Exercise 7-11 (Algo) Uncollectible accounts, allowance method vs. direct write-off method [LO7-5, 7-6) Johnson Company calculates its allowance for uncollectible accounts as 20% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $20.000 at the beginning of 2021 No previously written off accounts receivable were reinstated during 2021. At 12/312021. gross accounts receivable totaled $333,500, and prior to tecording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 36.600. Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021 Determine the amount of accounts receivable written off during 2021 4. It Johnson instead used the direct write-off method, what would bad debt expense be for 2021? Required 1 Required 2 Required a Required 4 What was the balance in gross accounts receivable as of 12/31/20207 Batine in gross counts ronivable Required 2 > Exercise 7-11 (Algo) Uncollectible accounts, allowance method vs. direct write-off method (L07-5, 7-6] Johnson Company calculates its allowance for uncollectible accounts as 20% of tsending balance in gross accounts receivable. The allowance for uncollecuble accounts had a credt balance of $20,000 at the beginning of 2021 No previously written-off accounts receivable were reinstated during 2021 At 12312021, gross accounts receivable totaled $333.500, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 36.600 Required: 1. What was the balance in gross accounts receivable as of 123120202 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollecuble accounts during 2021 Determine the amount of accounts receivable written off during 2021 4. i Johnson instead used the direct write-off method, what would bad debe expense be for 20272 Required 1 Required Z Required 3 Fequired 4 What journal entry should Johnson record to recognize bad debt cupense for 2021? Une entry required for a transaction/event select "Ne journal entry required in the first account field.) View transactions Journal entry worksheet 1 Record the entry to recognize bad debt experte for 2021. Note Enter des before creder Ye General Journal 2021 Record Exercise 7-11 (Algo) Uncollectible accounts; allowance method vs. direct write-off method [LO7-5, 7-6) Johnson Company calculates its allowance for uncollectible accounts as 20% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $20,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. Al 12/312021. gross accounts receivable totaled $333,500, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 36,600, Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4.1 Johnson instead used the direct write off method, what would bad debt expense be for 2021? Required 1 Required 2 Required 3 Required 4 Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. Amount of accounts recewable written of Exercise 7-11 (Algo) Uncollectible accounts; allowance method vs. direct write-off method [LO7-5, 7-6) Johnson Company calculates its allowance for uncollectible accounts as 20% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $20,000 at the beginning of 2021 No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $333,500, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 36,600. Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. Wat joumal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021 4. If Johnson Instead used the direct write-off method, what would bad debt expense be for 2021? Required 1 Required 2 Required 3 Required 4 1f Johnson instead used the direct write-off method, what would bad debt expense be for 2017 Bad debt pense for 2021