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iragen [17]
3 years ago
15

Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded

only at December 31, the company’s fiscal year-end. The 2020 balance sheet disclosed the following:
Current assets:
Receivables, net of allowance for uncollectible accounts of $36,000 $ 462,000


During 2021, credit sales were $1,780,000, cash collections from customers $1,860,000, and $41,000 in accounts receivable were written off. In addition, $3,600 was collected from a customer whose account was written off in 2020. An aging of accounts receivable at December 31, 2021, reveals the following:

Percentage of Year-End Percent
Age Group Receivables in Group Uncollectible
0−60 days 70% 5%
61−90 days 20 15
91−120 days 5 20
Over 120 days 5 40

Prepare summary journal entries to account for the 2021 write-offs and the collection of the receivable previously written off.
Business
1 answer:
Sedaia [141]3 years ago
5 0

Journal entries

Dr Allowance for uncollectible account $41,000

Cr Account Receivable $41,000

Dr Account receivable $3,600

Cr Allowance for uncollectible account $3,600

Dr Cash $3,600

Cr Account receivable $3,600

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The Mighty Power Tool Company has the following accounts on its​ books: Customer Amount Owed​ ($) Age​ (days) ABC ​$47 comma 150
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Answer:

Accounts receivable more than 60 days = $39,500

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ABC               ​$47,150                   32

DEF                 37,500                     7

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TUV                84,300                   58

WXY               39,500                   75

We have to develop a schedule with a 15 days incremental through 60 days. And we show which customers are falling in that category -

0-15   (DEF + GHI + QRS) = $(37,500 + 18,900 + 16,000) = $72,400

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46-60 (TUV) = $84,300

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Percentage of Accounts receivable = \frac{39,500}{72,400+72,000+88,600+84,300+39,500}

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