p8-2a

Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection. Comment on how your answers to (a)-(d) would change if Rcynolds.com used 3% of total accounts receivable, rather than aging the accounts receivable. What are the advantages to the company of aging the accounts receivable rather than applying a percentage to total accounts receivable? At December 31, 2013, Weiss Imports reported this information on its balance Accounts receivable $600,000 Less: Allowance for doubtful accounts 37,000 During 2014, the company had the following transactions related to receivables. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) Enter the January 1,2014, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. Prepare the journal entry to record bad debt expense for 2014, assuming that aging the accounts receivable indicates that estimated bad debts are $46,000. Compute the accounts receivable turnover and average collection period. Presented below is an aging schedule for Bosworth Company