accounting
Presented below is an aging schedule for Ivanhoe Company on December 31, 2021. Ivanhoe sells all of its goods on account with terms n/30.
| Number of Days Past Due | ||||||||||||
| Customer | Total | Not yet Due | 1–30 | 31–60 | 61–90 | Over 90 | ||||||
| Akers | $16,000 | $7,200 | $8,800 | |||||||||
| Barrett | 24,000 | $24,000 | ||||||||||
| Corner | 40,000 | 12,000 | 4,000 | $24,000 | ||||||||
| DeJong | 30,400 | $30,400 | ||||||||||
| Other | 100,800 | 73,600 | 12,000 | 10,400 | 4,800 | |||||||
| $211,200 | $109,600 | $23,200 | $19,200 | $24,000 | $35,200 | |||||||
| Estimated percentage uncollectible | 2% | 6% | 9% | 21% | 49% | |||||||
At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000.
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1.
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Journalize the adjusting entry for bad debts at December 31,
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Post the adjusting entry for bad debts at December 31, 2021.
Journalize the 2022 transactions: (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
1.
March 1, a $570 customer balance originating in 2021 is judged
uncollectible.
2.
May 1, a check for $570 is received from the customer whose
account was written off as uncollectible on March 1.
Post to the allowance account...
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