Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

help please due soon(clear pics) Data table More info Nov 30 Wrote off as uncollectible the $1,700 account receivable from Black Carpets and the $800

help please due soon(clear pics)
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Data table More info Nov 30 Wrote off as uncollectible the $1,700 account receivable from Black Carpets and the $800 account recelvable from Retired Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. The September 30,2022 , records of Media Communications include these accounts: Ex. (Click the icon to view the September 30,2022 account balances.) During the last quarter of 2022, the company completed the following selected transactions: (Click the icon to view the selected transactions.) Requirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are n Wrote off as uncollectible the $1,700 account receivable from Black Carpets and the $800 account rece for Uncollectible Accounts with the appropriafe beginining bata Data table During the year, Media Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31. 2022.) Read the requirements. hen credits. Exclude explanations from any journal entries) Requitenvent 1. Record the transactions foe the last caarter of 2022 in the journal Explanations are not required. (Record debits lirst, then crofits. Exclude explanations from any joumal ent Wrole oll as uncollectille the 51,700 account recehvable from Black Carpets and the $600 account rectivable trom Retired Antlques (Click the icon fo view the selected transactions.) following aging schedule (Click the ficon fo whiw the Accotin Read the requibements. tequirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from ary foumal entrin Nrote of as uncollectible the $1,700 account recelvable from Black Carpets and the $800 account recelvable from Retired Anilgues d an the aghg of recentatises Adiusted the Alowance for Uncolectible Accounts and recorded doubstul-account expense at year-end, based on the aging of recolvables. Jounal Entry \begin{tabular}{llll} \hline Date & Accounts & Deblt & Crodit \\ \hline Dec & & & \end{tabular} Requirement 2. Peepate a T-account for Allowance for Uncollectible Accounts with the approperiate beginnhy balance. Post the ontries from Requirement 1 to that account Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts Taccourk and cakulate the ending batance Niowance for Uncollecile Accounts \begin{tabular}{|l|l|l|l|l} \hline \hline \end{tabular} Requitement 2. Prepare a T-account for Allowance for Uncollectsle Accounts with the appropriate beginning balance. Post the ontries from Requitement 1 be that accoont Open the T-account by postirg the beginning balance. Then post the entries to the Allowance for Uncellectese Accounts Taccount and calculate the ending baianci accounts recelvable in a comparative balance sheet for 2021 and 2022. (U/se th ice (Be sure to use the Accounti Recehable balance af December.31, 2022 gh quitement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement it pen the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and calculate the ending ba Allowance for Uncollectible Accounts accounts recehvable in a comparative balance sheet for 2021 and 2022 (Usa the three-ilie reporting nce. (Bo sure to use the Accounts Recelvable balince at December 31,2022 givin in the frotNonn dati

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions