Next, record the 60-day note receivable. Now, record...
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Next, record the 60-day note receivable. Now, record the bad debt expense in the journal. Transactions 2020 Nov. 30 Wrote off as uncollectible the $1,100 account receivable from Rainbow Carpets and the $600 account receivable from Show - N-Tell Antiques. Dec. 31 One of its customers, Peplar Ltd., agreed to sign a 60-day note receivable to replace the $1,500 accounts receivable due on that day. Dec. 31 Adjusted the Allowance for Uncollectible Accounts and recorded Bad Debt Expense at year-end, based on the aging of receivables, which follows. It year-end, the company ages its receivables and adjusts the balance in Allowance for Uncollectible Accounts to correspond to the aging schedule. During the last quarter of 2020, the ompany completed the following selected transactions: (Click the icon to view the transactions.) Requirement 2. Prepare a T-account for Accounts Receivable and the Allowance for Uncollectible Accounts and post to those accounts. Open the T-account by posting the beginning balance. Then post the entries to the Allowance for Uncollectible Accounts T-account and compute the ending balance. (Leave any unused cells blank.) Requirement 3. Show how First Data would report its accounts receivable on a comparative balance sheet for 2019 and 2020. At December 31, 2019, the company's Accounts Receivable balance was $212,000 and the Allowance for Uncollectible Accounts stood at $4,200. (Use parentheses or a minus sign for numbers to be subtracted. Enter "0" for any accounts with a $0 balance.)
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