The September 30, 2022, records of West Point Communications include these accounts:

During the year, West Point Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the following aging schedule: 

During the last quarter of 2022, the company completed the following selected transactions: 

Requirements 

1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required.

2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account.

3. Show how West Point Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company’s Accounts Receivable balance was $212,000 and the Allowance for Uncollectible Accounts stood at $4,800 credit balance. 

Transcribed Image Text:

Accounts Receivable.. Allowance for Doubtful Accounts.... ********** $249,000 (8,000)