ACCT 102 - Please Do Both Subparts. Pachel Corporation reports the following information pertaining to its accounts receivable.Days Past DueCurrent1-3031-6061-90Over 90$60,000$40,000$25,000$12,000$2,000The company's credit department provided the following estimates regarding the percent of accounts expected to eventually bewritten off from each category listed.Current receivables outstandingReceivables 1-30 days past dueReceivables 31-60 days past dueReceivables 61-90 days past dueReceivables over 90 days past due2%4164090The company uses a balance sheet approach to estimate credit losses.a. Record the company's uncollectible accounts expense, assuming it has a $1,400 credit balance in its Allowance for DoubtfulAccounts prior to making the necessary adjustment.b. Without regard to your answer to part a, record the company's uncollectible accounts expense, assuming it has a $1,600 debitbalance in its Allowance for Doubtful Accounts prior to making the necessary adjustment.Complete this question by entering your answers in the table below.Reared ARequired BRecord the company's uncollectible accounts expense, assuming it has a $1,400 credit balance in its Allowance for Doubtful Accountsprior to making the necessary adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the firstaccount field.)View transaction listJournal entry worksheet prior to makingaccount field.)View transaction listJournal entry worksheet1Record the entry for uncollectible accounts expense if there is a credit balancein the Allowance for Doubtful Accounts.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journalRequired B

Uncollectible Accounts expense: An uncollectible accounts expense is reported on the books when a…

Pachel Corporation reports the following information pertaining to its accounts receivable. Days Past Due 31-60 $25,000 Current 1-30 61-90 $40,000 Over 90 $2,000 $60,000 $12,000 The company's credit department provided the following estimates regarding the percent written off from each category listed. Current receivables outstanding Receivables 1-30 days past due Receivables 31-68a days nast due 2% 4

Pachel Corporation reports the following information pertaining to its accounts receivable. Days Past Due 31-60 $25,000 Current 1-30 61-90 $40,000 Over 90 $2,000 $60,000 $12,000 The company's credit department provided the following estimates regarding the percent written off from each category listed. Current receivables outstanding Receivables 1-30 days past due Receivables 31-68a days nast due 2% 4

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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