This Question: 15 pts 47 of 48 (41 complete) This Test: 122 pts possible The Sep

Question

This Question: 15 pts 47 of 48 (41 complete) This Test: 122 pts possible The September 30, 2017, recerds of Meda Communications include these accounts Accnunts Roceiabla Allowance for Doubtful Accounts During the year, Media ommunications estimates oubtu acco expense at 1% cfo dn sales. 5 250,000 (8,300) year nd ecember 31 the compa y ages is rece ables and ad sts tha balance in the Iowa ce o ou Accounts to correspond to the aging sc eal u ng the last quarter of 2017, the company complated the fllwigselected transactions 1 (Click the icon to view the transactions.) Read the requirements 1 (Click the icon to view the aging schadule.) Requirement 1. Racord the transactions for tha lastquarter of 2017 in tha joumal. Explanations are not required. (Record dabits first, then credts. Exclude explanartions from any journal antries.) Wrote of as uncallectibc the $1,500 account reccivable from Shade Carpets and the $300 acccunt recchable from Priceless Antiques Journal En 1 More Into Date Account Debit Credit Now Age of Accounts Accounts Recaivabl $236,000 Estimated percent uncolectible 1-30 Days $143,00D 2,00D $ 11,000 S 31-60 Days 61-90 Days Over 90 Days 3D,0D0 35% 02 7% Ac usted the Allowance for Doubtul Accounts and recorded doubtful-account axpanse at year-nd, based on the aging of recevables 1 More Info Date Account: Debit Credit Dec 31 Now 30 Wrote off as uncolectible the S1,500 account receivable from Shade Carpets and the $300 accoum recewable trom Price ess Antiques. Dec 31 Adjusted the Allawance for Doubtful Accounts and recorded doublful-account expenise at year-end Requirement 2. Prepare a T-account for Allowance for Doubtul Accounts with the appropriate beginning balances. Post the entnies from Requirement 1 1o Open the T-account by posting the baginning bac. Then post tha entrias to the Alowance for Doubtful Accounts T-account and calculate the ending hased on the agingo Print Done Choose from any list or enter any number in the input ficlds and then continue to the next question.

Explanation / Answer

Req. 1)

Journal Entries:

Recording the doubtful accounts expense and calculation of the doubtful accounts as per aging dues:

adjusting Journal Entries :

Req. 2)

T-Accounts :

Allowance for doubtful accounts A/c:

Req 3)

comparative Balance Sheet (partial)

Dec 31, 2017 & 2016

Date Accounts Titles Debit $ Credit $ Nov 30 Allowance for doubtful accounts 1500 Accounts Receivables 1500 Allowance for doubtful accounts 300 Accounts Receivables 300

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