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Question is attached thxn for the hepl ealpgwl gapreciated it i31ptj13pit

Question is attached thxn for the hepl ealpgwl gapreciated it i31ptj13pit

FINANCIAL ACCOUNTING
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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i31ptj13pit

E O Data table At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts More info Nov 30 Dec 31 Print Done $ - X 242,000 (8,200) les mur CCC ted Data table 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 $ 12,000 $ 26,000 2% 15% 35% Accounts Receivable $230,000 Estimated percent uncollectible 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. 1-30 Days $ 138,000 $ 0.2% it Print Done nt receivable from Old Timer Antiques.
Transcribed Image Text:E O Data table At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts More info Nov 30 Dec 31 Print Done $ - X 242,000 (8,200) les mur CCC ted Data table 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 $ 12,000 $ 26,000 2% 15% 35% Accounts Receivable $230,000 Estimated percent uncollectible 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. 1-30 Days $ 138,000 $ 0.2% it Print Done nt receivable from Old Timer Antiques.
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.) 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 Less: 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.) First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 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. (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements. 2022 2021
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.) 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 Less: 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.) First Data Communications Comparative Balance Sheet (partial) December 31, 2022 and 2021 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. (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements. 2022 2021
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