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On December 31, 2021 Emerald Co. shows the following unadjusted amounts: Accounts receivable Allowance for Doubtful Accounts Net realizable value $500,000 Debit 4.000 Credit $
On December 31, 2021 Emerald Co. shows the following unadjusted amounts: Accounts receivable Allowance for Doubtful Accounts Net realizable value $500,000 Debit 4.000 Credit $ 496,000 The aging of Emerald's accounts receivable at December 31, 2021 shows: Balance Estimated percentage uncollectible 1.5% Days outstanding 1 - 15 days 16-30 days 31-45 days 45 + days $200,000 150,000 2.0% 5.09 100,000 50,000 10.0% Required: Answer the following questions: 1. Record the necessary adjusting entry on December 31, 2021 to record the uncollectible accounts receivable. 2. In January 2022. Emerald wrote off accounts totalling $5,500. Prepare the write-off entry
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