6.At the end of the year, a company has the following accounts receivable and estimates...
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6.At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $80.000: estimated uncollectible = 2%. 2. Accounts 1-30 days past due = $20.000; estimated uncollectible = 25%. 3. Accounts more than 30 days past due = $4,000; estimated uncollectible = 60%. Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $900 (credit). GENERAL JOURNAL PAGE POST. REF. DATE DESCRIPTION DEBIT CREDIT 7. At the beginning of 2018, Brad's Heating & Air (BHA) has a balance of $26,000 in accounts receivable. Because BHA is a privately-owned company, the company has used only the direct write-off method to account for uncollectible accounts. However. at the end of 2018, BHA wishes to obtain a loan at the local bank, which requires the preparation of proper financial statements. This means that BHA now will need to use the allowance method. BHA writes off 8,000 on 3/1/2019. Required: 1 Record the write off. GENERAL JOURNAL PAGE POST DAT CREDI DESCRIPTION DEBIT REF
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