A summary of COVID Company's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each :age group % Age Group Amount days $40,000 0.5 0-60 days 15,000 1.5 61-90 days 2,000 15.0 91-120 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year .bad debts of $1,150 were written off Required: (Show your Working. You have the option to upload your answer/working for this question via (the provided link/ button A) Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts, (A) To write off specific accounts, and (B) To .adjust allowance for uncollectible accounts B) What is cash realizable value of the company's ?receivables at 31 December 2021
A summary of COVID Company's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each :age group % Age Group Amount days $40,000 0.5 0-60 days 15,000 1.5 61-90 days 2,000 15.0 91-120 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year .bad debts of $1,150 were written off Required: (Show your Working. You have the option to upload your answer/working for this question via (the provided link/ button A) Prepare all journal entries for 2021 with respect to bad debts and the allowance for uncollectible accounts, (A) To write off specific accounts, and (B) To .adjust allowance for uncollectible accounts B) What is cash realizable value of the company's ?receivables at 31 December 2021
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter14: Accounting For Uncollectible Accounts Receivable
Section: Chapter Questions
Problem 1AP
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