XYZ Corporation showed the following account balances at December 31, 2019 Accounts Receivable, $440,000, Allowance for...
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XYZ Corporation showed the following account balances at December 31, 2019 Accounts Receivable, $440,000, Allowance for Doubtful Accounts, $2,300, Sales (all on credit). $1,000,000, Sales Discounts $14,500 $24,500 During 2020, credit sales were $1,075,000, sales discounts taken were $12,000, accounts receivable collected were $910,000, and accounts written off during the year totaled Assume that XYZ Corporation uses an aging analysis to estimated uncollectible receivables as shown below. For each journal entry enter an appropriate description, and enter the dates in the format dd/mmm (ie 15/Jan) T-Accounts have been provided for your calculations, but will not be marked. Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 30 to 60 days past due Over 60 days past due Date 2019 December 31, 2010 December 31 2000 Untollectite Accounts Receivable Tute Accounts Receivable Total Percentage Cate 2020 339,000 73,000 a) Prepare the adjusting entry required on Dec 31, 2019 to estimate uncollectible receivables based on the aging analysis above General Journal Page 01 Accounts Receivable Alowance for Doufitfut Accounts PR Debit Credit 21,000 7,000 Account Explanation Current Assets 378,000 152,000 42,000 8.500 b) Prepare the adjusting entry required on Dec 31, 2020 to estimate uncollectible receivables based on the aging analysis above. Page Accounts Receivable Awance foir Doubeut Accounts PR Debit Credit 1% 4% 10% 60% c) Show how Accounts Receivable would appear on the Dec 31, 2020 balance sheet Assets XYZ Corporation showed the following account balances at December 31, 2019 Accounts Receivable, $440,000, Allowance for Doubtful Accounts, $2,300, Sales (all on credit). $1,000,000, Sales Discounts $14,500 $24,500 During 2020, credit sales were $1,075,000, sales discounts taken were $12,000, accounts receivable collected were $910,000, and accounts written off during the year totaled Assume that XYZ Corporation uses an aging analysis to estimated uncollectible receivables as shown below. For each journal entry enter an appropriate description, and enter the dates in the format dd/mmm (ie 15/Jan) T-Accounts have been provided for your calculations, but will not be marked. Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 30 to 60 days past due Over 60 days past due Date 2019 December 31, 2010 December 31 2000 Untollectite Accounts Receivable Tute Accounts Receivable Total Percentage Cate 2020 339,000 73,000 a) Prepare the adjusting entry required on Dec 31, 2019 to estimate uncollectible receivables based on the aging analysis above General Journal Page 01 Accounts Receivable Alowance for Doufitfut Accounts PR Debit Credit 21,000 7,000 Account Explanation Current Assets 378,000 152,000 42,000 8.500 b) Prepare the adjusting entry required on Dec 31, 2020 to estimate uncollectible receivables based on the aging analysis above. Page Accounts Receivable Awance foir Doubeut Accounts PR Debit Credit 1% 4% 10% 60% c) Show how Accounts Receivable would appear on the Dec 31, 2020 balance sheet Assets
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Related Book For
Fundamental Accounting Principles Volume 1
ISBN: 9781259259807
15th Canadian Edition
Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann
Posted Date:
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