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10 pt. 12 ct. 10 ov. 15 Date Determined that the account of Sue King for $800 is uncollectible. Determined that the account of Tom Young for $3,700 is uncollectible. Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Received a check for $300 from Sue King as payment on her account. Account Titles and Explanation Dec. 31 (To reinstate Sue King account previously written off) (To record collection on account) Date Account Titles and Explanation Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) eTextbook and Media List of Accounts What is the balance of Allowance for Doubtful Accounts at December 31, 2021? Balance of allowance for Doubtful Accounts at December 31, 2021 $ Debit Debit Credit Credit

10 pt. 12 ct. 10 ov. 15 Date Determined that the account of Sue King for $800 is uncollectible. Determined that the account of Tom Young for $3,700 is uncollectible. Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Received a check for $300 from Sue King as payment on her account. Account Titles and Explanation Dec. 31 (To reinstate Sue King account previously written off) (To record collection on account) Date Account Titles and Explanation Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) eTextbook and Media List of Accounts What is the balance of Allowance for Doubtful Accounts at December 31, 2021? Balance of allowance for Doubtful Accounts at December 31, 2021 $ Debit Debit Credit Credit

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer in text form please (without image),,,,,,Note:Every entry should have narration please
Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 6% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2020, and December 31, 2021. appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts Aug. 10 Sept. 12 Oct. 10 Record the following events in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Nov. 15 Date 12/31/20 12/31/21 $400,000 $500,000 60,000 80,000 5,200 Dec. 31 Determined that the account of Sue King for $800 is uncollectible. Determined that the account of Tom Young for $3,700 is uncollectible. Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Received a check for $300 from Sue King as payment on her account. Account Titles and Explanation (To reinstate Sue King account previously written off) (To record collection on account) ? Date Account Titles and Explanation eTextbook and Media Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) List of Accounts What is the balance of Allowance for Doubtful Accounts at December 31, 2021? Balance of allowance for Doubtful Accounts at December 31, 2021 $ Debit Debit Credit Credit
Transcribed Image Text:Fleming Sign Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 6% of accounts receivable will eventually be uncollectible. Selected account balances at December 31, 2020, and December 31, 2021. appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts Aug. 10 Sept. 12 Oct. 10 Record the following events in 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Nov. 15 Date 12/31/20 12/31/21 $400,000 $500,000 60,000 80,000 5,200 Dec. 31 Determined that the account of Sue King for $800 is uncollectible. Determined that the account of Tom Young for $3,700 is uncollectible. Received a check for $500 as payment on account from Sue King, whose account had previously been written off as uncollectible. She indicated the remainder of her account would be paid in November. Received a check for $300 from Sue King as payment on her account. Account Titles and Explanation (To reinstate Sue King account previously written off) (To record collection on account) ? Date Account Titles and Explanation eTextbook and Media Prepare the adjusting journal entry to record the bad debt provision for the year ended December 31, 2021. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) List of Accounts What is the balance of Allowance for Doubtful Accounts at December 31, 2021? Balance of allowance for Doubtful Accounts at December 31, 2021 $ Debit Debit Credit Credit
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