Homework Help is Here – Start Your Trial Now!
Business
Accounting
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

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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
icon
Concept explainers
Question

attached in SS thanska for the help

appreiajet it

13it1j3y

13yj13oy1j3oy13ijyo13iyjqeogdzng

gmkgmwrio

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 Accounts First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 -C Requirement 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 Accounts Receivable balance at December 31, 2022 given in the problem data.) 2022 During the year, First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance 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 at December 31, 2022.) Read the requirements.
Transcribed Image Text: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 Accounts First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 -C Requirement 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 Accounts Receivable balance at December 31, 2022 given in the problem data.) 2022 During the year, First Data Communications estimates Uncollectible-account expense at 1% of credit sales. At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance 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 at December 31, 2022.) Read the requirements.
More info Nov 30 Dec 31 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts 31-60 Days 61-90 Days Over 90 Days 54,000 $ 2% 26,000 12,000 $ 15% 35% $ Done 1-30 Days 138.000 $ 0.2% X Requirement 3. Show how First Data Communications will report its accounts receivable in a co .......... ... pns: appropria Vance 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, 2022 give At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X
Transcribed Image Text:More info Nov 30 Dec 31 Wrote off as uncollectible the $1,200 account receivable from Cheap Carpets and the $600 account receivable from Old Timer Antiques. Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. Data table Print Accounts Receivable $230,000 Estimated percent uncollectible Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts 31-60 Days 61-90 Days Over 90 Days 54,000 $ 2% 26,000 12,000 $ 15% 35% $ Done 1-30 Days 138.000 $ 0.2% X Requirement 3. Show how First Data Communications will report its accounts receivable in a co .......... ... pns: appropria Vance 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, 2022 give At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Done $ 242,000 (8,200) X
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Receivables Management
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS