Note:- Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality.Take care of plagiarism.Answer completely.You will get up vote for sure. 1. What journal entry did the company record to write off uncollectible accounts during the current year?2. What journal entry should the company record to recognize bad debt expense for the current year?Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet< 1 RRecord the entry to recognize bad debt expense for the current year.Note: Enter debits before credits.Event2Record entryGeneral JournalClear entryDebitCreditView general journal The Small Council of Winterfell, ted by Lord Eddard Stark, decided to adopt the allowance method for accounting for doubth defits intheir trading operations. Here is the information for the current year (2022)The allowance for uncollectibile accounts had a $0 opening balance.. During the current year, the company provided a total of $126,000 of services on account.. During the current year, the company wrote off uncollectible accounts of $5,100.. By the end of the current year, cash collections on accounts receivable totaled $107,100.• The company estimates that 10% of the accounts receivable balance at 12/31 of the current year will prove uncollectible.Required:1. What journal entry did the company record to write off uncollectible accounts during the current year?2. What journal entry should the company record to recognize bad debt expense for the current year?Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.View transaction listJournal entry worksheet1Record the write-offs of allowance for uncollectible accounts during the currentyear.2Note: Enter debits before credits.Event1Record entryGeneral JournalClear entryDebitCreditView general Journal

The allowance for uncollectible has normal credit balance. The bad debt expense increases the…

The Small Council of Winterfell, ted by Lord Eddard Stark, decided to adopt the allowance method for accounting for doubthd debts" their trading operations. Here is the information for the current year (2022) The allowance for uncollectible accounts had a $0 opening balance . During the current year, the company provided a total of $126.000 of services on account. . During the current year, the company wrote off uncollectible accounts of $5,100. . By the end of the current year, cash collections on accounts receivable totaled $107,100, . The company estimates that 10% of the accounts receivable balance at 12/31 of the current year will prove uncollectible Required: 1. What journal entry did the company record to write off uncollectible accounts during the current year? 2. What journal entry should the company record to recognize bad debt expense for the current year? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list

The Small Council of Winterfell, ted by Lord Eddard Stark, decided to adopt the allowance method for accounting for doubthd debts" their trading operations. Here is the information for the current year (2022) The allowance for uncollectible accounts had a $0 opening balance . During the current year, the company provided a total of $126.000 of services on account. . During the current year, the company wrote off uncollectible accounts of $5,100. . By the end of the current year, cash collections on accounts receivable totaled $107,100, . The company estimates that 10% of the accounts receivable balance at 12/31 of the current year will prove uncollectible Required: 1. What journal entry did the company record to write off uncollectible accounts during the current year? 2. What journal entry should the company record to recognize bad debt expense for the current year? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list

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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Concept explainers

Bad Debts

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

Note:-

Please refrain from offering handwritten solutions. Please ensure that your response maintains accuracy and quality.

Take care of plagiarism.

Answer completely.

You will get up vote for sure.

1. What journal entry did the company record to write off uncollectible accounts during the current year?
2. What journal entry should the company record to recognize bad debt expense for the current year?
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
< 1 R
Record the entry to recognize bad debt expense for the current year.
Note: Enter debits before credits.
Event
2
Record entry
General Journal
Clear entry
Debit
Credit
View general journal

The Small Council of Winterfell, ted by Lord Eddard Stark, decided to adopt the allowance method for accounting for doubth defits in
their trading operations. Here is the information for the current year (2022)
The allowance for uncollectibile accounts had a $0 opening balance.
. During the current year, the company provided a total of $126,000 of services on account.
. During the current year, the company wrote off uncollectible accounts of $5,100.
. By the end of the current year, cash collections on accounts receivable totaled $107,100.
• The company estimates that 10% of the accounts receivable balance at 12/31 of the current year will prove uncollectible.
Required:
1. What journal entry did the company record to write off uncollectible accounts during the current year?
2. What journal entry should the company record to recognize bad debt expense for the current year?
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
Journal entry worksheet
1
Record the write-offs of allowance for uncollectible accounts during the current
year.
2
Note: Enter debits before credits.
Event
1
Record entry
General Journal
Clear entry
Debit
Credit
View general Journal

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