Excel Inc. has provided the following information relating to its sales for the past year, which ended December 31, 20x1. Account Debit Estimated % of accounts receivable that will be uncollectable 4% Opening Balances: Jan. 1, 20x1 balance in the allowance for doubtful account (this is before any adjusting entries) $2,000 cr Jan. 1, 20x1 balance in the accounts receivable account $37,000 dr During 20x1: Credit sales (20x1) Write offs of uncollectible accounts receivable (20x1) Collections of previously written off amounts (20x1) Cash received in payment of accounts receivable (20x1) $450,000 $6,200 $900 $426,000 Required - 1) Calculate the balance in the Accounts Receivable account at December 31, 20x1. 2) Calculate the balance in the Allowance for Doubtful Accounts at December 31, 20x1. 3) Prepare any journal entries required at December 31, 20x1 to record bad debt expense for the year.

! Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $575,000 X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. XX c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Percent Uncollectible (%) 0 $397,000 Complete the table below…

At the end of the current year, Accounts Receivable has a balance of $605,000, Allowance for Doubtful Accounts has a debit balance of $5,500, and sales for the year total $2,720,000. Bad debt expense is estimated at 1/4 of 1% of sales. a.  Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b.  Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense.   Adjusted BalanceDebit (Credit) Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4   c.  Determine the net realizable value of accounts receivable.$fill in the blank 5

At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $301,000 and in Allowance for Uncollectible Accounts of $890 (credit) before adjustment. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. Bad debt expense for the year should be: Multiple Choice $2,120 $2,621 $3,900 $3,010 Deas 020 # Mout