Journalize these transactions: on Jan 1, 2018 Meccanotecnica Co. had $42,000 deb
ID: 2607129 • Letter: J
Question
Journalize these transactions: on Jan 1, 2018 Meccanotecnica Co. had $42,000 debit balance in Accounts receivable and $3,800 credit balance in Allowance for uncollectible accounts. In 2018 The company sold on account for 860,000, collected on account 320,000, and recorded write offs of uncollectible receivable for $2,000. The Co. records Uncollectible account expense at the end of the year using the age of accounts method. The aging analysis produces a figure of $4,200 for the estimate of uncollectible accounts at the end of yearPlease help me journals in very Details to understand if possible. Thank you. Journalize these transactions: on Jan 1, 2018 Meccanotecnica Co. had $42,000 debit balance in Accounts receivable and $3,800 credit balance in Allowance for uncollectible accounts. In 2018 The company sold on account for 860,000, collected on account 320,000, and recorded write offs of uncollectible receivable for $2,000. The Co. records Uncollectible account expense at the end of the year using the age of accounts method. The aging analysis produces a figure of $4,200 for the estimate of uncollectible accounts at the end of year
Please help me journals in very Details to understand if possible. Thank you.
Explanation / Answer
Accounts receivable 860000 Sales revenue 860000 Cash 320000 Accounts receivable 320000 Allowance for uncollectible accounts 2000 Accounts receivable 2000 Bad debts expense 2400 =4200-(3800-2000) Allowance for uncollectible accounts 2400
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