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b. During 2021, credit sales were $1,705,000; sales discounts taken were $32,000; accounts receivable collected were $1,
Posted: Sun Jul 03, 2022 4:11 pm
by answerhappygod
- B During 2021 Credit Sales Were 1 705 000 Sales Discounts Taken Were 32 000 Accounts Receivable Collected Were 1 1 (116.57 KiB) Viewed 10 times
b. During 2021, credit sales were $1,705,000; sales discounts taken were $32,000; accounts receivable collected were $1,436,000; and accounts written off during the year totalled $34,000. Prepare the adjusting entry required on December 31, 2021, to estimate uncollectible receivables assuming it is based on the following aging analysis. December 31, 2021 Accounts Receivable $340,000 105,000 30,000 21,000 View transaction list Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Journal entry worksheet 1 Record the estimate for uncollectible accounts. Note: Enter debits before credits. Expected Percentage Uncollectible 1% 4% 10% 60%