ASSIGNMENT INFORMATION AND REQUIREMENTS ABC Company sells its products to customers on a credit basis (no cash sales are made). An adjusting entry for bad debts is recorded only at December 31 , the company's year-end. Assume that as of December 31,2022,ABC has $700,000 in accounts receivable. Further assume the following information with regards to these receivables. REQUIRED 1. Based on the aging schedule above, determine the dollar amount of ABC s accounts receivable estimated to be uncollectible as of 12/31/2022. 2. Assume the 12/31/2022 unadjusted balance in ABC s allowance for doubtful accounts (ADA) is a $4,000 debit balance [more accounts were written off during 2022 than anticipated]. Prepare ABC 's December 31,2022 adjusting journal entry to record 2022 bad debt expense and establish an appropriate balance in its ADA. 3. Determine the net realizable value of ABC s December 31,2022 accounts receivable. 4. Assume that during 2023 , the following accounts are deemed uncollectible and written off by ABC : (a) Prepare journal entries to record the write-off of these accounts. Prepare two journal entries, one entry for each account written off. (b) Determine the unadjusted balance in ABC's ADA account as of 12/31/2023. 5. During 2023ABC had credit sales of $8,000,000 and collection of accounts receivable during 2023 totaled $6,801,300. Prepare a schedule reconciling the $700,0001/1/2023 accounts receivable balance to the end of the year balance (12/31/2023). [Do not forget to consider the accounts written off during 2023] 6. Assume an aging of accounts receivable at 12/31/2023 indicates that 4 percent of these receivable are estimated to be uncollectible. Prepare ABCs12/31/2023 adjusting journal entry to record 2023 bad debt expense and establish the appropriate balance in the ADA. Show your work as to how your arrived at the dollar amount. ASSIGNMENT INFORMATION AND REQUIREMENTS ABC Company sells its products to customers on a credit basis (no cash sales are made). An adjusting entry for bad debts is recorded only at December 31 , the company's year-end. Assume that as of December 31,2022,ABC has $700,000 in accounts receivable. Further assume the following information with regards to these receivables. REQUIRED 1. Based on the aging schedule above, determine the dollar amount of ABC s accounts receivable estimated to be uncollectible as of 12/31/2022. 2. Assume the 12/31/2022 unadjusted balance in ABC s allowance for doubtful accounts (ADA) is a $4,000 debit balance [more accounts were written off during 2022 than anticipated]. Prepare ABC 's December 31,2022 adjusting journal entry to record 2022 bad debt expense and establish an appropriate balance in its ADA. 3. Determine the net realizable value of ABC s December 31,2022 accounts receivable. 4. Assume that during 2023 , the following accounts are deemed uncollectible and written off by ABC : (a) Prepare journal entries to record the write-off of these accounts. Prepare two journal entries, one entry for each account written off. (b) Determine the unadjusted balance in ABC's ADA account as of 12/31/2023. 5. During 2023ABC had credit sales of $8,000,000 and collection of accounts receivable during 2023 totaled $6,801,300. Prepare a schedule reconciling the $700,0001/1/2023 accounts receivable balance to the end of the year balance (12/31/2023). [Do not forget to consider the accounts written off during 2023] 6. Assume an aging of accounts receivable at 12/31/2023 indicates that 4 percent of these receivable are estimated to be uncollectible. Prepare ABCs12/31/2023 adjusting journal entry to record 2023 bad debt expense and establish the appropriate balance in the ADA. Show your work as to how your arrived at the dollar amount
