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Can anyone help??? Workshop 3 Problems Student Q Search Sheet AutoSum' . Wrap Text General ** Merge & Center $ % ) . Conditional Format
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Workshop 3 Problems Student Q Search Sheet AutoSum' . Wrap Text General ** Merge & Center $ % ) . Conditional Format Formatting as Table Cell Styles Insert Delete Home Insert Page Layout Formulas Data Review View Cut Calibri (Body) - 12 -A- A Copy Paste Format B I U . L A E G24 x fc Credit A B C D E F G 1 3.2 Calculation of Allowance for Uncollectibles using the aging of the Accounts Receivable 2 Directions: Complete the following chart and journal entries with the information below: Format Clear Sort & Filter L M N O P Q R S T U H I J K Points: 20 items @ 1 pt each = 20 points total 4 5 6 7 Background information: Goofy and Friends had the following balances at the various ages $1,200,000 less than 30 days old $700,000 31-60 Days old, $200,000 61-120 Days old and $25,000 over 120 days. Goofy is assuming he will collect 98% of balances less than 30 days old, 90% of balance 31-60 days old, 75% of balances 61-120 days old and 50% of balances over 120 days. Complete the following chart based on the aged balances and % of estimated collectibility. 9 a) Estimated Estimated % Amount uncollectible Uncollectible Balance: 10 Age: 11 0-30 Days 12 31 to 60 Days 13 61-120 Days 14 over 120 Days 16 17 Accounts Receivable 18 Less: Allowance for Uncollectible 19 Net Realizable Value 21 b) Assuming the allowance had a beginning credit balance of $15,000 22 prepare a journal entry for the adjustment for the new allowance amount 24 Date Credit ! Account Debit 31-Dec Uncollectible Accounts Expense Allowance for Uncollectible Accounts 30 Helpful Resources AR Video 1 AR Video 2 Problem 3.1 Problem 3.2 Problem 3.3 Problem 3.4 Problem 3.5 Problem 3.6 + Ready @ - - - + 100%Step by Step Solution
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