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need help with calculating accounts receivable and ratio of allowance During January 2024 , the following transactions occur: January 2 Provide services to customers for
need help with calculating accounts receivable and ratio of allowance
During January 2024 , the following transactions occur: January 2 Provide services to customers for cash, $53,100. January 6 Provide services to customers on account, $90,400. January 15 Write off accounts receivable as uncollectible, $4,100. (Assume the company uses the allowance method) January 20 Pay cash for salaries, $33,200. January 22 Receive cash on accounts receivable, $88,000. January 25 Pay cash on accounts payable, $7,300. January 30 Pay cash for utilities during January, $15,500. The following information is available on January 31, 2024. a. The company estimates future uncollectible accounts. The company determines $4,700 of accounts receivable on January 31 are past due, and 20% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not pa due, and 5% of these accounts are estimated to be uncollectible. (Hint. Use the January 31 accounts receivable balance calculated in the general ledger to split total accounts receivable into the $4,700 past due and the remaining amount not past due.) b. Supplies at the end of January total $850. All other supplies have been used. c. Accrued interest revenue on notes receivable for January. Interest is expected to be received each December 31. d. Unpaid salaries at the end of January are $35,300. Enter your Accounts Receivable turnover value rounded to 1 decimal place and Ratio of Allowance for Uncollectible Accounts as a percentage rounded to 1 decimal placeStep by Step Solution
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