Question

Requirement 1. Record the transactions for the last quarter of 2019 in the journal. Explanations are not required.


At year-end (December 31), the company ages its receivables and adjusts the balance in the Allowance for Uncollectible Accounts to correspond to the following aging schedule. Accounts Receivable 5236,000 Estimated percent uncollectible 1-30 Days 31-60 Days 61-90 Days Over 90 Days 5 143,000 54,000 11,000 S 296 15% 35%

Requirement 2. Prepare a​ T-account for Allowance for Uncollectible Accounts with the appropriate beginning balance. Post the entries from Requirement 1 to that account.

Open the​ T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts​ T-account and calculate the ending balance.

Requirement 3. Show how

Perfecto CommunicationsPerfecto Communications will report its accounts receivable in a comparative balance sheet for 2018 and 2019. ​(Use the​ three-line reporting​ format.) At December ​31, 2018​, the​ company's Accounts Receivable balance was $211,000​, and the Allowance for Uncollectible Accounts stood at $ 4,200.

Answer 1