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Access the formula sheet here On December 31, 2021 Emerald Co. shows the following unadjusted amounts: Accounts receivable Allowance for Doubtful Accounts Net realizable value
Access the formula sheet here On December 31, 2021 Emerald Co. shows the following unadjusted amounts: Accounts receivable Allowance for Doubtful Accounts Net realizable value $500,000 Debit 4,000 Credit $ 496,000 The aging of Emerald's accounts receivable at December 31, 2021 shows: Time left 1:58:54 Days outstanding. Balance Estimated percentage uncollectible 1-15 days $200,000 1.5% 16-30 days 150,000 2.0% 31-45 days 100,000 5.0% 45+ days 50,000 10.0% Required: Answer the following questions: 1. Record the necessary adjusting entry on December 31, 2021 to record the uncollectible accounts receivable. 2. In January 2022, Emerald wrote off accounts totaling $5,500. Prepare the write-off entry
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