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apter 7 Homework Help Save & Exit Submit Check my work 5 07 at December 31, 2021, reveals the following Percentage of Year-End Age Group Receivables in Group 2-60 days 70% 61-90 days 2e 91-120 days 5 Over 120 days 5 Percent Uncollectible SS 15 20 40 ok Required: 1. Prepare summary Journal entries to account for the 2021 write-offs and the collection of the receivable previously written off 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations. a. Bad debt expense is estimated to be 4% of credit sales for the year b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable. 3. For situations (a)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? at December 31, 2021, reveals the following Check my work Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percentage of Year-End Receivables in Group 70% 20 5 Percent Uncollectible 55 15 20 40 Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written of 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations a. Bad debt expense is estimated to be 4 of credit sales for the year b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable c. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncollectible accounts is determined by an aging of accounts receivable 3. For situations (a)-(e) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Help Save & Exit Submit Check my werk 5 View transaction list Journal entry worksheet 1 points 1 2 > Record accounts receivable written off during the year 2021. Fotorences Note Enter debit before cred General Journal Debit Credit Event 1 Check my werk 5 View transaction list Journal entry worksheet eromheducation.com/ext/map/indech.com contemna brow Maunch SHAFFconnectedcation.com 525 * apter 7 Homework Help Save E Check my w 07 5 Problem 7-4 (Algo) Uncollectible accounts (LO7-5, 7-6) Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only a: December 31, the company's fiscal year-end The 2020 balance sheet disclosed the following Current aussi Receivables, het of allowance for uncollectible accounts of 545,000 $ 57,00 During 2021. credit sales were $1,625,000 cash collections from customers 51.905,000, and $54.000 in accounts receivable were written off. In addition, $4,500 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021. reveals the following Percentage of Yeard Percent A Group Receivables in Group Uncollectible 0-60 days 703 SU 01-10 day 20 15 91-120 days 20 Over 120 days 40 Required 1 Drentar umalis in arriti then write and then there in pter 7 Homework Help Seve Sutmis Check my went 5 Age Group 0-60 days 61-90 days 91-120 days Over 120 days Percentage of Year-End Receivables in Group 70% 20 5 5 Percent Uncollectible 55 15 20 40 Required: 1. Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off 2. Prepare the year-end adjusting entry for bad debts according to each of the following situations a. Bad debt expense is estimated to be 4% of credit sales for the year b. Bad debt expense is estimated by adjusting the allowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowence for uncollectible accounts is estimated to be 10% of the year-end balance in accounts receivable c. Bad debt expense is estimated by adjusting the ollowance for uncollectible accounts to the balance that reduces the carrying value of accounts receivable to the amount of cash expected to be collected. The allowance for uncotequible accounts is determined by an aging of accounts receivable 3. For situations (0)-(c) in requirement 2 above, what would be the net amount of accounts receivable reported in the 2021 balance sheet? Complete this question by entering your answers in the tabs below. Help Save & EX Submit Check my work 5 sheet Complete this question by entering your answers in the tabs below. Required: Required 2 Required Prepare the year-end adjusting entry for bad debts. (If no entry is required for a transaction/event, select "No journal entry reduired in the first account field.) Book View transactions Journal entry worksheet 1 2 3 Bad debt expense is estimated to be 4% of credit sales for the year Check my work 5 Journal entry worksheet
