Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. 1 required information problem 5-4b record transac

1 Required information Problem 5-4B Record transactions related to uncollectible accounts (LO5-4,5-5) [The following information...

60.1K

Verified Solution

Question

Accounting

image
image
image
1 Required information Problem 5-4B Record transactions related to uncollectible accounts (LO5-4,5-5) [The following information applies to the questions displayed below) of 4 Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $404,000 on account. Of this amount, $54,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below. Estimated Percent Uncollectible 35 ook Age Group Not yet due 0-30 days past due 31-60 days past due More than 60 days past due Total Amount Receivable $34,000 10,400 7,400 2.200 $54,000 4% 119 254 ant ences Problem 5-4B Part 1 Required: 1. Calculate the allowance for uncollectible accounts. Age Group Estimated Amount Uncollectible Not yet due 0-30 days past due 31-60 days past due More than 60 days past due Total $ 0 Net 5 Problem 5-4B Part 2 2. Record the December 31, 2021, adjustment, assuming the balance of Allowance for Uncollectible Accounts before adjustment is $340 (debit. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Q3. The most successful unitised load for international freight transport is the ISO standard sea container...

Operations Management
Q

Imagine SETI astronomers discover a world with intelligent life.   Should we make contact? Please write a 2...

Physics
Q

Chapter 4-  Building Competitive Advantage Through Functional-Level Strategies -: Answer the following questions: 1.    Explain how an enterprise can...

General Management
Q

ion 21 of 24 1 point Question 13 14 of a sphere is 5 4...

Geometry
Q

A sample of 900 computer chips revealed th

Statistics
Q

Which of the following is NOT an assumption or condition for a hypothesis test for...

Statistics
Q

A company purchases a new delivery truck for $55,000. The sales taxes are $4,000. The...

Accounting
Q

On May 1,2025, Cullumber Construction Company contracted to construct a factory building for a total...

Accounting
Q

Problem 4. Statement of Financial Position (24 marks) Presented below are a number of statement...

Accounting
Q

Pavel and his spouse Imani just graduated from graduate school and found jobs. Pavel is...

Accounting
Q

Odetus, inc, reponts the following informetion conceening soerations for the most recent month. Trere are...

Accounting
Q

Please help prepare the ratios. Thank you!!!! M. Lieberthal Inc. M. Lieberthal Inc. Income...

Accounting