All Ring Corplus accounts receivable bance of $150,000 on December 31, 2020. It has blance of 53.000 in Allowance for Doubtful Account prior to adjustment on December 11.2000. The company the of accounts receivable for estimating uncollectible accounts. The company's estimated uncollectible accounts are as shown below. Age of Accounts Des 31.2020 Estimated Uncollectible Current $100.000 1 1-30 days post de 20,000 TON 3129 days past due 15.000 20% 91-180 days past de 10.000 40 O 10 past due 5.000 30 $150.000 During 2021. Aron Corp. Had not credit sales of 51.000.000 and collection of 1950.000 wrote off uncollectible accounts receivable of 10 500. However, a 1.500 account previously wint of was recovered before the end of the year. Aron Corporation estimates that of its accounts receivable 12/31/2021 we be collectible REQUIRED A Prepare the oumal entry to record the bad debt renset 12/21/2020 2. Prepare the journal entries to record sales and collection during 2021 C. Prepare the journal entry to record the write off of uncollectible accounts during 2020 D. Prepare the journal is to record the recovery of uncollectible accounts Surg 2031 Determine the ending balance of accounts receivable and the abistance towance for Doubt Accounts for a 12/31/2011 Prepare the untry to record the baddett a 12/31/2021 indicate how the accounts receivable will be reported on the 12/11/2021 balance sheet Air King Corp has accounts receivable balance of $150,000 on December 31, 2020. It has a debit balance of $3,000 in Allowance for Doubtful Account prior to adjustment, on December 31, 2020. The company uses the ageing of accounts receivable for estimating uncollectible accounts. The company's estimated uncollectible accounts are as shown below. Age of Accounts Dec. 31. 2020 Estimated % Uncollectible Current $100,000 1% 1-30 days past due 20,000 10% 31- 9 days past due 15,000 20% 91-180 days past due 10,000 40% Over 180 days past due 5.000 50% $150.000 During 2021, Air King Corp. Had net credit sales of $1,000,000 and collections of $950,000. It wrote off uncollectible accounts receivable of $9,500. However, a $1,500 account previously written off was recovered before the end of the year. Air King Corporation estimates that 8% of its accounts receivable at 12/31/2021 will be uncollectible. REQUIRED A. Prepare the journal entry to record the bad debt expense at 12/31/2020 B. Prepare the journal entries to record sales and collection during 2021 C. Prepare the journal entry to record the write-off of uncollectible accounts during 2021 D. Prepare the journal entries to record the recovery of uncollectible accounts during 2021 E Determine the ending balance of accounts receivable and the unadjusted balance in allowance for Doubtful Accounts for at 12/31/2021. F. Prepare the journal entry to record the bad debt expense at 12/31/2021. G. Indicate how the accounts receivable will be reported on the 12/31/2021 balance sheet
