29 Jun Question Scenario: You are the Accoun
Question
Scenario: You are the Accountant for WanneBee Corporation WannaBee Corporation has $1,500,000 of Receivables on December 31, 2000. WannaBee uses the Allowance Method and historical data indicates that 7% of receivables become uncollectible. The end of year balance in the ADA is 0. The following are the 2000 end of year receivables. AR- Goodboy $25,000 AR-NannyNancy $250,000 AR-BusyBody $75,000 AR-AlphaBetCo $130,000 AR-DippyDo $55,000 AR-TipsyTurvy $98,000 AR-MerryMen $145,000 AR-HappyHart $289,000 AR-CurlyCues $211,000 AR-MityMan $47,000 AR-PrettyPenny $109,000 AR-JumpingJax $66,000 During 2001 the following events occurred: Goodboy defaulted. BusyBody declared bankruptcy but paid $19,000. DippyDo paid the account in full. MerryMen still owes $48,000. CurlyCues has not answered the phone for 8 months. PrettyPenny paid its account. NannyNancy paid $150,000 and on November 21 made a 120 note at 4% APR for the remainder. AlphaBetCo paid its account in full. TipsyTurvy has closed its business. HappyHart paid its bill. MityMan still owes its account. JumpingJax paid ½ its bill and will not pay the rest. The Receivables balance at the end of the year is $2,235,000 Assignments: (1) Prepare the Required AJE for December 31, 2000. (2) Prepare the Required AJE for December 31, 2001.
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