Provide any additional journal entries or adjusting journal entries needed to properly record accounts receivableand allowance for doubtful accounts.→ BrandMakers maintains a subsidiary ledger for accounts receivable.→ Note that BrandMakers does not offer sales discounts. Also, BrandMakers does not have oneuniform set of payment terms.→ Payment terms are specified in the contract.→ In prior years, BrandMakers utilized the following percentages as estimates of uncollectibleaccounts. BrandMakers will use the same percentages in the current year.Aging CategoryCurrent1-30 days past due31-60 days past dueGreater than 60 days past duePercent Estimatedto be Uncollectible1%5%10%25%→ The ledger for the beginning of the year and the end of the year can be found in the attachedpicture. Also, this worksheet includes an analysis of what occurred during the current year in theaccounts that were open as of the beginning of the year. Aging CategoryCurrent1-30 days past due31-60 days past dueGreater than 60 days past dueClientClientYZZBBBDDDEEEHHHJJJDateABC 12/15/2021 240,000 2/1/2022 (32)DEF 11/28/2021 456,500 1/15/2022 (15)GHI 11/2/2021 136,544 11/15/2021 46JKL 10/9/2021 389,400 10/15/202177MNO 9/3/2021 245,000 9/30/2021 92PQR 12/12/2021 332,000 12/10/2021 21STU 11/28/2021 250,000 12/28/2021VWX 11/10/2021 122,000 11/29/2021YZZ 10/1/2021 292,500 11/20/2021TOTAL2,463,9443FULDateAmount Date Due AgeBeginning of Year Subsidiary Ledger and Computation of Allowance BalanceAmount Date Due3241Percent Estimatedto be Uncollectiblecurrent12/15/2021 292,500 11/20/2021 4066/5/2022 225,000 11/9/2022 527/14/2022 157,000 10/14/2022 7810/22/2022 253,681 12/24/2022 711/17/2022 532,700 1/22/2023 (22)5/29/2022 370,100 8/13/2022 1401%1%Age Current1%5%10%25%End of Year Subsidiary Ledger1%1-30 31-60 >605%5%10%5%10%10%1-30 31-6010%25%25%>6025%25%25%Percent1%1%10%25%25%5%5%10%10%Percent25%10%25%5%1%25%Allowance2,4004,56513,65497,35061,25016,60012,50012,20029,250249,769Allowance73,12522,50039,25012,6845,32792,525Date Paid1/28/20221/17/20222/5/20225/7/20221/5/20221/10/20221/15/2022Date WrittenOff11/30/2022Transactions During Current YearAmountreceived in 2022240,000456,500389,400245,000332,000250,000122,0002,034,900Amount Written Amount Still OutstandingOff in 202212/31/2022136,544136,544292,500292,500

The accounting cycle is a collective process of identifying, analyzing, and recording the events or…

Provide any additional journal entries or adjusting journal entries needed to properly record accounts receivable and allowance for doubtful accounts. → BrandMakers maintains a subsidiary ledger for accounts receivable. → Note that BrandMakers does not offer sales discounts. Also, BrandMakers does not have one uniform set of payment terms. ⇒ Payment terms are specified in the contract. ⇒ In prior years, BrandMakers utilized the following percentages as estimates of uncollectible accounts. BrandMakers will use the same percentages in the current year. Aging Category Current Percent Estimated to be Uncollectible 1%

Provide any additional journal entries or adjusting journal entries needed to properly record accounts receivable and allowance for doubtful accounts. → BrandMakers maintains a subsidiary ledger for accounts receivable. → Note that BrandMakers does not offer sales discounts. Also, BrandMakers does not have one uniform set of payment terms. ⇒ Payment terms are specified in the contract. ⇒ In prior years, BrandMakers utilized the following percentages as estimates of uncollectible accounts. BrandMakers will use the same percentages in the current year. Aging Category Current Percent Estimated to be Uncollectible 1%

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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On November 1, 2017, Bernard Company (a U.S.-based company) sold merchandise to a foreign customer for 180,000 FCUS with payment to be received on April 30, 2018. At the date of sale, Bernard entered into a six-month forward contract to sell 180,000 FCUS. The company properly designates the forward contract as a cash flow hedge of a foreign currency receivable. The following exchange rates apply: Forward Rate Spot Rate $0.29 Date (to April 30, 2018) $ 0.28 November 1, 2017 December 31, 2017 April 30, 2018 0.27 0.25 0.26 N/A Bernard's incremental borrowing rate is 12 percent. The present value factor for four months at an annual interest rate of 12 percent (1 percent per month) is 0.9610. a. Prepare all journal entries, including December 31 adjusting entries, to record the sale and forward contract. b. What is the impact on net income in 2017? C. What is the impact on net income in 2018? Complete this question by entering your answers in the tabs below. Req A Req B and C Prepare all…
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Please do not give image format and solve with explanation
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