Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31...

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Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Estimated Age Group Current (not past due) Accounts Receivable $375,000 Loss % 0.50% 1-30 days past due 135,000 1% 31-60 days past due 30,000 2% 61-120 days past due 16,500 5% 121-180 days past due 9,000 Over 180 days past due Total accounts receivable 6,000 $571,500 10% 25% At the beginning of the fourth quarter, there was a credit balance of $6,525 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $5,745 in receivables as uncollectible. a. What amount of bad debts expense will LaFond report for the year? $ 0 b. What is the balance of accounts receivable that it reports on its December 31 balance sheet? $ 0 c. Report (1) the write-off of accounts receivable as uncollectible and (2) bad debt expense calculated in part a using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash + Assets Contra Assets Contributed Earned = Liabilities + Capital + Capital Revenues Expenses 1. Write-off of uncollectible accounts. 0 0 0 0 0 0 0 0 2. Recognize bad debts expense. 0 0 0 0 0 0 0 0 Net = Income 0 0 Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Estimated Age Group Current (not past due) Accounts Receivable $375,000 Loss % 0.50% 1-30 days past due 135,000 1% 31-60 days past due 30,000 2% 61-120 days past due 16,500 5% 121-180 days past due 9,000 Over 180 days past due Total accounts receivable 6,000 $571,500 10% 25% At the beginning of the fourth quarter, there was a credit balance of $6,525 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $5,745 in receivables as uncollectible. a. What amount of bad debts expense will LaFond report for the year? $ 0 b. What is the balance of accounts receivable that it reports on its December 31 balance sheet? $ 0 c. Report (1) the write-off of accounts receivable as uncollectible and (2) bad debt expense calculated in part a using the financial statement effects template. Note: Use negative signs with your answers, when appropriate. Balance Sheet Income Statement Transaction Cash Asset Noncash + Assets Contra Assets Contributed Earned = Liabilities + Capital + Capital Revenues Expenses 1. Write-off of uncollectible accounts. 0 0 0 0 0 0 0 0 2. Recognize bad debts expense. 0 0 0 0 0 0 0 0 Net = Income 0 0