johnson company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectable accounts had a credit balance of $12000 at the begining of 2024. no previously written off accounts recievable were reinstated during 2024. at 12/31/2024, gross accounts recievable totaled $200,100, and prior to recording the adjusting entry to recognize bad debt expenses for 2024, the allowance for uncollectable accounts had a debit balance of $22000. required 1. what was the balance in gross accounts recievable as of 12/31/2023? 2. what journal entry should johnson record to recognize bad debt expense for 2024? 3. assume johnson made no other adjustments of the allowance for uncollectable accounts during 2024. Determine the amount of accounts recievable written off during 2024. 4. if johnson instead used the direct write off method, what would bad debt expense be for 2024?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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johnson company calculates its allowance for uncollectible accounts as 10% of its ending balance in gross accounts receivable. The allowance for uncollectable accounts had a credit balance of $12000 at the begining of 2024. no previously written off accounts recievable were reinstated during 2024. at 12/31/2024, gross accounts recievable totaled $200,100, and prior to recording the adjusting entry to recognize bad debt expenses for 2024, the allowance for uncollectable accounts had a debit balance of $22000.

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1. what was the balance in gross accounts recievable as of 12/31/2023?

2. what journal entry should johnson record to recognize bad debt expense for 2024?

3. assume johnson made no other adjustments of the allowance for uncollectable accounts during 2024. Determine the amount of accounts recievable written off during 2024.

4. if johnson instead used the direct write off method, what would bad debt expense be for 2024?

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