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I need help with the red squares below. Thank you Problem 8-4A (Part Level Submission) Rigney Inc. uses the allowance method to estimate uncollectible accounts
I need help with the red squares below. Thank you
Problem 8-4A (Part Level Submission) Rigney Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end (a) Your answer is correct. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding 61-90 Total 0-30 31-60 91-120 Over 120 Accounts receivable 200.000 77,000 39,000 46,000 23.000 $15,000 1% 4% 5% 20% % uncollectible 8% Estimated bad 1,840 9,400 770 1,840 1,950 3,000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT SIMILAR PROBLE Attempts: 2 of 3 used Your answer is partially correct. Try again Allowance for Doubtful (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined Accounts is a $8,000 debit. (a). Assume the current balance ally uncollectible. 000 is determined (d) The company collects $5,000 subsequently uncollectible a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation Debit Credit x (b Bad Debt Expense 1,400 Allowance for Doubtful 8.000 (c) TAllowance for Doubtful Acc 5,000 Accounts Receivable 5,000 (d) Accounts Receivable 5,000 Allowance for Doubtful 5,000 (To reverse write-off.) Cash 5,000 Accounts Receivable 5,000 (To record collection of write-off.)Step by Step Solution
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