Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
The September 30, 2020, balance sheet of Kroenke Products reported the following Accounts Receivable $ 310,000 Allowance for Doubtful Accounts (credit balance) 10,000 During the
The September 30, 2020, balance sheet of Kroenke Products reported the following Accounts Receivable $ 310,000 Allowance for Doubtful Accounts (credit balance) 10,000 During the last quarter of 2020, Kroenke Products completed the following selected transactions (Click the icon to view the transactions.) Requirement 1. Record the transactions in the general journal. December 30 Wrote off the following accounts receivable as uncollectible Barry White, $2 500, Carlos Media, $2,200, and Doug Zabellos, $1,100. (Record debits first, then credits. Exclude explanations from journal entries.) The September 30, 2020, balance sheet of Kroenke Products reported the following: RE December 30. Wrote off the following accounts receivable as uncollectible Barry White, $2,500, Carlos Media, $2,200, and Doug Zabellos, $1,100 (Record debits first, then credits. Exclude explanations from journal entries.) General Journal Date Accounts Debit Credit Dec Dec. 30 Wrote off the following accounts receivable as uncollectible: Barry White, $2,500, Carlos Media, $2,200, and Doug Zabellos, $1,100. Dec. 31 Recorded bad debt expense based on the aging of accounts receivable, as follows: Age of Accounts Receivable 1 - 30 31 - 60 61 90 Over 90 Accounts Receivable Days Days Days Days Total = $328,500 $ 179 000 $ 95.000 $ 37,500 $ 17.000 TONTOWS. Age of Accounts Receivable 1-30 31 - 60 61 - 90 Over 90 Accounts Receivable Days Days Days Days Total = $328,500 $ 179,000 $ 95.000 $ 37.500 $ 17,000 Estimated percent uncollectible 0.1% 0.3% 5.0% 40.0%
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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