ACCTG 211 BSBIC Receivables AssignmentThis assignment has a value of 5 points.Scenario:You are the Accountant for WanneB...

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ACCTG 211 BSBIC Receivables Assignment

April 14, 2018

ACCTG 211 BSBIC Receivables Assignment
This assignment has a value of 5 points.
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
AR-BusyBody
AR-DippyDo
AR-MerryMen
AR-CurlyCues
AR-PrettyPenny

$25,000
$75,000
$55,000
$145,000
$211,000
$109,000

AR-NannyNancy
AR-AlphaBetCo
AR-TipsyTurvy
AR-HappyHart
AR-MityMan
AR-JumpingJax

$250,000
$130,000
$98,000
$289,000
$47,000
$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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