part 2 prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for uncollectible accounts was $6,200.Required:1. Prepare journal entries for each transaction.2. Prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on theinformation presented and balance off each account.3. Prepare the balance sheet extract as at Dec 31 to show the net realizable value for theAccounts Receivable.4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31 FontParagraphStylesAccounting for Assets: ReceivablesJohnson company's financial year ended on December 31, 2010. All the transactions related tothe company's uncollectible accounts are can be found below:Wrote of $440 account of Miller Company asuncollectibleRe establish the account of Louisa Teller andrecord the collection of $1,050 as payment infull for her account which had been writtenoff earlierReceived 40% of the $700 balance owed byWilliam John and wrote off the remainder asuncollectibleWrote off as uncollectible the accounts ofSherwin Company, $1,700 and V. Vasell$2,200Received 25% of the $1,140 owed by GrantCompany and wrote off the remainder asuncollectibleReceived $741 from M. Fuller in full paymentof his account which had been written offearlier as uncollectibleEstimated uncollectible accounts expense forthe year to be 1.5% of net credit sales of$521,000January 15April 2ndJuly 31August 15September 26October 16December 31The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for uncollectible accounts was $6,200.O5 WORDS

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Description: part 2 prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance fo

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prepare the Allowance for Uncollectible and the Accounts Receivable accounts based on the information presented and balance off each account

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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