Business, 11.06.2020 19:57 autumnhuls5720
Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days
$235,000 $132,000 $43,000 $13,000 $47,000
Estimated percent uncollectible 0.2% 2% 15% 35%
The September 30, 2017, records include these accounts:
Accounts Receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . $249,000
Allowance for Doubtful Accounts. . . . . . . . . . . . . . . . . . . (8,400)
During the year, estimates doubtful-account expense at 1% of credit sales. Atyear-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Doubtful Accounts to correspond to the aging schedule. During the last quarter of 2017, the company completed the following selected transactions:
Nov 30 Wrote off as uncollectible the $1,700 account receivable from Brown Carpets and the $500 account receivable from Good Antiques.
Dec 31
Adjusted the Allowance for Doubtful Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables.
Requirement:
1. Record the transactions for the last quarter of 2017 in the journal. Explanations are not required. (Record debitsfirst, then credits. Exclude explanations from any journalentries.) Wrote off as uncollectible the $1,700 account receivable from Brown Carpets and the $500 account receivable from Good Antiques.
2 .Prepare a T-account for Allowance for Doubtful Accounts with the appropriate beginning balances. Post the entries from Requirement 1 to that account.
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Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days
$235,000 $132,000 $43,000 $13,000...
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