FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Question

Please help, 4 different parts. 

Required information
[The following information applies to the questions displayed below.]
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During
2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of
the year. An aging schedule as of December 31, 2021, is provided below.
Estimated
Amount
Receivable
Percent
Uncollectible
Age Group
Not yet due
0-30 days past due
31-60 days past due
More than 60 days past due
$36,000
10,600
7,600
1,800
$56,000
28
5 8
108
20%
Total
Required:
1. Calculate the allowance for uncollectible accounts.
Estimated
Amount
Age Group
Uncollectible
Not yet due
0-30 days past due
31-60 days past due
More than 60 days past due
$
0
Total
!
Required information
[The following information applies to the questions displayed below.]
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During
2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of
the year. An aging schedule as of December 31, 2021, is provided below.
Estimated
Amount
Percent
Receivable
Uncollectible
28
Age Group
Not yet due
0-30 days past due
31-60 days past due
More than 60 days past due
$36,000
10,600
7,600
1,800
$56,000
58
10%
208
Total
2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is
$360 (debit. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
expand button
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Receivable Percent Uncollectible Age Group Not yet due 0-30 days past due 31-60 days past due More than 60 days past due $36,000 10,600 7,600 1,800 $56,000 28 5 8 108 20% Total Required: 1. Calculate the allowance for uncollectible accounts. Estimated Amount Age Group Uncollectible Not yet due 0-30 days past due 31-60 days past due More than 60 days past due $ 0 Total ! Required information [The following information applies to the questions displayed below.] Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Receivable Uncollectible 28 Age Group Not yet due 0-30 days past due 31-60 days past due More than 60 days past due $36,000 10,600 7,600 1,800 $56,000 58 10% 208 Total 2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $360 (debit. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Required information
[The following information applies to the questions displayed below.]
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During
2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of
the year. An aging schedule as of December 31, 2021, is provided below.
Estimated
Amount
Percent
Receivable
Uncollectible
Age Group
Not yet due
0-30 days past due
31-60 days past due
More than 60 days past due
$36,000
10,600
7,600
1,800
$56,000
28
5 %
10%
20%
Total
3. On April 3, 2022, a customer's account balance of $460 is written off as uncollectible. Record the write-off. (If no entry is required
for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Required information
[The following information applies to the questions displayed below.]
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During
2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of
the year. An aging schedule as of December 31, 2021, is provided below.
Estimated
Amount
Percent
Receivable
Uncollectible
Age Group
Not yet due
0-30 days past due
31-60 days past due
More than 60 days past due
$36,000
10,600
7,600
1,800
$56,000
2 8
5 C
108
208
Total
4. On July 17, 2022, the customer whose account was written off in Part 3 unexpectedly pays $100 of the amount but does not expect
to pay any additional amounts. Record the cash collection. (If no entry is required for a particular transaction/event, select "No
Journal Entry Required" in the first account field.)
expand button
Transcribed Image Text:Required information [The following information applies to the questions displayed below.] Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Receivable Uncollectible Age Group Not yet due 0-30 days past due 31-60 days past due More than 60 days past due $36,000 10,600 7,600 1,800 $56,000 28 5 % 10% 20% Total 3. On April 3, 2022, a customer's account balance of $460 is written off as uncollectible. Record the write-off. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Required information [The following information applies to the questions displayed below.] Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $406,000 on account. Of this amount, $56,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Amount Percent Receivable Uncollectible Age Group Not yet due 0-30 days past due 31-60 days past due More than 60 days past due $36,000 10,600 7,600 1,800 $56,000 2 8 5 C 108 208 Total 4. On July 17, 2022, the customer whose account was written off in Part 3 unexpectedly pays $100 of the amount but does not expect to pay any additional amounts. Record the cash collection. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
SEE MORE QUESTIONS
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education