a.
The closing balance required in the allowance for uncollectible accounts at year-end.
Given Information:
Credit sale is $20,000,000.
Closing accounts receivables $1,611,000.
Unadjusted balance in allowance for uncollectible accounts is $94,800.
Current accounts receivables are $366,500 with 5% uncollectible expectation.
1-30 days accounts receivables are $601,300 with 9% uncollectible expectation
31-60 days accounts receivables are $46,800 with 20% uncollectible expectation
61-90 days accounts receivables are $168,900 with 55% uncollectible expectation
Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation
b.
To prepare: The
Given Information:
Unadjusted balance in allowance for uncollectible accounts is $94,800.
c.
To prepare: The Journal entry to record bad debt provision.
Given Information:
Unadjusted balance in allowance for uncollectible accounts is $231,000.
d.
The Journal entry to write off accounts.
Given Information:
Accounts receivables of over 90 days past due to be written off are $427,500.
e.
The Journal entry to write off accounts.
Given Information:
Accounts recovered subsequently are $345,000.

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Chapter 9 Solutions
Intermediate Accounting
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- I am looking for a step-by-step explanation of this financial accounting problem with correct standards.arrow_forwardCan you solve this general accounting problem with appropriate steps and explanations?arrow_forwardI need help with this financial accounting question using standard accounting techniques.arrow_forward
- EBK CONTEMPORARY FINANCIAL MANAGEMENTFinanceISBN:9781337514835Author:MOYERPublisher:CENGAGE LEARNING - CONSIGNMENTFinancial Accounting: The Impact on Decision Make...AccountingISBN:9781305654174Author:Gary A. Porter, Curtis L. NortonPublisher:Cengage Learning

