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Part I Fischer Corp. provides tech support to its customers. Services are provided on a 30-day billing cycle, and...

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Part I Fischer Corp. provides tech support to its customers. Services are provided on a 30-day billing cycle, and the amount of bad debt written off as uncollectible has slowly increased over the past 2 years. Data from 2020 records reflect the following: Account Services billed on account Accounts Receivable - Jan. 1, 2020 Allowance Doubtful Accts - Jan. 1, 2020 Write-offs during 2020 (deemed uncollectible) An aging of its Accounts Receivable reflects the following: Days Outstanding 0-30 days 31-90 days 91+ days Amount $18,000 12,000 20,000 Percent Uncollectible 1% 5% 10% Amount $130,000 39,000 1,520 3,020 Give the adjusting journal entry that Fischer would record to recognize bad debt expense for the year. 2. List all account names and the amounts that would appear on Fischer's Income Statement. 3. Prepare the journal entry for the accounts written-off during the year. 4. Prepare the journal entry to reflect the cash Fischer would have collected on its Accounts Receivable during 2020. 5. Give the Balance sheet presentation for Fischer's ending Accounts Receivable after all adjusting journal entries have been made in 2012.

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Survey of Accounting

Survey of Accounting

ISBN: 978-0538749091

5th Edition

Authors: Carl S Warren

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Posted Date: April 28, 2022 02:30:27
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