b. During 2024, credit sales were $1,607,000; sales discounts taken were $30,000; accounts receivable collected were...

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b. During 2024, credit sales were $1,607,000; sales discounts taken were $30,000; accounts receivable collected were $1,350,800; and accounts written off during the year totalled $32,000. Prepare the adjusting entry required on December 31, 2024, to estimate uncollectible receivables assuming it is based on the following aging analysis. December 31, 2024 Accounts Receivable $320,000 99,000 28,000 19,000 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Expected Percentage Uncollectible 1% 4% 10% 60% View transaction list Journal entry worksheet 1 Record the estimate for uncollectible accounts. MLP 1 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Bad debt expense Allowance for doubtful accounts Record entry Clear entry View general journal c. Show how accounts receivable would appear on the December 31, 2024, balance sheet. Assets Current assets: Partial Balance sheet Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2023, of $2,600. Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows. December 31, 2023 Accounts Receivable $176,000 51,000 12,000 2,800 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Expected Percentage Uncollectible 1% 4% 10% 60% View transaction list View journal entry worksheet No 1 Date December 31, 2023 General Journal Bad debt expense Allowance for doubtful accounts Debit 4,080 Credit 4,080 b. During 2024, credit sales were $1,607,000; sales discounts taken were $30,000; accounts receivable collected were $1,350,800; and accounts written off during the year totalled $32,000. Prepare the adjusting entry required on December 31, 2024, to estimate uncollectible receivables assuming it is based on the following aging analysis. December 31, 2024 Accounts Receivable $320,000 99,000 28,000 19,000 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Expected Percentage Uncollectible 1% 4% 10% 60% View transaction list Journal entry worksheet 1 Record the estimate for uncollectible accounts. MLP 1 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date December 31, 2024 General Journal Debit Credit Bad debt expense Allowance for doubtful accounts Record entry Clear entry View general journal c. Show how accounts receivable would appear on the December 31, 2024, balance sheet. Assets Current assets: Partial Balance sheet Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2023, of $2,600. Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows. December 31, 2023 Accounts Receivable $176,000 51,000 12,000 2,800 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Expected Percentage Uncollectible 1% 4% 10% 60% View transaction list View journal entry worksheet No 1 Date December 31, 2023 General Journal Bad debt expense Allowance for doubtful accounts Debit 4,080 Credit 4,080

Answer rating: 100% (QA)

a Adjusting entry for estimating uncollectible accounts on December 31 2024 ... View the full answer