Comment on the advantages and disadvantages of using the income statement approach for estimating uncollectibles Exercke 8-12 Estimating bad debt expense-percentage of receivables @L03 CHECK FIGURE: 0. Accounts receivable (net) = $235,200 Refer to the information in Exercise 8-11 Page 580 Required 1. Assume that Demron estimates incollectible accounts as 25 of receivables. Prepare the adjusting entry required on December 31, 2020 to estimate uncollectible receivables b. During 2021. credit sales were $620.000 cost of sales 5406,500): sales discounts taken were $12.000; accounts receivable collected were 5440,000; and accounts written off during the year totalled $10.000. Prepare the entries to record these transactions c. Record the adjusting entry required on December 31, 2021 to estimate un collectible receivables, assuming it is based on 22 of receivables. 4. Show how accounts receivable would appear on the December 31, 2021 balance sheet. + 95% 15 AM Analysis Component: Comment on the advantages and disadvantages of using the balance sheet approach for estimating uncollectibles. Exercise 8-13 Aging analysis L03 CHECK FIGURE: C. Accounts receivable (net) = $402,400 Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, ofs2,300 Required a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows: December 31, 2020 Accounts Receivable Age of Accounts Receivable Expected Percentage Uncollectible $155.000 Not due (under 30 days) 45,000 1 to 30 days past due 10.500 31 to 60 days past due 10% Over 60 days past due 60% 2.500 b. During 2021. credit sales were $1.457.000: sales discounts taken were $27.000, accounts receivable collected were $1.220.000, and accounts written off during the year totalled $29,000. Prepare the adjusting entry required on December 31, 2021, to estimate uncollectible receivables assuming it is based on the following aging analysis 16.000 December 31, 2021 Accounts Receivable Age of Accounts Receivable Expected Percentage Uncollectible $290,000 Not due (under 30 days) 90,000 1 to 30 days past due 25,000 31 to 60 days post due 10% Over 60 days past due 60% 6. Show how accounts receivable would appear on the December 31, 2021, balance sheet. Analysis Component: Comment on the advantages and disadvantages of using an aging analysis for estimating uncollectible accounts. Comment on the advantages and disadvantages of using the income statement approach for estimating uncollectibles Exercke 8-12 Estimating bad debt expense-percentage of receivables @L03 CHECK FIGURE: 0. Accounts receivable (net) = $235,200 Refer to the information in Exercise 8-11 Page 580 Required 1. Assume that Demron estimates incollectible accounts as 25 of receivables. Prepare the adjusting entry required on December 31, 2020 to estimate uncollectible receivables b. During 2021. credit sales were $620.000 cost of sales 5406,500): sales discounts taken were $12.000; accounts receivable collected were 5440,000; and accounts written off during the year totalled $10.000. Prepare the entries to record these transactions c. Record the adjusting entry required on December 31, 2021 to estimate un collectible receivables, assuming it is based on 22 of receivables. 4. Show how accounts receivable would appear on the December 31, 2021 balance sheet. + 95% 15 AM Analysis Component: Comment on the advantages and disadvantages of using the balance sheet approach for estimating uncollectibles. Exercise 8-13 Aging analysis L03 CHECK FIGURE: C. Accounts receivable (net) = $402,400 Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, ofs2,300 Required a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows: December 31, 2020 Accounts Receivable Age of Accounts Receivable Expected Percentage Uncollectible $155.000 Not due (under 30 days) 45,000 1 to 30 days past due 10.500 31 to 60 days past due 10% Over 60 days past due 60% 2.500 b. During 2021. credit sales were $1.457.000: sales discounts taken were $27.000, accounts receivable collected were $1.220.000, and accounts written off during the year totalled $29,000. Prepare the adjusting entry required on December 31, 2021, to estimate uncollectible receivables assuming it is based on the following aging analysis 16.000 December 31, 2021 Accounts Receivable Age of Accounts Receivable Expected Percentage Uncollectible $290,000 Not due (under 30 days) 90,000 1 to 30 days past due 25,000 31 to 60 days post due 10% Over 60 days past due 60% 6. Show how accounts receivable would appear on the December 31, 2021, balance sheet. Analysis Component: Comment on the advantages and disadvantages of using an aging analysis for estimating uncollectible accounts