Question
umber of Days Outstanding 2021 2020 Estimated Percentage Uncollectible 030 days $299,000 $323,200 3% 3160 days 64,000 113,900 6% 6190 days 86,000 76,100 12% Over
umber of Days Outstanding | 2021 | 2020 | Estimated Percentage Uncollectible | ||
030 days | $299,000 | $323,200 | 3% | ||
3160 days | 64,000 | 113,900 | 6% | ||
6190 days | 86,000 | 76,100 | 12% | ||
Over 90 days | 130,000 | 50,200 | 24% | ||
Total | $579,000 | $563,400 |
Additional information:
1. | At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $8,200. | ||
2. | In 2021, $42,500 of accounts were written off as uncollectible and $3,300 of accounts previously written off were recovered. |
Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2020 and 2021. Note that the estimated percentages uncollectible are the same for both years
Record the adjusting entry relating to bad debts on December 31, 2020. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
List of Accounts
Record the write off of uncollectible accounts in 2021. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
List of Accounts
Record the collection of accounts previously written off in 2021. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
(To reverse write off of account receivable) | ||
(To record collections) |
List of Accounts
Prepare the adjusting entry relating to bad debts on December 31, 2021. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Account Titles and Explanation | Debit | Credit |
List of Accounts
Calculate the carrying amount of Pavers accounts receivable at December 31, 2020 and 2021.
2021 | 2020 | ||||
Carrying amount | $ | $ |
List of Accounts
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