At December 31, 2020, the Accounts Receivable balance of White Electronics Inc is $306,000. The Allowance for Doubtful Accounts has ain) $10.500 credit balance. Accountants for White Electronics Inc prepare the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Required 1. Journalize the adjusting entry for doubtful accounts based on the aging schedule. Show the T-account for the allowance at December 31, 2020. 2. Show how White Electronics Inc will report Accounts Receivable on its December 31, 2020, balance sheet. 3. Suppose all the facts of this situation are the same except that Allowance for Doubtful Accounts has a $1,700 debit balance. Calculate the amount of the adjusting entry. Requirement 1. Joumalize the adjusting entry for doubtful accounts based on the aging schedule. Show the T-account for the allowance at December 31, 2020. Begin by journalizing the adjusting entry. (Record debits first, then credits. Exclude explanations from journal entries.) Journal Entry 0 Aging Schedule Date Accounts Debit Credit - Dec. 31 Age of Accounts Receivable 1-30 61-90 31-60 Days Over 90 Days Days Days Total Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Now, prepare the Cash Sales A Selling Expense S. (If a box is not used in the T-account, leave the box empty Accounts Receivable Estimated percent uncollectible Allowance Needed S140,000 1.5% $84.000 $ 5.0% $70,000 9.0%. $12,000 S306,000 60.0% % Print Done Choose from any list or enter any number in the input fields and then continue to the next question ? At December 31, 2020, the Accounts Receivable balance of White Electronics Inc is $306,000. The Allowance for Doubtful Accounts has a(n) $10,500 credit balance. Accountants for White Electronics Inc prepare the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Required 1. Journalize the adjusting entry for doubtful accounts based on the aging schedule. Show the T-account for the allowance at December 31, 2020. 2. Show how White Electronics Inc will report Accounts Receivable on December 31, 2020, balance sheet. 3. Suppose all the facts of this situation are the same except that Allowance for Doubtful Accounts has a $1,700 debit balance. Calculate the amount of the adjusting entry. Now, prepare the T-account for Allowance for Doubtful Accounts. (If a box is not used in the T-account, leave the box empty; do not enter a zero. Abbreviations used Bal. = Balance, adj. = adjustments.) Allowance Doubtful Accounts Requirement 2. Show how White Electronics Inc will report Accounts Receivable on its December 31, 2020, balance sheet. White Electronics Inc Balance Sheet (partial) December 31, 2020 Accounts receivable, net Choose from any list or enter any number in the input fields and then continue to the next question. ? Required 1. Journalize the adjusting entry for doubtful accounts based on the aging schedule. Show the T-account for the allowance at December 31, 2020. 2. Show how White Electronics Inc will report Accounts Receivable on its December 31, 2020, balance sheet. 3. Suppose all the facts of this situation are the same except that Allowance for Doubtful Accounts has a $1,700 debit balance. Calculate the amount of the adjusting entry. Requirement 2. Show how White Electronics Inc will report Accounts Receivable on its December 31, 2020, balance sheet. White Electronics Inc Balance Sheet (partial) December 31, 2020 Accounts receivable Accounts receivable, net | Accounts receivable, net of allowance for doubtful accounts llowance for Doubtful Accounts has a $1,700 debit balance. Calculate the amount of the adjusting entry. Bad-debt expense Cash Less: Allowance for doubtful accounts Notes receivable Sales revenue Total assets Choose from any list or enter any number in the input fields and then continue to the next question. Requirement 3. Suppose all the facts of this situation are the same except that Allowance for Doubtful Accounts has a $1,700 debit balance. Calculate the amount of the adjusting entry. Allowance for Doubtful Accounts: Credit balance needed 1-30 31-60 6190 Over 90 Subtotal Unadjusted balance Adjusting entry amount
