Question: can i please get help with this intermediate accounting question its due in 3 hours Johnson Company calculates its allowance for uncollectible accounts as 10%

can i please get help with this intermediate accounting question its due in 3 hours
can i please get help with this intermediate accounting question its due

Johnson Company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectible accounts had a credit balance of $13,000 at the beginning of 2024 . No previously written-off accounts receivable were reinstated during 2024. At 12/31/2024, gross accounts receivable totaled $216,700, and prior to recording the adjusting entry to recognize bad debts expense for 2024, the allowance for uncollectible accounts had a debit balance of 23,800 . Required: 1. What was the balance in gross accounts recelvable as of 12/31/2023 ? 2. What joumal entry should Johnson record to recognize bad debt expense for 2024? 3. Assume Johnson made no other adjustment of the allowance for uncollectible accounts during 2024. Determine the amount of accounts recelvable written off during 2024. 4. If Johnson instead used the direct write-off method, what would bad debt expense be for 2024

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!