An aging analysis of Ivanhoe Company's accounts receivable at December 31, 2020 and 2021, showed the...
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An aging analysis of Ivanhoe Company's accounts receivable at December 31, 2020 and 2021, showed the following: Accounts Receivable Number of Days Outstanding Estimated % Uncollectible 2021 2020 0-30 days 3% $102,000 $125,000 31-60 days 5% 25,500 62,500 61-90 days 13% 51,000 37,500 Over 90 days 35% Total 76,500 $255,000 25,000 $250,000 Additional information: 1. At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $6,800. 2. In 2021, $24,600 of accounts was written off as uncollectible and $2,400 of accounts previously written off was collected. 2020 Number of Days Outstanding Amount % 0-30 days $125,000 31-60 days 62,500 5% 3% do doo do $ Estimated Uncollectible 61-90 days 37,500 13% Over 90 days 25,000 35% Total $250,000 $ 2021 Number of Days Outstanding Amount % 0-30 days $102,000 3% $ 31-60 days 25,500 5% 61-90 days 51,000 13% Over 90 days 76,500 35% Total $255,000 $ Estimated Uncollectible Calculate the carrying amount of Ivanhoe's accounts receivable at December 31, 2020, and December 31, 2021. Carrying amount +A 2020 2021 Record the following: 1. The adjusting entry on December 31, 2020. 2. The write off of uncollectible accounts in 2021. 3. The collection in 2021 of accounts previously written off. 4. The adjusting entry on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Account Titles and Explanation Debit Credit 2. (To record estimate of uncollectible accounts.) (To record writeoff of accounts receivable.) An aging analysis of Ivanhoe Company's accounts receivable at December 31, 2020 and 2021, showed the following: Accounts Receivable Number of Days Outstanding Estimated % Uncollectible 2021 2020 0-30 days 3% $102,000 $125,000 31-60 days 5% 25,500 62,500 61-90 days 13% 51,000 37,500 Over 90 days 35% Total 76,500 $255,000 25,000 $250,000 Additional information: 1. At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $6,800. 2. In 2021, $24,600 of accounts was written off as uncollectible and $2,400 of accounts previously written off was collected. 2020 Number of Days Outstanding Amount % 0-30 days $125,000 31-60 days 62,500 5% 3% do doo do $ Estimated Uncollectible 61-90 days 37,500 13% Over 90 days 25,000 35% Total $250,000 $ 2021 Number of Days Outstanding Amount % 0-30 days $102,000 3% $ 31-60 days 25,500 5% 61-90 days 51,000 13% Over 90 days 76,500 35% Total $255,000 $ Estimated Uncollectible Calculate the carrying amount of Ivanhoe's accounts receivable at December 31, 2020, and December 31, 2021. Carrying amount +A 2020 2021 Record the following: 1. The adjusting entry on December 31, 2020. 2. The write off of uncollectible accounts in 2021. 3. The collection in 2021 of accounts previously written off. 4. The adjusting entry on December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 1. Account Titles and Explanation Debit Credit 2. (To record estimate of uncollectible accounts.) (To record writeoff of accounts receivable.)
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Related Book For
Accounting Principles Volume 1
ISBN: 978-1119502425
8th Canadian Edition
Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak
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