The bookkeeper of Vital Inc. has asked you to assist him with the preparation of information...

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The bookkeeper of Vital Inc. has asked you to assist him with the preparation of information about the company's accounts receivable for presentation in the statement of financial position at December 31, 2024, the end of the company's fiscal year. The following details have been extracted from the company's files: Accounts receivable, January 1, 2024 $500,000 Allowance for doubtful accounts, January 1, 2024 Debit Credit $25,000 Sales for 2024 totalled $1,300,000; $300,000 were in cash and the rest on account. The company collected $1,100,000 from credit customers during 2024 and wrote off $30,000 of accounts receivable as uncollectible. Required: 1. Determine the balance of accounts receivable at December 31, 2024. Answer is complete and correct. Ending balance of accounts receivable $370,000 2. Vital estimates that 6 percent of the ending balance of its accounts receivable may not be collected in the future. Prepare the journal entries to record the write-off of accounts receivable and the bad debt expense for 2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Allowance for doubtful accounts 30,000 Accounts receivable 30,000 2 2 Bad debt expense 30,000X Allowance for doubtful accounts 30,000X 3. Show how the information related to accounts receivable is presented on the company's statement of financial position as at December 31, 2024. > Answer is complete but not entirely correct. VITAL INC. Partial Statement of Financial Position As at December 31, 2024 Current assets: $ Accounts receivable 370,000 Less: Allowance for doubtful accounts 30,000X $ Net 340,000 4. This part of the question is not part of your Connect assignment. The bookkeeper of Vital Inc. has asked you to assist him with the preparation of information about the company's accounts receivable for presentation in the statement of financial position at December 31, 2024, the end of the company's fiscal year. The following details have been extracted from the company's files: Accounts receivable, January 1, 2024 $500,000 Allowance for doubtful accounts, January 1, 2024 Debit Credit $25,000 Sales for 2024 totalled $1,300,000; $300,000 were in cash and the rest on account. The company collected $1,100,000 from credit customers during 2024 and wrote off $30,000 of accounts receivable as uncollectible. Required: 1. Determine the balance of accounts receivable at December 31, 2024. Answer is complete and correct. Ending balance of accounts receivable $370,000 2. Vital estimates that 6 percent of the ending balance of its accounts receivable may not be collected in the future. Prepare the journal entries to record the write-off of accounts receivable and the bad debt expense for 2024. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Answer is complete but not entirely correct. No Transaction General Journal Debit Credit 1 1 Allowance for doubtful accounts 30,000 Accounts receivable 30,000 2 2 Bad debt expense 30,000X Allowance for doubtful accounts 30,000X 3. Show how the information related to accounts receivable is presented on the company's statement of financial position as at December 31, 2024. > Answer is complete but not entirely correct. VITAL INC. Partial Statement of Financial Position As at December 31, 2024 Current assets: $ Accounts receivable 370,000 Less: Allowance for doubtful accounts 30,000X $ Net 340,000 4. This part of the question is not part of your Connect assignment.