Part BThe company completed the following transactions during 2020.Jan 10 sold inventory to Natty Paul, $11,000, on accountMay 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectibleOctober 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible.December 31, The Aging schedule showed an estimated $116,500 as uncollectibleRequirements:Prepare journal entries for each transaction (No narrations required) this part was completed and is provided in the image belowhelp needed for questions below Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable. DateParticularsDebitCredit10 JanAccounts receivable11,000Revenue11,00015 MayAllowance for uncollectible account2,900Accounts receivable2,9004 AugCash7,700Allowance for uncollectible amount3,300Accounts Receivable11,00026 OctAccounts Receivable120Allowance for uncollectible account12026 OctCash120Accounts receivable12031 DecBad Debt91380Allowance for uncollectible accounts91380

The process of recording business transactions in the books of accounts for the first time is known…

Answered: f earlier as uncollectible. December…

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Part B

The company completed the following transactions during 2020.

Jan 10 sold inventory to Natty Paul, $11,000, on account
May 15 wrote off as uncollectible the accounts of Terry Carter, $2,500 and Maggie Cube $400
August 04 received 70% of the amount owed by Natty Paul and wrote off the remainder as uncollectible
October 26 received 30% of the funds owed from Maggie Cube as part payment of her account which had been written off earlier as uncollectible.
December 31, The Aging schedule showed an estimated $116,500 as uncollectible

Requirements:

Prepare journal entries for each transaction (No narrations required) this part was completed and is provided in the image belowhelp needed for questions below
Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account.
Prepare the balance sheet extract as at Dec 31, 2020, to show the net realizable value for the Accounts Receivable.