Use the information from the following journal entries to answer the questions about Diamond Inc. for 2020. (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($88,000) and then post to the Account Receivable T-account. How much do Diamond's customers owe the company at December 31, 2020? 2. Start with the Allowance account's beginning credit balance, ($20,500) and then post to the Allowance for Uncollectible Accounts T-account. How much of the receivables at December 31, 2020, does the company expect not to collect? 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Requirement 1. Start with the Account Receivable's beginning balance ($88,000) and then post to the Account Receivable T-account. How much do Diamond's customers owe the company at December 31, 2020? (Leave any unused cells blank.) Accounts Receivable Beg. Bal. he company owed at December 31, 2020? $ Beg. Bal. Using the T-account you prepared Collections Requirement 2. Start with the Allc End. Bal. of the receivables at December 31 Net credit sales Allowance for Uncollectit Write-offs inning credit balance ($20,500) and then post to the Allowance for Uncollectible Accounts T-account. How much pany expect not to collect? (Leave any unused cells blank.) Using the T-account you prepared above, how much does the company expect not to collect at December 31, 2020? Choose from any list or enter any number in the input fields and then continue to the next question Journal Entry Use the information from the following journal entries to answer the que (Click the icon to view the journal entries.) 1. Start with the Account Receivable's beginning balance, ($88,000) a company at December 31, 2020? 2. Start with the Allowance account's beginning credit balance, ($20,5 receivables at December 31, 2020, does the company expect not to cd 3. At December 31, 2020, what is the net realizable value of the comp Accounts Debit Credit 1. Accounts Receivable 1,080,000 Sales Revenue 1,080,000 End. Bal. 2. Cash 875,000 Using the T-account you prepared above, how much is the company o Accounts Receivable 875,000 Requirement 2. Start with the Allowance account's beginning credit ba of the receivables at December 31, 2020, does the company expect nd 3. Allowance for Uncollectible Accounts 16,000 Allowance for Uncollectible Accounts Accounts Receivable 16,000 12,000 4. Bad Debt Expense Allowance for Uncollectible Accounts 12,000 Using the T-account you prepared above, how much does the compan Print Done The company expects not to collect at December 31, 2020, $ Requirement 3. At December 31, 2020, what is the net realizable value of the company's accounts receivable? Diamond's net realizable value of accounts receivable is $
