Question: please help me solve requirements for this problem The September 30, 2019, records of First Data Communications include these accounts: (Click the icon to view

please help me solve requirements for this problem

please help me solve requirements for this problem The September 30, 2019,records of First Data Communications include these accounts: (Click the icon to

The September 30, 2019, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2019 account balances.) During the year. First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2019.) During the last quarter of 2019, the company completed the following selected transactions: (Click the icon to view the selected transactions.) Read the requirements. Date Accounts Debit Credit - Requirements X Nov 1,900 30 Allowance for Uncollectible Accounts Accounts Receivable-Black Carpets Accounts Receivable-Priceless Antiques 1,700 200 Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Journal Entry 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required. 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. (Use the three-line reporting format.) At December 31, 2018, the company's Accounts Receivable balance was $214.000, and the Allowance for Uncollectible Accounts stood at $5,000 (Be sure to use the December 31, 2019 aging schedule given in the problem data.) Date Accounts Debit Credit 24 Dec 31 Uncollectible-Account Expense Allowance for Uncollectible Accounts Print Done Choose from any list or enter any number in the input fields and then click Check Answer. WP More Info Question Help X The S& During the year, First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2019.) Accounts Receivable and aging schedule to be used at December 31, 2019 During ia Read the requirements. Accounts Receivable Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days $ 130,000 $ 50,000 $ 11,000 $ 44,000 0.2% 2% 15% Date $235,000 Nov Estimated percent uncollectible 35% A More Info - X Print Done Adjusted based on the aging of i Data Table Wrote off as uncollectible the $1,700 account receivable from Black Carpets and the $200 Nov 30 account receivable from Priceless Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account Dec 31 expense at year-end, based on the aging of receivables. Date Dec At September 30, 2019: Accounts Receivable..... ............$ 249,000 (8,200) Allowance for Uncollectible Accounts Choose fi Print Done Print Done 2 parts remaining Clear All Check

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!