90.2K

Verified Solution

Link Copied!

Current Attempt in ProgressAn aging analysis of Carla Vista Company's accounts receivable at December $31,2023$ and $2024,$ showed the following:Number of DaysOutstandingEstimated $\%$UncollectibleDecember $31202420230-30$ days$2\%$$$118,000$$$145,00031-60$ days$5\%29,50072,50061-90$ days$14\%59,00043,500$Over $90$ days$30\%88,50029,000$Total$$295,000$$$290,000$Additional information:$31-60$ days$5\%29,50072,50061-90$ days$14\%59,00043,500$Over $90$ days$30\%88,50029,000$Total$$295,000$$$290,000$Additional information:At December $31,2023,$ the unadjusted balance in Allowance for Doubtful Accounts was a credit of $$5,900.$In $2024,$ $$24,700$ of accounts was written off as uncollectible and $$3,100$ of accounts previously written off was collected.$($a$)11\backslash$deg CCloudy? $1$#Your answer is correct.Prepare an aging schedule to calculate the estimated uncollectible accounts at December $31,2023,$ and at December $31,2024\mathrm{.}2023$Number ofDaysOutstandingAmount$\%$EstimatedUncollectible$0-30$ days$$145,0002\%290031-60$ days$72,5005\%362561-90$ days$43,50014\%6090$Over $90$ days$29,00030\%8700$Total$$290,000213152024$Number ofDaysEstimatedUncollectible$\%$Outstanding$0-30$ daysAmount$$118,00023602\%31-60$ days$29,50014755\%61-90$ days$59,000826014\%$Over $90$ days$88,5002655030\%$Total$$295,00038645$Calculate the carrying amount of Carla Vista's accounts receivable at December $31,2023,$ and December $31,2024\mathrm{.}20242023268685$Carrying amount$256355$Record the following:$1.$ The adjusting entry on December $31,2023.$The write$-$off of uncollectible accounts in $2024\mathrm{.}2\mathrm{.}3.$ The collection in $2024$ of accounts previously written off.The adjusting entry on December $31,2024.($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts. List all debit entries before credit entries.$)$DebitCreditNo$.$Account TitlesCloudyQ

Answer & Explanation Solved by verified expert

See Answer