Could I get a explanation on how you got the answers for this question including narrative .Explain in the simplieat way Accounting for Assets: ReceivablesLET’SDISCUSSJohnson company's financial year ended on December 31, 2010. All thetransactions related to the company's uncollectible accounts are can be foundbelow:Wrote of $440 account of Miller Company asuncollectibleRe-establish the account of Louisa Teller andrecord the collection of $1,050 as payment infull for her account which had been writtenoff earlierJanuary 15April 2ndReceived 40% of the $700 balance owed byWilliam John and wrote off the remainder asuncollectibleJuly 31Wrote off as uncollectible the accounts ofSherwin Company, $1,700 and V. Vasell$2,200Received 25% of the $1,140 owed by GrantCompany and wrote off the remainder asuncollectibleAugust 15September 26Received $741 from M. Fuller in full paymentof his account which had been written offearlier as uncollectibleEstimated uncollectible accounts expense fortheOctober 16year to be 1.5% of net credit sales of$521,000December 31The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for uncollectible accounts was $6,200. 4. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:Determine the amount to be charged to uncollectible expense (show yourа.workings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31

The Uncollectible expense is an expense or a charge that is created when a debtor defaults in making…

4. Assume that the aging of accounts receivable method was used by the company and that $7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. You are now required to: Determine the amount to be charged to uncollectible expense (show your a. workings for the computation of this figure). b. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31

4. Assume that the aging of accounts receivable method was used by the company and that $7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. You are now required to: Determine the amount to be charged to uncollectible expense (show your a. workings for the computation of this figure). b. Prepare the balance sheet extract to show the net realizable value of the Accounts Receivable as at December 31

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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