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Exercise 5-21 Part 2 a. The company estimates future uncollectible accounts. The company determines $5,400 of accounts receivable on January 31 are past due, and
Exercise 5-21 Part 2 a. The company estimates future uncollectible accounts. The company determines $5,400 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) b. Supplies at the end of January total $900. c Accrued interest revenue on notes receivable for January, Interest is expected to be received each December 31, d. Unpaid salaries at the end of January are $33,900. 2. Record adjusting entries on January 31 for the above transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.) Exercise 5-21 Part 2 a. The company estimates future uncollectible accounts. The company determines $5,400 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 5% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger) b. Supplies at the end of January total $900. c Accrued interest revenue on notes receivable for January, Interest is expected to be received each December 31, d. Unpaid salaries at the end of January are $33,900. 2. Record adjusting entries on January 31 for the above transactions, (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.)
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