Answered step by step
Verified Expert Solution
Question
1 Approved Answer
(1) Using the aging schedule below, prepare the adjusting entry needed for the uncollectible accounts expense. Show your work. Amount Age Estimated % Uncollectible $
(1) Using the aging schedule below, prepare the adjusting entry needed for the uncollectible accounts expense. Show your work. Amount Age Estimated % Uncollectible $ $ $ $ 24,000 18,000 10,000 6,000 1-30 days 31-60 days 61-180 days >180 days 1% 3% 25% 60% Account DR CR 2) Below are some accounts of the Comp Company as of January 31, 2021. Calculate the amounts and prepare the entries to record the following events: a) March 5 D. Grego account was determined to be uncollectible b) April 14 Wrote off J. Philips account as uncollectible c) If J. Philips later paid her account in full, what entry(s) would be necessary? General Ledger Accounts Receivable Allowance for Uncollectible Accounts $ $ 210,000 (2,600) Accounts Receivable Subsidiary Ledger D. Grego balance on account J. Philips balance on account $ $ 1,400 1,200 Account DR CR
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started