Required:(a) What is the total estimated uncollectible amount of accounts receivable?(b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment. Singer Company adjusts its account annually. Below is extracted from the trial balance of the Companyas at 31 December, 2021prior to year end adjusting entries.$335,000$7,300 (Dr)Accounts receivableAllowance for impairmentAn aging analysis on the probability of uncollectible amount is broken down as follows:% ofAmount past dueNot yet due1-30 days31-60 daysOver 60 daysAccounts Receivableuncollectible95,000150,00085,0005,0001%2%5%10%

Allowance Method - Under allowance, the method company makes provision of uncollectible accounts at…

Answered: Singer Company adjusts its account…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 4MC

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Required: (a) What is the total estimated uncollectible amount of accounts receivable? (b) Prepare journal entries to record impairment loss of receivable in 2021 using Statement of Financial Position approach. (c) Prepare a partial statement of financial position as at 31 December 2021 on the accounts receivable. (d) Prepare journal entries to record impairment loss of receivable in 2021 assuming the balance of the Allowance for Impairment account is $7.300 (Cr.) prior to adjustment.

Singer Company adjusts its account annually. Below is extracted from the trial balance of the Company
as at 31 December, 2021prior to year end adjusting entries.
$335,000
$7,300 (Dr)
Accounts receivable
Allowance for impairment
An aging analysis on the probability of uncollectible amount is broken down as follows:
% of
Amount past due
Not yet due
1-30 days
31-60 days
Over 60 days
Accounts Receivable
uncollectible
95,000
150,000
85,000
5,000
1%
2%
5%
10%

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