At the end of 2021, Worthy Co.'s balance for Accounts Recelvable is $24,000, while the company's total assets equal $1,540,000. In addition, the company expects to collect all of its receivables in 2022. In 2022, however, one customer owing $4,000 becomes a bad debt on March 14. Record the write off of this customer's account in 2022 using the direct write-off method. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 <> Record the write off of this customer's account in 2022 using the direct write off method. Note: Enter debits before credits. Date General Journal Debit Credit March 14, 2022 Record entry Clear entry View general journal

As of January 1, 2024, Barley Company had a credit balance of $520,000 in its allowance for uncollectible accounts. Based on experience, 2% of Barley’s gross accounts receivable have been uncollectible. During 2024, Barley wrote off $650,000 of accounts receivable. Barley’s gross accounts receivable as December 31, 2024 is $18,000,000. How much bad debt expense should Barley record for 2024?

Johnson Company calculates its allowance for uncollectible accounts as 20% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $21,000 at the beginning of 2021. No previously written-off accounts receivable were reinstated during 2021. At 12/31/2021, gross accounts receivable totaled $350,200, and prior to recording the adjusting entry to recognize bad debts expense for 2021, the allowance for uncollectible accounts had a debit balance of 38,400 Required: 1. What was the balance in gross accounts receivable as of 12/31/2020? 2. What journal entry should Johnson record to recognize bad debt expense for 2021? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2021. Determine the amount of accounts receivable written off during 2021. 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2021? Required 1 Required 2 Required 3 Required 4 What was…

On December 31, 2020, Hoosier Inc. establishes an allowance for doubtful accounts of 3% of its accounts receivable balance of $180,000. Hoosier Inc. decides on March 15, 2021, not to pursue collection of Smith’s $1,000 account. The likelihood of collection does not support further collection efforts. What is the net realizable value (NRV) of accounts receivable before and after the write-off of the Smith account?