Please! help me with this question Roth Service Co. experienced the following transactions for Year 1, Its first year of operations:1. Provided $110,000 of services on account2 Collected $89,000 cash from accounts recelvable.3. Pald $41,000 of salarles expense for the year.4. Roth adjusted the accounts using the following Information from an accounts recelvable aging schedule:Percent Likely to BeAllowanceNumber oE Days Past DueAmountUncollectibleBalanceCurrent$9,5000.010-304,0000.0531-602,5000.1061-902,0000.30Over 90 days3,0000.50Requlreda. Organize the transaction data In accounts under an accounting equation.b. Prepare an Income statement for Roth Service Co. for Year 1.c. What Is the net reallizable value of the accounts recelvable at December 31, Year 1?Complete this question by entering your answers in the tabs below.Required ARequired BRequired COrganize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with aminus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank, Not all cells will requireentry.)ROTH SERVICE CO.3 of 20Next > a Organlze the transaction data In accounts under an accounting equation.b. Prepare an Income statement for Roth Service Co. for Year 1.c. What Is the net realizable value of the accounts recelvable at December 31, Year 1?Complete this question by entering your answers in the tabs below.Required ARequired BRequired COrganize the transaction data in accounts under an accounting equation. (Enter any decreases to account balances with aminus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the celI blank. Not all cells will requireentry.)ROTH SERVICE CO.Horizontal Statements ModelAssetsEquityEventAccounts Titles for Retained EarningsNRV AccountsLiabilitiesRetainedCashReceivableEarnings1.!!2.3.4.Bal.Required B >< Prev3 of 20Next >+++ + +

Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $110,000 of services on account 2 Collected $89,000 cash from accounts recelvable. 3. Pald $41,000 of salarles expense for the year. 4. Roth adjusted the accounts using the following Information from an accounts recelvable aging schedule: Percent Likely to Be Allowance Number oE Days Past Due Amount Uncollectible Balance Current $9,500 0.01 0-30 4,000 0.05 31-60 2,500 2,000 0.10 61-90 0.30 Over 90 days 3,000 0.50 Requlred a. Organlze the transaction data In accounts under an accounting equation. b. Prepare an Income statement for Roth Service Co. for Year 1. c. What Is the net realizable value of the accounts recelvable at December 31, Year 1?

Roth Service Co. experienced the following transactions for Year 1, its first year of operations: 1. Provided $110,000 of services on account 2 Collected $89,000 cash from accounts recelvable. 3. Pald $41,000 of salarles expense for the year. 4. Roth adjusted the accounts using the following Information from an accounts recelvable aging schedule: Percent Likely to Be Allowance Number oE Days Past Due Amount Uncollectible Balance Current $9,500 0.01 0-30 4,000 0.05 31-60 2,500 2,000 0.10 61-90 0.30 Over 90 days 3,000 0.50 Requlred a. Organlze the transaction data In accounts under an accounting equation. b. Prepare an Income statement for Roth Service Co. for Year 1. c. What Is the net realizable value of the accounts recelvable at December 31, Year 1?

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
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