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 Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 26E

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Accounting for Assets: Receivables Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales…
Johnson company’s financial year ended on December 31, 2010. All thetransactions related to the company’s uncollectible accounts are can be foundbelow:January 15 Wrote of $440 account of Miller Company asuncollectibleApril 2ndRe-establish the account of Louisa Teller andrecord the collection of $1,050 as payment infull for her account which had been writtenoff earlierJuly 31Received 40% of the $700 balance owed byWilliam John and wrote off the remainder asuncollectibleAugust 15Wrote off as uncollectible the accounts ofSherwin Company, $1,700 and V. Vasell$2,200September 26Received 25% of the $1,140 owed by GrantCompany and wrote off the remainder asuncollectibleOctober 16Received $741 from M. Fuller in full paymentof his account which had been written offearlier as uncollectibleDecember 31Estimated uncollectible accounts expense forthe year to be 1.5% of net credit sales of$521,000The accounts receivable account had a balance of $114,630 and the beginning balance in theallowance for…
Accounting for Assets: ReceivablesSlow Running Shoes uses the Aging of receivables method to account for uncollectible accounts.o The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit)o The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000.The company completed the following transactions during 2010 and 2011:2010June 10thWrote off the balance of $600 from Manny Miller’s account as uncollectibleSeptember 15thRe-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlierDecember 31stRecorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectibleDecember 31stMade the closing entry for the uncollectible expense account2011Jan 17Sold inventory to Jack Frost, $1100, on accountAugust 15Wrote off as uncollectible the accounts of Barry Semper, $1,500;…
Tantrum Company provided the following information in relation to accounts receivable at year-end: Days outstanding estimated amount %uncollectible www M 1% 1,200,000 900,000 0-60 61-120 2% 1,000,000 3,100,000\ During the current year, the entity wrote off P70,000 in accounts receivable and recovered P20,000 that had been written off in prior years. At the beginning of current year, the allowance for uncollectible accounts was Over 120 6% P60,000. Under the aging method, what amount of uncollectible accounts expense should be reported for the current year?
Johnson company's financial year ended on December 31, 2010. All the transactions related to the company's uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 April 2d July 31 August 15 September 26 October 16 December 31 The accounts receivable account had a balance of $114,630 and the beginning…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below:January 15 Wrote of $440 account of Miller Company as uncollectibleApril 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlierJuly 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectibleAugust 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectibleOctober 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectibleDecember 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000The accounts receivable account had a balance of $114,630 and the beginning balance…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 The accounts…
Johnson company’s financial year ended on December 31, 2010. All the transactions related to the company’s uncollectible accounts are can be found below: January 15 Wrote of $440 account of Miller Company as uncollectible April 2nd Re-establish the account of Louisa Teller and record the collection of $1,050 as payment in full for her account which had been written off earlier July 31 Received 40% of the $700 balance owed by William John and wrote off the remainder as uncollectible August 15 Wrote off as uncollectible the accounts of Sherwin Company, $1,700 and V. Vasell $2,200 September 26 Received 25% of the $1,140 owed by Grant Company and wrote off the remainder as uncollectible October 16 Received $741 from M. Fuller in full payment of his account which had been written off earlier as uncollectible December 31 Estimated uncollectible accounts expense for the year to be 1.5% of net credit sales of $521,000 Prepare the…