Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Journal Entry: g) Receivables Receivables Note: insert rows within the print area as needed 12/31/21 Example debit 99,999 Example credit 99,999 Briefly describe the issue
Journal Entry: g) Receivables | Receivables | Note: insert rows within the print area as needed | ||||||||
12/31/21 | Example debit | 99,999 | ||||||||
Example credit | 99,999 | |||||||||
Briefly describe the issue and explain how your journal entry/(ies) fix the problem: | ||||||||||
Show detailed, clearly-labeled calculations for any values: | ||||||||||
During 2021, $604,870 was sold on credit, and a total of $544,380 was collected before the end of 2021. Also during the year, $3,670 was written off directly as Bad Debt Expense. An aging analysis of the remaining A/R balance revealed the following: | ||||||||||
Age | Pct of A/R | Pct Uncollectible | ||||||||
<30 days | 59.0% | 1.0% | ||||||||
30-60 days | 24.0% | 3.0% | ||||||||
60-90 days | 10.0% | 8.0% | ||||||||
90-120 days | 5.0% | 24.0% | ||||||||
>120 days | 2.0% | 50.0% | ||||||||
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started