The

SeptemberSeptember

30,

20192019,

records of

First Report CommunicationsFirst Report Communications

include these accounts:

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(Click the icon to view the

SeptemberSeptember

30,

20192019

account balances.)During the last quarter of

20192019,

the company completed the following selected transactions:

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(Click the icon to view the selected transactions.)During the year,

First Report CommunicationsFirst Report 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.

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(Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31,

20192019.)

Read the requirements

ournal entries.) i Data Table At September 30, 2019: Accounts Receivable...............................$ Allowance for Uncollectible Accounts ......... $ 249,00 (8,200) More Info Nov 30 Wrote off as uncollectible the $1,500 account receivable from Brown Carpets and the $600 account Dec 31 receivable from Rare Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. * More Info x Accounts Receivable and aging schedule to be used at December 31, 2019 Age of Accounts Accounts Receivable 1-30 Days 31-60 Days 61-90 Days Over 90 Days $235,000 $ 143,000 $ 38,000 $ 12,000 $ 42,000 Estimated percent uncollectible 0.2% 2% 15% 35% Print Print Done Done A X - Requirements 1. 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, 2018, the company's Accounts Receivable balance was $215,000, and the Allowance for Uncollectible Accounts stood at $4,800. (Be sure to use the December 31, 2019 aging schedule given in the problem data.) Print Done Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. (Record debits first, then Wrote off as uncollectible the $1,500 account receivable from Brown Carpets and the $600 account receivable from Rare Antiques. Journal Entry Accounts Debit Credit Date Nov 30 l-account expense at year-end, based on the aging of receivables Accounts Receivable-Brown Carpets Accounts Receivable-Rare Antiques Allowance for Uncollectible Accounts Adjusted the Allo Cash Sales Revenue Uncollectible-Account Expense Date Dec 31 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 Adjustment Balance Write-off Requirement 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, 2018, the company's Accounts Receivable balance was $215,000, and the Allowance for Uncollectible Accounts stood at $4,800. (Be sure to use the Accounts Receivable balance at December 31, 2019 given in the problem data.) First Report Communications Comparative Balance Sheet (partial) December 31, 2019 and 2018 2019 2018 Less: data Accounts receivable Accounts receivable, net Allowance for uncollectible accounts Collections Credit sales Uncollectible-accounts expense Write-offs