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More info Nov 30 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Done Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts Requirement 3. Show how First Data Communications will report its accounts receivable in a co Lam.Coooh Allonne 1-30 Days 31-60 Days 81-90 Days Over 90 Days $ 26,000 138,000 $ 0.2% 54,000 $ 2% 12,000 $ 15% 35% X - X pns: appropria rance for 1. Record the transactions for the last quarter of 2022 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. 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.) Data table Print tible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 202 At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X

More info Nov 30 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Done Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts Requirement 3. Show how First Data Communications will report its accounts receivable in a co Lam.Coooh Allonne 1-30 Days 31-60 Days 81-90 Days Over 90 Days $ 26,000 138,000 $ 0.2% 54,000 $ 2% 12,000 $ 15% 35% X - X pns: appropria rance for 1. Record the transactions for the last quarter of 2022 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. 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.) Data table Print tible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 202 At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 84APSA: Aging Method Bad Debt Expense Cindy Bagnal, the manager of Cayce Printing Service, has provided the...
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The September 30, 2022, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2022 account balances.) During the last quarter of 2022, the company completed the following selected transactions: i (Click the icon to view the selected transactions.) Less: Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account. Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and calculate the ending balance. Allowance for Uncollectible Accounts First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 -C Requirement 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 given in the problem data.) 2022 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. 2021 (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements.
Transcribed Image Text:The September 30, 2022, records of First Data Communications include these accounts: (Click the icon to view the September 30, 2022 account balances.) During the last quarter of 2022, the company completed the following selected transactions: i (Click the icon to view the selected transactions.) Less: Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account. Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and calculate the ending balance. Allowance for Uncollectible Accounts First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 -C Requirement 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 given in the problem data.) 2022 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. 2021 (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements.
More info Nov 30 Dec 31 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts 31-60 Days 61-90 Days Over 90 Days 54,000 $ 2% 26,000 12,000 $ 15% 35% $ Done 1-30 Days 138.000 $ 0.2% X Requirement 3. Show how First Data Communications will report its accounts receivable in a co .......... ... pns: appropria Vance for 1. Record the transactions for the last quarter of 2022 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. 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.) Data table Print tible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 give At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X
Transcribed Image Text:More info Nov 30 Dec 31 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts 31-60 Days 61-90 Days Over 90 Days 54,000 $ 2% 26,000 12,000 $ 15% 35% $ Done 1-30 Days 138.000 $ 0.2% X Requirement 3. Show how First Data Communications will report its accounts receivable in a co .......... ... pns: appropria Vance for 1. Record the transactions for the last quarter of 2022 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. 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.) Data table Print tible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 give At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X
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