ACCTG 211 BSBIC Receivables Assignment This assignment has a


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Can you please assist with this? Its a receivable assignment. Receivables_Assignment.docx 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. Page 1

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