P5-58A (similar to) The September 30, 2019, records of Up To Date Communications

Question

P5-58A (similar to) The September 30, 2019, records of Up To Date Communications include these accounts EEB (Click the icon to view the accounts) During the year, Up To Date Communications estimates Uncollectible-account expense at 1% of credit sales During th Clic Read the (Click the icon to view the allowance information.) Wrote off as uncollectible the $1,600 account receivable from Black Carpets and the $600 account receivable from Good Antiques Journal Entry Date Accounts Debit Credit Nov 30 Allowance for Uncollectible Accounts 2,200 Accounts Receivable-Black Carpets Accounts Receivable-Good Antiques 1,600 600 Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Journal Entry Date Accounts Debit Credit Dec 31 Uncollectible-Account Expense Allowance for Uncollectible Accounts Choose from any list or enter any number in the input fields and then click Check Answer.

Explanation / Answer

over 90 1---30 31---60 61---90 daye total Accounts receivable 234,000 130,000 38,000 15,000 51,000 234,000 Estimated % uncollectible 0.20% 2% 15% 35% estimated bad debts 260 760 2250 17850 21120 Allowance for uncollectible acconts written off 2,200 opening 8,100 adj 15,220 end bal 21,120 Date                       Accounts                            Debit Credit 31-Dec Bad debts expense 15,220 Allowance for uncollectible accounts 15,220

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