At December 31, 2021, before any year-end adjustments, the Accounts Receivable balance of Alpha Company, Inc., is $390,000. The Allowance for Uncollectible Accounts has a(n) $15.500 credit balance. Alpha prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Read the requirements. The credit balance at December 31 in Allowance for Uncollectible Accounts should be Thus, the current balance of the allowance account is Requirement 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. First, make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Dec 31 Accounts Now, prepare a T-account for the allowance. Debit The current balance is Credit Data table Total Balance $390,000 Estim scollectible 1-30 Days $160,000 00% Age of Accounts 31-60 Days $120,000 30% 61-90 Days $80,000 50% Over 90 Days BX $30,000 40.0 %

At December 31, 2021, before any year-end adjustments, the Accounts Receivable balance of Alpha Company, Inc., is $390,000. The Allowance for Uncollectible Accounts has a(n) $15.500 credit balance. Alpha prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Read the requirements. The credit balance at December 31 in Allowance for Uncollectible Accounts should be Thus, the current balance of the allowance account is Requirement 2. Make the entry required by the aging schedule. Prepare a T-account for the allowance. First, make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Dec 31 Accounts Now, prepare a T-account for the allowance. Debit The current balance is Credit Data table Total Balance $390,000 Estim scollectible 1-30 Days $160,000 00% Age of Accounts 31-60 Days $120,000 30% 61-90 Days $80,000 50% Over 90 Days BX $30,000 40.0 %

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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