Answer Happy

QUESTION 2: At November 30, the Balance Sheet of WorldCo showed the following: Accounts receivable $50,000 Allowance for doubtful accounts (cr.) $3,000 During December World Co. completed the following transactions related to Accounts Receivable December 15, Wrote-off the receivable balance of its customer AlphaCo. $2,000 December 31, Recorded credit sales for the month of $10,000 December 31, Recorded Doubtful Accounts expense based on the aging given below: Estimated percentage Age of accounts Amount uncollectible 1-30 days $30,000 2% 31-60 days $15,000 5% 61-90 days $10,000 10% Over 90 days $5,000 30% Total Accounts Receivable $60,000 Required: a) Record, in the journal entry format the transactions of December 15 and December 31, give 15-Dec 31-Dec 31-Dec b) Open applicable T-accounts, post account balances, and journal entries in the T accounts Show how WorldCo should present its Accounts Receivable on its December 31, Balance Sh must show all applicable accounts and amounts).