attached in SS thanska for the helpappreiajet it13it1j3y13yj13oy1j3oy13ijyo13iyjqeogdznggmkgmwrio The September 30, 2022, records of First Data Communications include these accounts:(Click the icon to view the September 30, 2022 account balances.)During the last quarter of 2022, the company completed the following selected transactions:i (Click the icon to view the selected transactions.)Less:Requirement 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account.Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and calculate the ending balance.Allowance for Uncollectible AccountsFirst Data CommunicationsComparative Balance Sheet (partial)December 31, 2022 and 2021-CRequirement 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company'sAccounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 given in the problem data.)2022During the year, First Data Communications estimates Uncollectible-account expense at 1% of creditsales. At year-end (December 31), the company ages its receivables and adjusts the balance in theAllowance for Uncollectible Accounts to correspond to the following aging schedule.2021(Click the icon to view the Accounts Receivable balance and aging schedule to be used atDecember 31, 2022.)Read the requirements. More infoNov 30Dec 31Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 accountreceivable from Old Timer Antiques.Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense atyear-end, based on the aging of receivables.Data tablePrintAccounts Receivable$230,000Estimated percent uncollectibleAccounts Receivable and aging schedule to be used at December 31, 2022Age of Accounts31-60 Days 61-90 Days Over 90 Days54,000 $2%26,00012,000 $15%35%$Done1-30 Days138.000 $0.2%XRequirement 3. Show how First Data Communications will report its accounts receivable in a co.......... ...pns:appropriaVance for1. Record the transactions for the last quarter of 2022 in the journal.Explanations are not required.2. Prepare a T-account for Allowance for Uncollectible Accounts with theappropriate beginning balance. Post the entries from requirement 1 to thataccount.3. Show how First Data Communications will report its accounts receivable in acomparative balance sheet for 2021 and 2022. (Use the three-linereporting format.) At December 31, 2021, the company's Accounts Receivablebalance was $214,000, and the Allowance for Uncollectible Accounts stood at$4,400 credit balance. (Be sure to use the December 31, 2022 aging schedulegiven in the problem data.)Data tablePrinttible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 2022 giveAt September 30, 2022:Accounts ReceivableAllowance for Uncollectible AccountsDone$242,000(8,200)X

Allowance for Doubtful Accounts - The allowance for doubtful accounts is calculated based on the…

More info Nov 30 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Done Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts Requirement 3. Show how First Data Communications will report its accounts receivable in a co Lam.Coooh Allonne 1-30 Days 31-60 Days 81-90 Days Over 90 Days $ 26,000 138,000 $ 0.2% 54,000 $ 2% 12,000 $ 15% 35% X - X pns: appropria rance for 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. 2. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. 3. Show how First Data Communications will report its accounts receivable in a comparative balance sheet for 2021 and 2022. (Use the three-line reporting format.) At December 31, 2021, the company's Accounts Receivable balance was $214,000, and the Allowance for Uncollectible Accounts stood at $4,400 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.) Data table Print tible Accounts stood at $4,400 credit balance. (Be sure to use the Accounts Receivable balance at December 31, 202 At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q