The Accounts Receivable balance for Lantana Company at December 31, 2023, was $27,000. During 2024, Lantana earned revenue of $460,000 on account and collected $326,000 on account. Lantana wrote off $5,500 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements. Requirement 1. Assume Lantana had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lantana's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Dec. 31 Debit Credit

The Accounts Receivable balance for Lantana Company at December 31, 2023, was $27,000. During 2024, Lantana earned revenue of $460,000 on account and collected $326,000 on account. Lantana wrote off $5,500 receivables as uncollectible. Industry experience suggests that uncollectible accounts will amount to 4% of accounts receivable. Read the requirements. Requirement 1. Assume Lantana had an unadjusted $2,100 credit balance in Allowance for Bad Debts at December 31, 2024. Journalize Lantana's December 31, 2024, adjustment to record bad debts expense using the percent-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Dec. 31 Debit Credit

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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