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8. Gable Incorporated provides legal services. During 2018, the company provides services of $500,000 on account of this amount. $74.000 remains uncollected at the end
8. Gable Incorporated provides legal services. During 2018, the company provides services of $500,000 on account of this amount. $74.000 remains uncollected at the end of the year. An aging schedule as of December 31, 2018, is provided below Amount Receivable Estimated Percent Uncollectible Age Group Not yet due 0-30 days past due 5% $40,000 19,000 10% 31-60 days past due 9,000 20% More than 60 days past due 6.000 40% Total $74,000 a) What is the ending balance in the allowance account before the write off? b) Assume the company wrote off customer accounts of 1600 on 3/8/19. Record the write off c)Assume the customer paid 700 on May 3, 2019. Record the cash collection GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF. DEBIT CREDIT 9. Jackson uses the direct write off method. At 12/31/2019, Jackson's AR balance was 50,000. Jackson wrote off 5,000 on February 8, 2020. On April 18, 2020 the customers paid 3500. Record the write off on February 8 and cash collection on April 18. GENERAL JOURNAL PAGE DATE DESCRIPTION POST. REF DEBIT CREDIT
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