- Accounts Receivable And Allowances For Doubtful Accounts Janelle Co Inc Generated 5 5 Million In Credit Sales During T 1 (256.69 KiB) Viewed 41 times
- Accounts Receivable And Allowances For Doubtful Accounts Janelle Co Inc Generated 5 5 Million In Credit Sales During T 2 (259.73 KiB) Viewed 41 times
- Accounts Receivable And Allowances For Doubtful Accounts Janelle Co Inc Generated 5 5 Million In Credit Sales During T 3 (244.72 KiB) Viewed 41 times
Accounts Receivable and Allowances for Doubtful Accounts Janelle Co Inc. generated $5.5 million in credit sales during the current year. Based on past experience, it is estimated that 1.5% of all credit sales will prove to be uncollectible. The balance of the allowance for doubtful accounts at December 31 is $8,900 credit. Accounts receivable at December 31 consists of the following: Account Amount Classification Outstanding 1-30 days $850,000 31-60 days 175,000 61-90 days 120,000 91-120 days 50,000 Over 120 days 20,000 Time left 0:18:05 Requirement 1: 4 for the current year using the percentage of credit sales
Requirement 1: Time left 0:17:4 Calculate and record the journal entry for bad debt expense for the current year using the percentage of credit saves method. Requirement 2: Janelle Co. has decided to write-off all the accounts that were over 120 days old. Record the journal entry. Requirement 3: What is the balance for Accounts Receivable as shown on the December 31 statement of financial position? workspace below.
Requirement 3: What is the balance for Accounts Receivable as shown on the December 31 statement of financial position? Show your supporting calculations in the workspace below. Requirement 4: One of the customers whose $5,000 account was written off, paid Janelle Co. in full. Record the journal entry. Write-off Expense Accounts Receivable Please answer all parts of the question. WORKSPACE Time left 0:17:16 5000