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undefined During 2021, its first year of operations, Sooner Co. provides services on account of $158,000. By the end of 2021, cash collections on these
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During 2021, its first year of operations, Sooner Co. provides services on account of $158,000. By the end of 2021, cash collections on these accounts total $109,000. Sooner estimates that 30% of the uncollected accounts will be uncollectible. In 2022, the company writes off uncollectible accounts of $13,230. Required: 1. Record the adjusting entry for uncollectible accounts on December 31, 2021. (Hint: you will need to find the ending balance of Accounts Receivable; use a T-account! ] (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet Record the write-off of accounts receivable in 2022. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2022 3-b. Assume the same facts as above but assume actual write-offs in 2022 were $19,845. Calculate the balance of Allowance for Uncollectible Accounts at the end of 2022 (before adjustment in 2022). (Hint: you might want to use a T-account here. If the balance is negative (a debit balance), enter your answer as a negative amount] Beginning Balance in 2022 Ending Balance in 2022Step by Step Solution
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