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uns.com uses the allowance method of accounting for uncollectibles. The company produced the following aging of the accounts receivable at year-end. Number of Days
uns.com uses the allowance method of accounting for uncollectibles. The company produced the following aging of the accounts receivable at year-end. Number of Days Outstanding Total Accounts receivable $377,000 $222 31-60 $90,000 $38,000 61-90 91-120 $15,000 Over 120 $12,000 Sunculectible 15 4% 5% 8% 10% Instructions a. Calculate the total estimated uncollectibles based on the above information Hw-8A) b. Prepare the year-end adjusting journal entry to record Bad Debt Expense using the aged uncollect- ible accounts receivable determined in (a). Assume the unadjusted balance in Allowance for Doubt- ful Accounts is a $4,000 debit 6. Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. d. The company collects $5,000 subsequently on a specific account that had previously been deter- mined to be uncollectible in (c). Prepare the journal entry or entries necessary to restore the account and record the cash collection e. Comment on how your answers to (a)-(d) would change if Rianna.com used 3% of total accounts receivable, rather than aging the accounts receivable. What are the advantages to the company of ging the accounts receivable rather than applying a percentage to total accounts receivable? Instructions a. Journalize the July transactions and the July 31 adjusting entry to accrue interest receivable. (Inter Jomputed using 360 days for terms expressed in somit cost of goods sold entries.) b. Enter the balances at July 1 in the receivable accounts and post the entries to all of the receivable accounts. (Use T-accounts.) e. Show the balance sheet presentation of the receivable accounts at July 31, 2022. Jan 1, 2022, Haryse Company had Accounts Receivable of $54,200 and
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