1. Determine the amount of the allowance for accounts receivable that should be at December 31,...

  

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1. Determine the amount of the allowance for accounts receivable that should be at December 31, 2022. S................... 2. The company requires an allowance for accounts receivable of 5% of the trade receivables balance. By how much does the existing allowance for receivables deviate from what the company requires? The difference can be shown both in amount and as a percentage. 3. If the allowance account had a credit balance of $100,000, what irrecoverable debts expense would be recognized? 4. What journal entry should be made for additional allowance amount? Write down the transaction amount. 5. If the allowance account had a debit balance of $250,000, what would be amount of the allowance for receivables? Aged Report - Accounts Receivable On December 31, 2022, Company N had the following accounts receivable data: A Customer B C D E Total Total by Payment is Past Due accounts, not due, 1-30 Days 31-60 Days 61-90 Days Over 91 Days $,000 $,000 1,000 1,000 300 300 2,700 2,000 400 150 150 4,700 700 4,000 1,300 200 100 300 300 400 Estimated percentage of doubtful debts for each payment term. Company N Alleged doubtful debts as of December 31, 2022 Payment is not due Past Due 1-30 Days 31-60 Days 61-90 Days Over 91 Days Total Amount, Percentage of debts Allowance for receivables $,000 considered doubtful, % 2,900 2 5,500 4 750 9 450 20 400 50 X 1. Determine the amount of the allowance for accounts receivable that should be at December 31, 2022. S................... 2. The company requires an allowance for accounts receivable of 5% of the trade receivables balance. By how much does the existing allowance for receivables deviate from what the company requires? The difference can be shown both in amount and as a percentage. 3. If the allowance account had a credit balance of $100,000, what irrecoverable debts expense would be recognized? 4. What journal entry should be made for additional allowance amount? Write down the transaction amount. 5. If the allowance account had a debit balance of $250,000, what would be amount of the allowance for receivables? Aged Report - Accounts Receivable On December 31, 2022, Company N had the following accounts receivable data: A Customer B C D E Total Total by Payment is Past Due accounts, not due, 1-30 Days 31-60 Days 61-90 Days Over 91 Days $,000 $,000 1,000 1,000 300 300 2,700 2,000 400 150 150 4,700 700 4,000 1,300 200 100 300 300 400 Estimated percentage of doubtful debts for each payment term. Company N Alleged doubtful debts as of December 31, 2022 Payment is not due Past Due 1-30 Days 31-60 Days 61-90 Days Over 91 Days Total Amount, Percentage of debts Allowance for receivables $,000 considered doubtful, % 2,900 2 5,500 4 750 9 450 20 400 50 X