Journalize the following selected events and transactions in 2020: (Credit account titles are automatically indented when...
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Journalize the following selected events and transactions in 2020: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) i. On April 17, a $1,560 customer account that originated in 2020 is judged uncollectible. ii On September 1, a $1,560 cheque is received from the customer whase account was written off as uncollectible on April 17. Date Account Titles and Explanation Debit Credit 2020 Apr. 17 Sept. 1 (To reinstate an account that was previously written off) (To record recovery of account that was previously written off) Current Attempt in Progress The following is an aging schedule for a company's accounts receivable as at December 31, 2019: Number of days past due Total amount Current (not Customer's name owed yet due) 1-30 31-60 61-90 Over 90 Begin $40,600 $11,000 $19,000 $7,100 $3,500 Cizeron 28,000 28,000 Lemoine 51,500 44,900 4,000 2,600 Rudellin 36,000 36,000 Others 208,500 89,900 68,100 11,000 18,000 21,500 $364,600 $173,800 $91.100 $54,100 $24,100 $21,500 Estimated percentage 2% 4% 8% 15% 40% that will be uncollectible Estimated value $23,663 $3,476 $3,644 $4,328 $3.615 $8,600 of uncollectibles On December 31, 2019, the unadjusted balance in the Allowance for Doubtful Accounts (prior to the aging analysis) was a credit of $6,150. (a) Journalize the following selected events and transactions in 2020: (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) i. On April 17, a $1,560 customer account that originated in 2020 is judged uncollectible. ii On September 1, a $1,560 cheque is received from the customer whase account was written off as uncollectible on April 17. Date Account Titles and Explanation Debit Credit 2020 Apr. 17 Sept. 1 (To reinstate an account that was previously written off) (To record recovery of account that was previously written off) Current Attempt in Progress The following is an aging schedule for a company's accounts receivable as at December 31, 2019: Number of days past due Total amount Current (not Customer's name owed yet due) 1-30 31-60 61-90 Over 90 Begin $40,600 $11,000 $19,000 $7,100 $3,500 Cizeron 28,000 28,000 Lemoine 51,500 44,900 4,000 2,600 Rudellin 36,000 36,000 Others 208,500 89,900 68,100 11,000 18,000 21,500 $364,600 $173,800 $91.100 $54,100 $24,100 $21,500 Estimated percentage 2% 4% 8% 15% 40% that will be uncollectible Estimated value $23,663 $3,476 $3,644 $4,328 $3.615 $8,600 of uncollectibles On December 31, 2019, the unadjusted balance in the Allowance for Doubtful Accounts (prior to the aging analysis) was a credit of $6,150. (a)
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Date Account Titles and Explanation Debit Credit 2020 Mar 1 Allowance for doubtful accounts 1100 Acc... View the full answer
Related Book For
Accounting for Governmental and Nonprofit Entities
ISBN: 978-1259917059
18th edition
Authors: Jacqueline L. Reck, James E. Rooks, Suzanne Lowensohn, Daniel Neely
Posted Date:
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