# accounts help!!!!!!!!

Question # 00004928 Posted By: paul911 Updated on: 12/08/2013 11:40 AM Due on: 12/09/2013
Subject Accounting Topic Accounting Tutorials:
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.
Tutorials for this Question
1. ## Solution: 100% correct answer

Tutorial # 00004719 Posted By: mac123 Posted on: 12/08/2013 11:41 AM
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wannabee_1_1.xlsx (9.46 KB)

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