At December 31, 2021, Pina Co. reported the following information on its balance sheet. Accounts receivable   $960,100 Less: Allowance for doubtful accounts   78,200 During 2022, the company had the following transactions related to receivables. 1.   Sales on account   $3,739,000 2.   Sales returns and allowances   49,400 3.   Collections of accounts receivable   2,814,000 4.   Write-offs of accounts receivable deemed uncollectible   90,500 5.   Recovery of accounts previously written off as uncollectible   28,000   1. Prepare the journal entries to record each of these five transactions. Assume that no cash discounts were taken on the collections of accounts receivable. (Omit cost of goods sold entries.) (Credit account titles are automatically indented when amount is entered. Do not indent manually.)   2 .Enter the January 1, 2022, balances in Accounts Receivable and Allowance for Doubtful Accounts, post the entries to the two accounts (use T-accounts), and determine the balances. (Post entries in the order of journal entries presented in the previous part.)   3 . Prepare the journal entry to record bad debt expense for 2022, assuming that an aging of accounts receivable indicates that expected uncollectibles are $115,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)   4 . Compute the accounts receivable turnover and average collection period for 2022. (Round accounts receivable turnover to 2 decimal places, e.g. 25.25 and average collection period to 1 decimal place, e.g. 25.2.)

The following information is related to December 31, 2024 balances. ● Accounts receivable Allowance for doubtful accounts (credit) Cash realizable value $1570000 (111000) 1459000 During 2025 sales on account were $375000 and collections on account were $230000. The company wrote off $23000 in uncollectible accounts. An analysis of outstanding receivable accounts at year end indicated that uncollectibles should be estimated at $144000. The change in the cash realizable value from 12/31/24 to 12/31/25 was

As of January 1, 2021, Company had a credit balance of 535,000 in its allowance for uncollectible accounts. Based on experience, 2% of the company's gross accounts receivable have been uncollectibleDuring 2021, the company wrote off 665,000 of accounts receivable . The company's gross accounts receivable as December 31, 2021, is 18,750,000 In its December 31, 2021, balance sheet, what amount should the company report as allowance for uncollectible accounts?

The following are the receivables balances of Hendrix Company as of January 1, 2021 (the beginning of the fiscal year). $ 85,000 331,750 Notes receivable Accounts receivable Allowance for doubtful accounts Transactions during 2021 include the following: 1) Sales to customers of $2,017,800 were made during 2021. Customers have 60 days to pay for the product. 2) Accounts receivable of $1,942,000 were collected. 3) $7,000 was received in payment of an account which was written off the books as uncollectible during 2021. 4) Customer accounts of $30,200 were written off during 2021. 16,700 (Credit balance) 5) At year-end (December 31, 2021), an aging of the accounts receivable balance showed the following. Use the below information to record bad debt expense for 2021. Age Under 30 days 30-90 days 91-180 days 181-360 days Over 360 days Amount $169,250 100,000 55,900 38,200 14,000 Estimated % Uncollectible 0.8% 1.6 5.0 15.0 40.0 SHA Instructions a) Prepare the necessary journal entries for…

During August 2024, Helio Company recorded the following: • Sales of $91,400 ($77,000 on account, $14,400 for cash). Ignore Cost of Goods Sold • Collections on account, $63,700. • Write-offs of uncollectible receivables, $1,680. • Recovery of receivable previously written off, $700. Requirements Journalize Helio's transactions during August 2024, assuming Helio uses the direct write-off method. 1. 2. Journalize Helio's transactions during August 2024, assuming Helio uses the allowance method.

Blossom Company has accounts receivable of $92,000 at March 31, 2025. Credit terms are 2/10, n/30. At March 31, 2025, there is a $2,200 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Age of Accounts 2025 2024 Uncollectible Current $61,600 $78,910 2 % 1-30 days past due 14,100 7,420 5 31-90 days past due 9,500 2,280 31 Over 90 days past due 6,800 1,200 52 $92,000 $89,810 Determine the total estimated uncollectibles at March 31, 2025. Total estimated uncollectibles Touth

During August 2024, Yond Company recorded the following: • Sales of $51,100 ($44,000 on account; $7,100 for cash). Ignore Cost of Goods Sold. • Collections on account, $33,800. • Write-offs of uncollectible receivables, $1,900. • Recovery of receivable previously written off, $200. Date Aug. Accounts and Explanation Debit Credit Requirements Journalize Yond's transactions during August 2024, assuming Yond uses the direct write-off method. 1. 2. Journalize Yond's transactions during August 2024, assuming Yond uses the allowance method.

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Harlan Company uses the Allowance method for accounting for receivables. They had the following information as of December 31, 2022: Net Credit Sales, year 2022   6,867,750     Accounts Receivable, December 31, 2021   655,000     Accounts Receivable, December 31, 2022   745,000     Allowance for Doubtful Accounts, December 31, 2022   4,350   Credit Harlan Company estimates that 2% of the Accounts Receivable will become uncollectible. What are some things that a company can do to improve the collection of its Accounts Receivable?  On January 7, 2023 it was determined that Bundy Company’s account in the amount of $3,800 will be uncollectible. Prepare the entry to write off the Bundy Company account.  What is the Cash Realizable Value of the receivables after the write-off of the Bundy Company account?