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Wrote off as uncollectible the $2,00C Cheap Carpets and the $800 account receivable from Alphatic One of its customers, Tiffany Ltd., agreed to sign a
Wrote off as uncollectible the $2,00C Cheap Carpets and the $800 account receivable from Alphatic One of its customers, Tiffany Ltd., agreed to sign a 60-day note receivable to replace the $1,700 accounts receivable due on that day. Adjusted the Allowance for Uncollectible Accounts and recorded Bad Debt Expense at year-end, based on the aging of receivables, which follows. Age of Accounts At year-end, the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule. During the last quarter of 2020 , the company completed the following selected transactions: (Click the icon to view the transactions.) 1. Record the transactions in the journal. Explanations are not required. 2. Show how would report its accounts receivable on a comparative balance sheet. At year-end, the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule. During the last quarter of 2020 , the company completed the following selected transactions: (Click the icon to view the transactions.) 1. Record the transactions in the journal. Explanations are not required. 2. Show how would report its accounts receivable on a comparative balance sheet. Journal Entry Next, record the 60 -day note receivable. Now, record the bad debt expense in the journal. Requirement 2. Show how First Data would report its accounts receivable on a comparative balance sheet for 2019 and 2020. At December 31,2019 , the company's Accounts Receivable balance was $206,000 and the Allowance for Uncollectible Accounts stood at $4,000. (Use parentheses or a minus sign for numbers to be subtracted. Enter "0" for any accounts with a $0 balance.) 20202019
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