Need help with accounts receivable homework

| July 29, 2018

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.
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
TipsyTurvy has closed its
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


Prepare the Required AJE for December 31,
2000.Prepare the Required AJE for December 31,

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