Brilliant Technical Resources' (BTR's) balance sheet at December 31, 2018, reported the following: (Click the icon to view the balance sheet.) BTR uses both the percent-of-sales and the aging methods to account for uncollectible receivables. Read the requirements Requirement 1. How much of the December 31, 2018, balance of accounts receivable did BTR expect to collect? Stated differently, what was the net realizable value of BTR's receivables? The net realizable value of BTR's receivables at December 31, 2018 is $ million Requirement 2. Journalize, without explanations, the following 2019 entries for BTR. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement, XX.) a. Estimated doubtful-account expense of $40 million, based on the percent-of-sales method, all during the year. Journal Entry Accounts Date Debit Credit b. Write-offs of uncollectible accounts receivable total $49 million. Prepare a T-account for Allowance for Doubtful Accounts and post the write-offs and the doubtful-account expense from part a. to this account. Show unadjusted balance at December 31, 2019 Begin by preparing the journal entry. Journal Entry Date Accounts Debit Credit b. Now prepare the T-account for Allowance for Doubtful Accounts and post to this account. Show its unadjusted balance at December 31, 2019 Allowance for Doubtful Accounts c. On December 31, 2019, an aging-of-receivables, indicates that $42 million of the total receivables of S386 million is uncollectible at year-end. Record doubtful-account expense at December 31, 2019. Post this amount to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. Begin by preparing the journal entry Journal Entry Date Accounts Debit Credit c Now post to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. (Begin by entering the unadjusted balance from b above, then complete the T-account.) Allowance for Doubtful Accounts Brilliant Technical Resources' (BTR's) balance sheet at December 31, 2018, reported the following: (Click the icon to view the balance sheet.) BTR uses both the percent-of-sales and the aging methods to account for uncollectible receivables. Read the requirements Requirement 1. How much of the December 31, 2018, balance of accounts receivable did BTR expect to collect? Stated differently, what was the net realizable value of BTR's receivables? The net realizable value of BTR's receivables at December 31, 2018 is $ million Requirement 2. Journalize, without explanations, the following 2019 entries for BTR. (Record debits first, then credits. Exclude explanations from any journal entries. Enter amounts in millions as provided to you in the problem statement, XX.) a. Estimated doubtful-account expense of $40 million, based on the percent-of-sales method, all during the year. Journal Entry Accounts Date Debit Credit b. Write-offs of uncollectible accounts receivable total $49 million. Prepare a T-account for Allowance for Doubtful Accounts and post the write-offs and the doubtful-account expense from part a. to this account. Show unadjusted balance at December 31, 2019 Begin by preparing the journal entry. Journal Entry Date Accounts Debit Credit b. Now prepare the T-account for Allowance for Doubtful Accounts and post to this account. Show its unadjusted balance at December 31, 2019 Allowance for Doubtful Accounts c. On December 31, 2019, an aging-of-receivables, indicates that $42 million of the total receivables of S386 million is uncollectible at year-end. Record doubtful-account expense at December 31, 2019. Post this amount to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. Begin by preparing the journal entry Journal Entry Date Accounts Debit Credit c Now post to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. (Begin by entering the unadjusted balance from b above, then complete the T-account.) Allowance for Doubtful Accounts
