FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:The September 30, 2022, records of First Data Communications include these accounts:
(Click the icon to view the September 30, 2022 account balances.)
During the last quarter of 2022, the company completed the following selected transactions:
i (Click the icon to view the selected transactions.)
Requirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Wrote off as uncollectible the $1.200 account receivable from Cheap Carpets and the $600 account receivable Old Time
- X
Data table
Date
Nov
Adjusted
Date
Dec
Data table
At September 30, 2022:
Accounts Receivable
Allowance for Uncollectible Accounts
Print
Done
$
During the year, First Data Communications estimates Uncollectible-account expense at 1% of credit sales.
At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for
Uncollectible Accounts to correspond to the following aging schedule.
(Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31,
2022)
MARLE
242,000
(8,200)
Accounts Receivable and aging schedule to be used at December 31, 2022
Age of Accounts
$
1-30 Days 31-60 Days 61-90 Days Over 90 Days
138,000 $ 54,000 $ 12,000 $ 26,000
0.2%
2%
15%
35%
Accounts Receivable
$230,000
Estimated percent uncollectible
Print
Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account.
Done
X
Transcribed Image Text:Requirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any joumal entries.)
Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques.
Date
Nov
Date
Dec
30
Journal Entry
31
Less:
Accounts
Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables.
Journal Entry
Accounts
Debit
First Data Communications
Comparative Balance Sheet (partial)
December 31, 2022 and 2021
IL
Debit
2022
7
Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account.
Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and calculate the ending balance.
Allowance for Uncollectible Accounts
Credit
Requirement 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balan
December 31, 2022 given in the problem data.)
Credit
2021
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