Question

Exercise 8-07

On December 31, 2021, when its Allowance for Doubtful Accounts had a debit balance of $1,469, Ivanhoe Company estimates that 11% of its accounts receivable balance of $77,700 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ivanhoe Company determined that B. Jared’s account was uncollectible and wrote off $1,139. On June 12, 2022, Jared paid the amount previously written off.

Prepare the journal entries on December 31, 2021, May 11, 2022, and June 12, 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date	Account Titles and Explanation	Debit	Credit
Choose a transaction date December 31, 2021May 11, 2022June 12, 2022	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
Choose a transaction date December 31, 2021May 11, 2022June 12, 2022	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount
Choose a transaction date December 31, 2021May 11, 2022June 12, 2022	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
	Enter an account title to reinstate account previously written off	Enter a debit amount	Enter a credit amount
	(To reinstate account previously written off)
	Enter an account title	Enter a debit amount	Enter a credit amount
	Enter an account title	Enter a debit amount	Enter a credit amount

Exercise 9-03 a

On March 1, 2022, Oriole Company acquired real estate, on which it planned to construct a small office building, by paying $82,500 in cash. An old warehouse on the property was demolished at a cost of $8,700; the salvaged materials were sold for $1,800. Additional expenditures before construction began included $1,300 attorney’s fee for work concerning the land purchase, $4,750 real estate broker’s fee, $8,800 architect’s fee, and $14,500 to put in driveways and a parking lot.

(a) Determine the amount to be reported as the cost of the land.

Cost of land

$Enter a dollar amount

Answer 1