LET'SDISCUSSAccounting for Assets: ReceivablesSlow Running Shoes uses the Aging ofreceivables method to account foruncollectible accounts.o The balance in the Allowance for uncollectibleaccount as at Jan 1“, 2010 was $10,500 (credit)o The balance in the Accounts Receivable account as atJan 1", 2010 was $133,00o.The company completed the following transactions during2010 and 2011:2010June 10thWrote off the balance of $600 from MannyMiller's account as uncollectibleRe-instated the account of Betty Lou andSeptember 15t" recorded the collection of $1200 aspayment in full for her account which hadbeen written off earlierDecember 31st Recorded the uncollectible account expensebased on the aging schedule. The scheduleshowed that $14,100 of accounts receivablewas estimated as uncollectibleDecember 31st Made the closing entry for the uncollectibleexpense account2011Sold inventory to Jack Frost, $1100, onJan 17асcountWrote off as uncollectible the accounts ofBarry Semper, $1,500; Maria Jesus $1,400and Rory Paul $200Received 40% of the amount owed by JackAugust 15September 26 Frost and wrote off the remainder asuncollectibleReceived 20% of the funds owed fromOctober 16Maria Jesus as part payment of her accountwhich had been written off earlier asuncollectibleThe Aging schedule showed an estimatedDecember 31 $7500 as uncollectibleRequired:1. Prepare journal entries for each transaction (Nonarrations required)2. Prepare the Allowance for Uncollectible and theAccounts Receivable accounts based on the informationpresented and balance off each account.3. Prepare the balance sheet extracts as at Dec 31 2010 &2011 to show the net realizable value for the AccountsReceivable.4. Assume that the percentage of sales method was usedinstead by the company and that on December 31“, 20105% of 2010 's credit sales are estimated to beuncollectible. Assume Sales for 2010 were 520,000(60% relates to cash sales)You are now required to:a. Determine the amount to be charged to theuncollectible expense account.b. (1) Prepare the Allowance for uncollectible accountfor 2010, using this method(ii) Prepare the balance sheet extract to show thenet realizable value of the Accounts Receivable as atDecember 31 2010

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Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. LET'S DISCUSS o The balance in the Allowance for uncollectible account as at Jan 1", 2010 was $10,500 (credit) o The balance in the Accounts Receivable account as at Jan 1", 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10 Wrote off the balance of $600 from Manny Miller's account as uncollectible Resinstated the account of Betty Lou and

Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. LET'S DISCUSS o The balance in the Allowance for uncollectible account as at Jan 1", 2010 was $10,500 (credit) o The balance in the Accounts Receivable account as at Jan 1", 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10 Wrote off the balance of $600 from Manny Miller's account as uncollectible Resinstated the account of Betty Lou and

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 11EA: Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables....

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Required:1. Assume that the aging of accounts receivable method was used by the company and that$7,050 of the accounts receivable as of December 31 were estimated to be uncollectible. Youare now required to:a. Determine the amount to be charged to uncollectible expense (show yourworkings for the computation of this figure).b. Prepare the balance sheet extract to show the net realizable value of the AccountsReceivable as at December 31
Accounting for Assets: Receivables DISCUSS Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. o The balance in the Allowance for uncollectible account as at Jan 1", 2010 was $10,500 (credit) o The balance in the Accounts Receivable account as at Jan 1“, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10 Wrote off the balance of $600 from Manny Miller's account as uncollectible Re-instated the account of Betty Lou and September 15t recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Sold inventory to Jack Frost, $1100, on Jan 17 account Wrote off as uncollectible the accounts of Barry Semper,…
Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).
Accounting for Assets: Receivables Slow Running Shoes uses the Aging of receivables method to account for uncollectible accounts. The balance in the Allowance for uncollectible account as at Jan 1st, 2010 was $10,500 (credit) The balance in the Accounts Receivable account as at Jan 1st, 2010 was $133,000. The company completed the following transactions during 2010 and 2011: 2010 June 10th Wrote off the balance of $600 from Manny Miller’s account as uncollectible September 15th Re-instated the account of Betty Lou and recorded the collection of $1200 as payment in full for her account which had been written off earlier December 31st Recorded the uncollectible account expense based on the aging schedule. The schedule showed that $14,100 of accounts receivable was estimated as uncollectible December 31st Made the closing entry for the uncollectible expense account 2011 Jan 17 Sold inventory to Jack Frost, $1100, on account August 15…
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