Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

1. Before adjustments, Blue Company had the following balances on December 31, 2021: Accounts Receivable... 65.000 Allowance for Doubtful Accounts...... 3.000 credit Net Credit Sales....

image text in transcribed
image text in transcribed
image text in transcribed
1. Before adjustments, Blue Company had the following balances on December 31, 2021: Accounts Receivable... 65.000 Allowance for Doubtful Accounts...... 3.000 credit Net Credit Sales.... 550.000 a. Prepare the journal entry to record the estimated uncollectible accounts assuming Blue uses the percentage of receivables approach. An aging of the accounts receivable estimated the carrying amount of the receivables at December 31, 2021 is $ 57 800. | AR-S carrying amount required AFDA adjustment 2. On March 5, 2022 Blue decided that the 5 500 receivable from a customer Carlton Company, was uncollectible. Prepare the journal entry to write off the account Mar 5 Wrote off Carlton's account : On July 1 2022 Blue receives a payment of $ 500 from Cariton for the amount that had been previously written off on March 5, 2017 Prepare the required journal entries 3 To reverse the above write off collection from Carlton 4 On November 1, 2021. Blue accepted a s 6,000. 6-month 59 note from a customer as payment of an outstanding account receivable. Blue's year end is December 31 Prepare the November 1 journal entry a 6-month 59. note b. How much interest would Blue eam in 20217 =$ Interest in 2021 How much interest would Blue eam in 20227 Interest in 2022

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting

Authors: Carl s. warren, James m. reeve, Philip e. fess

21st Edition

978-0324400205, 324225016, 324188005, 324400209, 9780324225013, 978-0324188004

More Books

Students also viewed these Accounting questions

Question

Create hy being extemfllly open: How can I [aim find change?

Answered: 1 week ago

Question

3. What might be the response of the attorneys to this change?

Answered: 1 week ago