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NEED TO BE ABLE TO SEE NUMBERS/AMOUNTS!!!! if not i will give a thumbs down Accounts Receivable Allowance Methods Review Company had net credit sales
NEED TO BE ABLE TO SEE NUMBERS/AMOUNTS!!!! if not i will give a thumbs down
Accounts Receivable Allowance Methods Review Company had net credit sales revenue of $500,000 in 2021. Their Allowance for Bad Debts has a debit balance of $500. Study of prior year's figures indicates 1.8% of net sales are uncollectible and 4.0% of A/R are uncollectible. December 31, 2020 Age of Accounts Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Receivable 48,000 26,000 12,000 7,000 Estimated % 1% 4% 10% 30% Uncollectible 3,000 1. Prepare the journal entry to estimate bad debt expense assuming: a. The company uses the % of sales method b. The company uses the % of A/R method c. The company uses the aging of A/R method 2. Prepare the journal entry to write off $1,500 A/R from Newton Company on March 2, 2022. 3. Prepare the journal entries to record collection of $600 from Newton Company on June 5, 2022
if not i will give a thumbs down
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