The September 30, 2019 2019, records of First Report Communications FirstReportCommunications include theseaccounts:
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(Click the icon to view the SeptemberSeptember 30, 20192019 accountbalances.)
During the last quarter of 2019
2019, the company completed the following selectedtransactions:
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During theyear, First Report Communications
FirstReportCommunications estimatesUncollectible-account expense at1% of credit sales. Atyear-end (December31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule.
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(Click the icon to view the Accounts Receivable balance and aging schedule to be used at December31, 2019
2019.)
Read the requirementsLOADING...
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Question Help The September 30, 2019, records of First Report Communications include these accounts: During the year, First Report Communications estimates Uncollectible-account expense at 1% of credit sales. At (Click the icon to view the September 30, 2019 account balances.) 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. During the last quarter of 2019, the company completed the following selected transactions: i (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2019.) i (Click the icon to view the selected transactions.) Read the requirements. 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 $1,600 account receivable from Shade Carpets and the $300 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 Choose from any list or enter any number in the input fields and then continue to the next question. ?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 AccountsRequlrement 3. Show how First Report Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. (Use the three-line reporting format.) At December 31, 2016, 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) First Report Communications Comparatlve Balance Sheet (partial) December 31, 2019 and 2018 2019 2018 Less: Choose from any list or enter any number in the input fields and then continue to the next question. o More Info Nov 30 Wrote off as uncollectible the $1,600 account receivable from Shade Carpets and the $300 account receivable trom Retired Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectibIe-account expense at year-end, based on the aging of receivables. Print ' Done 0 More info Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days 141,000 $ 52,000 $ 20,000 $ 20,000 Accounts Receivable $233,000 $ Estimated percent uncollectible 0.2% 2% 15% 35% I Print ' Done ' Requirements . 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 First Report Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. (Use the three-line reporting format.)At December 31, 201 B, 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 ' 0 Data Table At September 30, 2019: ........................... $ 247,000 Allowance for Uncollectible Accounts .................. (8,300) ' Print ' Done ' Accounts Receivable : ble
