Student: Kai Clough Date: 10/4/22 Instructor: Scott Hawkins Course: Fall 2022 TTU -ACCT 2301-006-007-010 5. The September 30, 2022, records of First Data Communications include these accounts: 1(Click the icon to view the September 30, 2022 account balances.) During the last quarter of 2022, the company completed the following selected transactions: 2(Click the icon to view the selected transactions.) Assignment: HW Ch 5 Print During the year, First Data 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. 3(Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements*. Requirement 1. Record the transactions for the last quarter of 2022 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 Green Carpets and the $300 account receivable from Retired Antiques. Journal Entry Date Accounts Nov 30 Allowance for Uncollectible Accounts Accounts Receivable-Green Carpets Accounts Receivable-Retired Antiques Debit Credit 1,700 1,400 300 Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Date Dec 31 (1) (2) (3) (4) Journal Entry Accounts Debit Credit 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 (5) (7) (6) (8) Print (9) (11) (10) (12) Requirement 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $215,000, and the Allowance for Uncollectible Accounts stood at $4,500 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 given in the problem data.) First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 (13) Less: |(15) |(14) 1: Data Table 2022 2021 At September 30, 2022: Accounts Receivable $ 242,000 Allowance for Uncollectible Accounts (8,400) 2: More Info Nov 30 Dec 31 Wrote off as uncollectible the $1,400 account receivable from Green Carpets and the $300 account receivable from Retired Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Print 3: Data Table Accounts Receivable and aging schedule to be used at December 31, 2022 Accounts Receivable $230,000 Estimated percent uncollectible 1-30 Days Age of Accounts 31-60 Days 61-90 Days Over 90 Days 132,000 $ 0.2% 38,000 $ 2% 15% 11,000 $ 49,000 35% 4: Requirements 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. 2. 3. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $215,000, and the Allowance for Uncollectible Accounts stood at $4,500 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.) Cash Accounts Receivable-Green Carpets Accounts Receivable-Retired Antiques Allowance for Uncollectible Accounts Cash Sales Revenue Uncollectible-Account Expense Accounts Receivable-Green Carpets Accounts Receivable-Retired Antiques Allowance for Uncollectible Accounts Sales Revenue Uncollectible-Account Expense (4) O Uncollectible-Account Expense Accounts Receivable-Green Carpets Accounts Receivable-Retired Antiques O Allowance for Uncollectible Accounts O Cash Sales Revenue Uncollectible-Account Expense oooo Adjustment Balance Write-off Accounts Receivable-Green Carpets Accounts Receivable-Retired Antiques O Allowance for Uncollectible Accounts Cash O Sales Revenue (8) (10) O (11) O (12) O Adjustment O Balance Adjustment Balance Write-off Write-off Adjustment Balance Write-off Adjustment Balance Adjustment Balance Write-off Write-off Adjustment Balance Write-off OOOO Adjustment Balance Write-off (13) O Collections Accounts receivable Accounts receivable, net Allowance for uncollectible accounts Credit sales O Uncollectible-accounts expense Write-offs Accounts receivable Accounts receivable, net O Collections Credit sales Uncollectible-accounts expense Allowance for uncollectible accounts Write-offs (14) O (15) Collections Accounts receivable Accounts receivable, net Credit sales O Uncollectible-accounts expense Allowance for uncollectible accounts Write-offs