Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. 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 $215,000, and the Allowance for Uncollectible Accounts stood at $4,600 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.)
Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. Prepare a T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account. 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 $215,000, and the Allowance for Uncollectible Accounts stood at $4,600 credit balance. (Be sure to use the December 31, 2022 aging schedule given in the problem data.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
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Transcribed Image Text:Data table
At September 30, 2022:
Accounts Receivable
Allowance for Uncollectible Accounts
Data table
Print
Accounts Receivable
$232,000
Estimated percent uncollectible
Done
$
Accounts Receivable and aging schedule to be used at December 31, 2022
Age of Accounts
1-30 Days
$
132,000 $
0.2%
245,000
(8,500)
2%
X
More info
Nov 30
31-60 Days 61-90 Days Over 90 Days
55,000 $
27,000
18,000 $
15%
35%
Dec 31
Wrote off as uncollectible the $1,200 account receivable from Blue Carpets and the $300 account
receivable from Rare Antiques.
Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at
year-end, based on the aging of receivables.
X
Debit
Credit
Print
Done
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 Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)
Wrote off as uncollectible the $1,200 account receivable from Blue Carpets and the $300 account receivable from Rare Antiques.
ges
Date
Nov
30
Get more help.
Journal Entry
Accounts
Debit
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
31, 2022.)
Read the requirements.
Credit
Requirements
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 $215,000, and the Allowance for Uncollectible Accounts stood at $4,600
credit balance. (Be sure to use the December 31, 2022 aging schedule given
in the problem data.)
Print
December
Done
X
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