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: (Click the icon to view the selected transactions.) Date Nov Requirement 1. 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 Cheap Carpets and the $600 account receivable from Old Timer Antiques. Journal Entry 30 Date Accounts Debit Accounts Credit Debit - Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Journal Entry 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. Credit (Click the icon to view the Accounts Receivable balance and aging schedule to be used at December 31, 2022.) Read the requirements.

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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arppreciate it

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:
(Click the icon to view the selected transactions.)
Requirement 1. 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 Cheap Carpets and the $600 account receivable from Old Timer Antiques
Date
Nov
Date
30
Dec
Journal Entry
31
Accounts
Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables.
Journal Entry
Debit
Accounts
Credit
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 at
December 31, 2022.)
Read the requirements.
Credit
[
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: (Click the icon to view the selected transactions.) Requirement 1. 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 Cheap Carpets and the $600 account receivable from Old Timer Antiques Date Nov Date 30 Dec Journal Entry 31 Accounts Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables. Journal Entry Debit Accounts Credit 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 at December 31, 2022.) Read the requirements. Credit [
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