General Ledger Accounts Receivable 7,e00 ???? Dec. 31/19 Balance 158,500 Jan. 4/20 Collections in 2020 July 15/20 Credit sales in 2020 ???? 14,000 Dec. 31/2e Balance ???? Allowance for Doubtful Accounts July 15/20 14,e0e 200 Dec. 31/19 Balance Dec. 31/20 2??? Dec. 31/20 Balance Accounts Receivable Subledger JenStar Conpany 48,000 Dec. 31/19 Balance Nov. 15/26 ???? 48,e00 Jan. 20/20 Dec. 31/20 Balance 184,80e Indigo Developments Dec. 31/19 Balance Mar. 1/20 Nov. 28/20 Dec. 2/20 -e- 17,00e 39,000 4,000 43,0ee 17,800 Mar. 20/20 Dec. 31/20 Balance Lomas Industries Dec. 31/19 Balance 2??? 7,e0e 22?? 52,e00 Jan. 4/20 Jan. 7/20 Apr. 21/20 Dec. 7/20 52,000 21,000 May 5/20 Dec. 31/20 Balance 21,008 PDO Servicing 14,80e Dec. 31/19 Balance 14,800 July 15/20 Dec. 31/20 Balance During the year 2020, there were no recoverles of accounts previously written off. Only one account, that of PDQ Servicing, was Identified as belng uncollectible on July 15, 2020. On January 4, 2020, Farthington Issued a $7.000 credit memo to Lomas Industries regarding damaged goods returned.
General Ledger Accounts Receivable 7,e00 ???? Dec. 31/19 Balance 158,500 Jan. 4/20 Collections in 2020 July 15/20 Credit sales in 2020 ???? 14,000 Dec. 31/2e Balance ???? Allowance for Doubtful Accounts July 15/20 14,e0e 200 Dec. 31/19 Balance Dec. 31/20 2??? Dec. 31/20 Balance Accounts Receivable Subledger JenStar Conpany 48,000 Dec. 31/19 Balance Nov. 15/26 ???? 48,e00 Jan. 20/20 Dec. 31/20 Balance 184,80e Indigo Developments Dec. 31/19 Balance Mar. 1/20 Nov. 28/20 Dec. 2/20 -e- 17,00e 39,000 4,000 43,0ee 17,800 Mar. 20/20 Dec. 31/20 Balance Lomas Industries Dec. 31/19 Balance 2??? 7,e0e 22?? 52,e00 Jan. 4/20 Jan. 7/20 Apr. 21/20 Dec. 7/20 52,000 21,000 May 5/20 Dec. 31/20 Balance 21,008 PDO Servicing 14,80e Dec. 31/19 Balance 14,800 July 15/20 Dec. 31/20 Balance During the year 2020, there were no recoverles of accounts previously written off. Only one account, that of PDQ Servicing, was Identified as belng uncollectible on July 15, 2020. On January 4, 2020, Farthington Issued a $7.000 credit memo to Lomas Industries regarding damaged goods returned.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:General Ledger
Accounts Receivable
Dec. 31/19 Balance
158,500
7,e00
????
14,800
Jan. 4/20
Collections in 2020
July 15/20
Credit sales in 2020
????
Dec. 31/20 Balance
????|
Allowance for Doubtful Accounts
July 15/20
14, e00
200
Dec. 31/19 Balance
Dec. 31/20
Dec. 31/20 Balance
Accounts Receivable Subledger
Jenstar Conpany
48,000
Dec. 31/19 Balance
Nov. 15/20
????
48, 000
Jan. 20/20
Dec. 31/2e Balance
184,000
Indigo Developments
Dec. 31/19 Balance
Mar. 1/20
Nov. 28/2e
Dec. 2/20
-e-
17,eee
39,000
4,eee
17,000
Mar. 20/20
Dec. 31/20 Balance
43,000
Lomas Industries
????
Dec. 31/19 Balance
7,e00
Jan. 4/20
Jan. 7/20
May 5/20
????
Apr. 21/20
Dec. 7/20
52,800
52,800
21,000
21,800
Dec. 31/20 Balance
PDO Servicing
14,000
Dec. 31/19 Balance
14,000
July 15/20
Dec. 31/20 Balance
-0-
During the year 2020, there were no recoverles of accounts previously written off. Only one account, that of PDQ Servicing, was
Identified as belng uncollectible on July 15, 2020. On January 4. 2020, Farthington Issued a $7.000 credit memo to Lomas Industries
regarding damaged goods returned.
Transcribed Image Text:e. Collections during 2020.
Amount
f. Credit sales during 2020.
Amount
g. Adjusting entry on December 31, 2020, to estimate uncollectible accounts based on a rate of 25% of outstanding recelvables.
(Round your final answers to nearest whole dollar.)
Vlew transaction lat
Journal entry worksheet
Record the adjusting entry to estimate uncollectible accounts based on a rate
of 2.5% of outstanding receivables.
Note: Enter debits before credits.
Date
General Journal
Debit
Credit
Dec 31
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