts receivable 1400              Allowance for uncollectible accounts 1400 Cash 300             Accounts receivable 300 04-Sep Cash 1100             Accounts receivable 1100 31-Dec Allowance for uncollectible accounts 1200 (300+200+700)               Accounts receivable 1200 31-Dec Bad debt expense 2200              Allowance for uncollectible accounts 2200 Allowance for uncollectible accounts 1200 Beg, bal 1300 Bad debt expense 2200 1200 3500 End balance 2300 Bad debt expense beg 0 2200 2200 0 Balance sheet partial Accounts receivable 180000 less Allowance for doubtful accounts 2300 Net accounts receivable 177700