Acct 2101-300 Customer Total Note yet 1-30 31-60 61-90 90 due days days daysdays

Question

Acct 2101-300 Customer Total Note yet 1-30 31-60 61-90 90 due days days daysdays (Current) pastpastpast due Past due due due S. Augustine C. Black V. Brooks 2.400 600 1.000 5,000 600 1.000 R. Hampton ?.Harper 4.400 800 4.400 800 A. Turner C. wheeler Others 7,000 50,000 50,000 4%| 10%| 20%| Est. % Uncollectible Total est. unc. 3% Regarding the Aging of AR Schedule above, a. 1. What is the total accounts receivable balance with no adjustment? How much AR are not expected to be collected? What is the net accounts receivable balance? b. c. If the allowance account has a $400 debit balance, what entry should be made? 2. If the allowance account has a $400 credit balance, what entry should be made? 3. 4. Make the entry to write off V. Brooks' account. 5. Make the entry to recover V. Brooks' account.

Explanation / Answer

1a. Total accounts receivable balance with no adjustment: $75000

b. AR not expected to be collected: $2390

c. Net accounts receivable balance: $75000 - $2390 = $72610

Customer Total Not yet due (current) 1-30 days 31-60 days 61-90 days 90+ days S. Augustine 2400 2400 C. Black 600 600 V. Brooks 1000 1000 H. Canty 5000 5000 R. Hampton 2600 2600 T. Harper 4400 4400 E. Sims 800 800 A. Turner 1200 1200 C. Wheeler 7000 7000 Others 50000 50000 TOTAL 75000 52000 10000 7600 4400 1000 Est. % Uncollectible 1% 4% 10% 20% 35% Total est. unc. 2390 520 400 760 880 350

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