Answered step by step
Verified Expert Solution
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. Exclude explanations
Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.) Wrote off as uncollectible the $1,400 account receivable from Shade Carpets and the $400 account receivable from Retired Antiques. Journal Entry Date Accounts Debit Credit Nov 30 Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Journal Entry Date Accounts Debit Credit Dec 31 Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account. Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and calculate the ending balance. Allowance for Uncollectible Accounts Requirement 3. Show how Perfecto Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. (Use the three-line reporting format.) At December 31, 2018, the company's Accounts Receivable balance was $216,000, and the Allowance for Uncollectible Accounts stood at $4,200. (Be sure to use the Accounts Receivable balance at December 31, 2019 given in the problem data.) Perfecto Communications Comparative Balance Sheet (partial) December 31, 2019 and 2018 2019 2018 Less: More info Requirements Wrote off as uncollectible the $1,400 account receivable from Shade Carpets Nov 30 and the $400 account receivable from Retired Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded Dec 31 uncollectible-account expense at year-end, based on the aging of receivables. 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. 3. Show how Perfecto Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. (Use the three-line reporting format.) At December 31, 2018, the company's Accounts Receivable balance was $216,000, and the Allowance for Uncollectible Accounts stood at $4,200. (Be sure to use the December 31, 2019 aging schedule given in the problem data.) Print Done Credit More info Print Done cou acco - X Data table trie Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts 31-60 61-90 Over 90 Accounts Receivable 1-30 Days Days Days Days $232,000 $ 135,000 $ 54,000 $ 19,000 $ 24,000 Estimated percent uncollectible 0.2% 2% 15% 35% e. At September 30, 2019: Accounts Receivable... Allowance for Uncollectible Accounts $ 245,000 (8,200)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started