Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Solve All 3 parts please!!! The September 30, 2022, records of Media Communications include these accounts: (Click the icon to view the September 30, 2022

Solve All 3 parts please!!!

image text in transcribedimage text in transcribed The September 30, 2022, records of Media Communications include these accounts: (Click the icon to view the September 30, 2022 account balances.) During the last quarter of 2022, the company completed the following selected transactions: i. (Click the icon to view the selected transactions.) During the year, Media Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements. Wrote off as uncollectible the $1,200 account receivable from Blue Carpets and the $400 account receivable from Show - N - Tell Antiques. More info Nov 30 Wrote off as uncollectible the $1,200 account receivable from Blue Carpets and the $400 account receivable from Show-N-Tell Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. .Inurnal Fntrv 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. Data table At September 30, 2022: Accounts Receivable $ 249,000 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 stood at $5,000 credit balance. (Be sure to use the Accounts Receivable balance at December 31,2022 given in the problem data.)

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

Managerial Accounting

Authors: James Jiambalvo

4th edition

9780470546888, 9780470333341, 470546883, 470333340, 978-0470578797

More Books

Students also viewed these Accounting questions