Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. (Record debits first, then credits. Exc Wrate

image text in transcribed

image text in transcribed

Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. (Record debits first, then credits. Exc Wrate off as uncolleclible the $1, 200 account receivable from Brown Carpets and the $4D0 account receivable frem Old Timer Antiques Al September 30, 2019 Accounts Receivable lawance for Uncollectible Accounts 249,000 Journal Entry (8,400) Date Accounts Debit Credit More Info Nov 30 Alowance for Uncollectible Accounts 1600 Accounts Receivable-Old Timer Antiques Accounts Receivable an d aging schedule to be used at December 31, 2019 Age of Accounts 31-60 Days 61-90 Days Adjusted the Allowance for Uncollectible Accounts and recorded doubtful account expense at year- nd based on the aging of receivables Arcounts Racaivable 5235,000 Estmated percent uncollectible 1-30 Days Over 90 Days Journal Entry S 135.000 S55,000 0,0O0 S Date Accounts Debit Credit 0.2% 2% 35% Dec 31 Uncollectible-Account Expense Alowance for Uncollectible Accounts Print Done Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriats beginning balance. Post the entries from Open the T-account by postng the beginning balance. Then post the entries to the Alowance for Uncollectible Accounts T-account and calculate Now 30 Wrote off as uncollectible the $1,200 account receivable from Brown Carpets and the $400 account receivable from Old Timer Antiques. Alowance for Uncollectible Accounts Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at 8400 year-end, based on the aging of receivables Print Done Balance

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

Loose Leaf Fundamental Financial Accounting Concepts

Authors: Thomas Edmonds, Frances McNair, Philip Olds

8th Edition

0077433807, 978-0077433802

More Books

Students also viewed these Accounting questions

Question

5-8 What are the advantages and disadvantages of the BYOD movement?

Answered: 1 week ago