Question: Journal Entry: g) Receivables Receivables Note: insert rows within the print area as needed 12/31/21 Example debit 99,999 Example credit 99,999 Briefly describe the issue
| Journal Entry: g) Receivables | Receivables | Note: insert rows within the print area as needed | ||||||||
| 12/31/21 | Example debit | 99,999 | ||||||||
| Example credit | 99,999 | |||||||||
| Briefly describe the issue and explain how your journal entry/(ies) fix the problem: | ||||||||||
| Show detailed, clearly-labeled calculations for any values: | ||||||||||
| During 2021, $604,870 was sold on credit, and a total of $544,380 was collected before the end of 2021. Also during the year, $3,670 was written off directly as Bad Debt Expense. An aging analysis of the remaining A/R balance revealed the following: | ||||||||||
| Age | Pct of A/R | Pct Uncollectible | ||||||||
| <30 days | 59.0% | 1.0% | ||||||||
| 30-60 days | 24.0% | 3.0% | ||||||||
| 60-90 days | 10.0% | 8.0% | ||||||||
| 90-120 days | 5.0% | 24.0% | ||||||||
| >120 days | 2.0% | 50.0% | ||||||||
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