receivables assignment

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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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