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The October 1, 2020, records of Fredrek Communications include these accounts $ 265,000 Accounts Receivable Allowance for Uncollectible Accounts (8,200) At year-end, the company ages
The October 1, 2020, records of Fredrek Communications include these accounts $ 265,000 Accounts Receivable Allowance for Uncollectible Accounts (8,200) At year-end, the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule During the last quarter of 2020, the company completed the following selected transactions (Click the icon to view the transactions.) Transactions Requirements Requirement 1. Record the wnte-off of uncollectible accounts in the journal Journal Entry Date Accounts NOV 2020 Nov. 30 Wrote off as uncollectible the $1,700 account receivable from Red Carpets and the $100 account receivable from Priceless Antiques Dec. 31 One of its customers, Cindy Ltd. agreed to sign a 60-day note receivable to replace the $1,900 accounts receivable due on that day. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded Bad Debt Expense at year-end, based on the aging of receivables, which follows Next record the 60 day note receivable Age of Accounts 0 - 30 31-60 61 - 90 Over 90 Journal Entry Debit Total Balance Days Days Days Days Date Accounts $265,000 $ 145,000 S 44.000 $ 21,000 S 55,000 Estimated uncollectible 02% 05% 50% 30% Choose from any it or enter any number in the input fields and then co Print Dane DUITIT The October 1, 2020. records of Fredrek Communications include these accounts Accounts Receivable $ 265 000 Allowance for Uncollectible Accounts (8.200) At year-end the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule. During the last quarter of 2020, the company completed the following selected transactions (Click the icon to view the transactions.) Requirements Requirements not required.) Requirement 1. Record the write-off 1. Date 2. Nov 3. Record the transactions in the journal Explanations are not required Prepare a T-account for Accounts Receivable and the Allowance for Uncollectible Accounts and post to those accounts Show how Fredrek would report its accounts receivable on a comparative balance sheet for 2019 and 2020. At December 31, 2019, the company's Accounts Receivable balance was $212,000 and the Allowance for Uncollectible Accounts stood at $4,700 Next record the 60 day note receival Print Done Debit Credit Date Accounts
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