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please answer all the questions I need it urgently thank u P4-38A The October 1, 2020, records of First Data Communications include these accounts: Accounts
please answer all the questions I need it urgently thank u
P4-38A The October 1, 2020, records of First Data Communications include these accounts: Accounts Receivable $225,000 147. TU Allowance for Uncollectible Accounts (8,500) 150 158 164 169 At year-end, the company ages receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule. During the last quarter of 2020, the company completed the following selected transactions: 171 172 173 2020 174 Nov. 30 Wrote off as uncollectible the $1,100 175 account receivable from Rainbow 177 1 Carpets and the $600 account receivable from Show-N-Tell Antiques. 230 27 Dec. 31 One of its customers, Peplar Ltd., agreed to sign a 60-day note receivable to replace the $1,500 accounts receivable due on that day. 335 395 Dec. 31 Adjusted the Allowance for Uncollectible Accounts, and recorded Bad Debt 517 Expense at year-end, based on tfe aging ed 3 of receivables, which follows. 633 Age of Accounts 673 Total 0-30 31-60 61-90 Over Balance Days Days Days 90 671 Days $230,000 $150,000 $40,000 $14,000 $26,000 219 / 694 Pag Age of Accounts 61-90 Over 0-30 31-60 Total Days 90 Days Balance Days Days $14,000 $26,000 $40,000 $230,000 $150,000 0.5% 0.2% 5.0% 30.0% Estimated uncollectible Learning Objectives 4 5 Use the aging approach for uncollectibles and account for notes receivable Requirements 1. Record the transactions in the journal. Explanations are not required. 2. Prepare a T-account for Accounts Receivable and the Allowance for Uncollectible Accounts, and post to those accounts. 3. Show how First Data would report its accounts receivable on a comparative balance sheet for 2019 and 2020. At December 31, 2019, the company's Accounts Receivable balance was $212,000 and the Allowance for Uncollectible Accounts stood at $4,200Step by Step Solution
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