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help! check if these are correct Perform the following accounting for the receivables of Harper and Murphy, an accounting firm, at December 31, 2020. Requirements
help!
check if these are correct
Perform the following accounting for the receivables of Harper and Murphy, an accounting firm, at December 31, 2020. Requirements Requirements 1 and 2. Prepare the T-accounts for accounts receivable and allowance for uncollectible accounts. (Leave any unused cells blank.) Accounts Receivable Allowance for Uncollectible Accounts 82000 Beg, bal . Service revenue 11000 13000 860000 Beg. bal Bad debt exp. . 8000 Collections Write-offs - 791000 Write-offs - 8000 End. bal 942000 End. bal. 24000 Requirement 3. Show two ways Harper and Murphy could report accounts receivable on its balance sheet at December 31, 2020. (Use parentheses or a minus sign to indicate numbers to be subtracted.) Accounts receivable 942000 Less: Allowance for uncollectible accounts 24000 Requirements 918000 Accounts receivable, net Now show an alternate method of reporting accounts receivable on the balance sheet at December 31, 2020. Accounts receivable, net of allowance for uncollectible accounts of $16,000 918000 1. Start with the beginning balances for these T-accounts: Accounts Receivable. $82,000 Allowance for Uncollectible Accounts, $11,000 Post the following 2020 transactions to the T-accounts: a. Service revenue of $860,000, all on account b. Collections on account, $791,000 Write-offs of uncollectible accounts, $8.000 d. Bad debt expense (allowance method), $13,000 2. What are the ending balances of Accounts Receivable and Allowance for Uncollectible Accounts? 3. Show two ways Harper and Murphy could report accounts receivable on its balance sheet at December 31, 2020. ( Print Done Bartel Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2020, the balance of accounts receivable is $270,000 and the allowance for uncollectible accounts has a credit balance of $4,500 (before adjustment). An analysis of accounts receivable produced the following age groups: B (Click the icon to view the accounts receivable aging information.) Based on past experience, Bartel estimates that the percentages of accounts that will prove to be uncollectible within the three groups are 5%, 11%, and 26%, respectively. Based on these facts, the adjusting entry for bad debt expense should be made in the amount of O A. $19,800. O B. $15,300. O C. $20,800. OD. $10,800. Accounts receivable aging information Current $ 180,000 60 days past due 84,000 6,000 Over 60 days past due $ 270,000 Print DoneStep by Step Solution
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