Prepare a Journal Entries for AccountsReceivables. Is not a graded question Fllowance for DoubifulAccauntsAccounts Recei vablePrepare Journal Entrie sTransactions.3| wlo AlRJones $ 5,0005/1 wlo A/R.Smith $ 3pa08/1 wlo AIR Baker $ 2500|n/1 collect ŷ 1250 foom Baker12/31 Provide ad. Jle for Bad Debts.Aging of A/RCurrentOver60NameTOT AIR1-3031-6012, 0o0010,c00| 2.0004,0002,000B15, 0008, do 04,0002,000D5,0003,0002, d00others100, 00090,0006, 0003, 0001 000140, 000% of uncollectibili tyK 2%X 10%X 20 %X 40%Est Bad DebtsPart, a)what would the Year - end edjusting Journak entry beJiven the fallo wiagAllou to QA.1375

There are two methods of writing off bad debts, one is the direct method where the bad debts are…

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Business

Accounting

Prepare a Journal Entries for Accounts Receivables.

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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Question

Prepare a Journal Entries for Accounts Receivables. Is not a graded question

Fllowance for Doubiful
Accaunts
Accounts Recei vable
Prepare Journal Entrie s
Transactions.
3| wlo AlR
Jones $ 5,000
5/1 wlo A/R.
Smith $ 3pa0
8/1 wlo AIR Baker $ 2500
|n/1 collect ŷ 1250 foom Baker
12/31 Provide ad. Jle for Bad Debts.
Aging of A/R
Current
Over
60
Name
TOT AIR
1-30
31-60
12, 0o00
10,c00
| 2.000
4,000
2,000
B
15, 000
8, do 0
4,000
2,000
D
5,000
3,000
2, d00
others
100, 000
90,000
6, 000
3, 000
1 000
140, 000
% of uncollectibili ty
K 2%
X 10%
X 20 %
X 40%
Est Bad Debts
Part, a)
what would the Year - end edjusting Journak entry be
Jiven the fallo wiag
Allou to QA.
1375

Definition Definition Money that the business will be receiving from its clients who have utilized the credit provided to buy its goods and services. The credit period typically lasts for a short term, lasting from a few days, a few months, to a year.

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