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Peter 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 $4,000 (before adjustment). An analysis of accounts receivable produced the following age groups: E (Click the icon to view the accounts receivable aging information.) The adjusting entry for bad debt expense was made in the amount of $9,080. What is the amount of the net receivables on the balance sheet? The net receivables on the balance sheet are Accounts receivable aging information Current $ 150,000 60 days past due 116,000 4,000 Over 60 days past due .. $ 270,000 Print Done Use the information from the following journal entries to answer the questions about Spring Garden Plan Inc. for 2020. (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($88,000) and then post to the Account Receivable T-account. How much do Spring Garden Plan's customers owe the company at December 31, 2020? 2. Start with the Allowance account's beginning credit balance, ($20,000) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? TULUI Requirement 1. Start with the Account Receivable's beginning balance ($88,000) and then post to the Account Receivable T-account. How much do Spring Garden Plan's customers owe the company at December 31, 2020? (Leave any unused cells blank.) Accounts Receivable Using the T-account you prepared above, how much is the company owed at December 31, 2020? $ Requirement 2. Start with the Allowance account's beginning credit balance ($20,000) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? (Leave any unused cells blank.) Allowance for Uncollectible Accounts Using the T-account you prepared above, how much does the company expect not to collect at December 31, 2020? The company expects not to collect at December 31, 2020, $. Requirement 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Spring Garden Plan's net realizable value of accounts receivable is $ Journal entries Journal Entry Accounts Debit Credit 1. Accounts Receivable 1,090,000 Sales Revenue 1,090,000 2. Cash 905,000 Accounts Receivable 905,000 3. Allowance for Uncollectible Accounts 19,000 Accounts Receivable 19,000 4. Bad Debt Expense 14,000 Allowance for Uncollectible Accounts 14,000 Print Done Requirement 1. Start with the Account Receivable's beginning balance ($88,000) and then post to the Account Receivable T-account. How much do Spring Garden Plan's customers owe the company at December 31, 2020? (Leave any unused cells blank.) Accounts Receivable Beg. Bal. pared above, how much is the company owed at December 31, 2020? $ Collections he Allowance account's beginning credit balance ($20,000) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? (Leave any unused cells blank.) End. Bal. llectible Accounts Net credit sales Write-offs -----...--.upared above, how much does the company expect not to collect at December 31, 2020? The company expects not to collect at December 31, 2020, $ Requirement 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Spring Garden Plan's net realizable value of accounts receivable is $ Allowance for Uncollectible Accounts Beg. Bal. you prepared above, how much does the company expect not to collect at December 31, 2020? End. Bal. ts not to collect at December 31, 2020, $0. Expense December 31, 2020, what is the net realizable value of the company's accounts receivable? s net realizable value of accounts receivable is $ Write-offs
