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i need help with account titles and explantaion and what the credit snd debit are . thank you Splish Brothers Inc. uses the allowance method
i need help with account titles and explantaion and what the credit snd debit are . thank you
Splish Brothers Inc. uses the allowance method of accounting for uncollectibles. The company produced the following aging of the accounts receivable at year-end, (a) Your answer is correct. Calculate the total estimated uncollectibles based on the below information Number of d Total 0-30 31-60 $255.100 $ 124,100 Accounts receivable $ 542.900 49 1 uncollectible Total 0-30 31-60 Accounts receivable $ 542,900 $ 255,100 $ 124,100 % uncollectible 196 4% Estimated uncollectibles $ 19530 $ 2551 $ $ 4964 $ (6) (c) Prepare the year-end adjusting journal entry to record Bad Debt Expense using the aged uncollectible accounts receivable determined in (a). Assume the unadjusted balance in Allowance for Doubtful Accounts is a $ 4.000 debit Of the above accounts. $4.800 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. The company collects $4,800 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entrylies) necessary to restore the account and record the cash collection (d) a (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit No Account Titles and Explanation (b) cl (b) (c) (d) (To reverse write-off.) Trannllection of write-off.) Step by Step Solution
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