Facial Cosmetics (FC) provides plastic surgery services for its customers. During 2019, FC provided...
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Facial Cosmetics (FC) provides plastic surgery services for its customers. During 2019, FC provided services of $410,000 on account The 12/31/19 Accounts Receivable balance is $60,000 - amounts still owed to FC. FC's 12/31/19 balance in the Allowance for Uncollectible Accounts before adjustment is $700 (credit). FC's aging schedule as of 12/31/19 is below. Age Group as of 12/31/19 Accounts Receivable Amounts Estimated Percent Uncollectible Not yet due $45,000 12% 0-30 days past due 10,000 16% 31-60 days past due 15.000 12% Total $60,000 REQUIREMENT 1 (2 points): What should be the 12/31/19 balance in the Allowance for Uncollectible Accounts? REQUIREMENT 2 (4 points): Record the 12/31/19 adjusting journal entry needed to adjust the Allowance for Uncollectible Accounts to its required balance. REQUIREMENT 3 (3 points): Calculate the 12/31/19 net realizable value of Accounts Receivable. REQUIREMENT 4 (3 points): On April 3, 2020, a customer's account balance of $450 is written off as uncollectible. Record the journal entry for this write-off
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