Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Required information Problem 5-4B Record transactions related to uncollectible accounts (LO5-4, 5-5) [The following information applies to the questions displayed below.] Facial Cosmetics provides plastic

Required information Problem 5-4B Record transactions related to uncollectible accounts (LO5-4, 5-5) [The following information applies to the questions displayed below.] Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $405,000 on account. Of this amount, $55,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Age Group Not yet due Amount Receivable. $35,000 Percent Uncollectible 4% 0-30 days past due 10,500 6 31-60 days past due 7,500 12 More than 60 days past due 2,000 30% Total $55,000 Problem 5-4B Part 3 Journal entry worksheet < 1 Record write off of actual bad debts. Note: Enter debits before credits. Date April 03, 2022 General Journal Debit Credit Record entry Clear entry View general journal View transaction list Journal entry worksheet < 1 2 Record the entry to re-establish account previously written off. Note: Enter debits before credits. Date July 17, 2022 General Journal Debit Credit Record entry Clear entry View general journal > Journal entry worksheet < 1 2 Record cash received on account account. Note: Enter debits before credits. Date July 17, 2022 General Journal Debit Credit Record entry Clear entry View general journal >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cima Learning System Management Accounting Performance Evaluation Edition

Authors: Robert Scarlett

4th Edition

0750684305, 978-0750684309

More Books

Students also viewed these Accounting questions