Gable Incorporated provides legal services. During 2021, the company provides services of $500,000 on account. Of...

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Gable Incorporated provides legal services. During 2021, the company provides services of $500,000 on account. Of this amount, $70,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below Age Group Not yet due 0-38 days past due 31-60 days past due More than 60 days past due Total Estimated Amount Percent Receivable Uncollectible $40,000 5X 19,000 10% 9,000 20% 6,000 40% $74,000 Required: 1. Calculate the allowance for uncollectible accounts. 2. Record the December 31, 2021 adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $500 (debih) 3. On April 3, 2022, a customer's account balance of $600 is written off as uncollectible. Record the write-off 4. On July 17, 2022, the customer whose account was written off in Requirement 3 unexpectedly pays $200 of the amount but does not expect to pay any additional amounts Record the cash collection. Gable Incorporated provides legal services. During 2021, the company provides services of $500,000 on account. Of this amount, $70,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below Age Group Not yet due 0-38 days past due 31-60 days past due More than 60 days past due Total Estimated Amount Percent Receivable Uncollectible $40,000 5X 19,000 10% 9,000 20% 6,000 40% $74,000 Required: 1. Calculate the allowance for uncollectible accounts. 2. Record the December 31, 2021 adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $500 (debih) 3. On April 3, 2022, a customer's account balance of $600 is written off as uncollectible. Record the write-off 4. On July 17, 2022, the customer whose account was written off in Requirement 3 unexpectedly pays $200 of the amount but does not expect to pay any additional amounts Record the cash collection.

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Soution Requirement 1 allowance for Calculation of Age 4 roup Not du... View the full answer