Required information [The following information applies to the questions displayed below.] Facial...
60.1K
Verified Solution
Question
Accounting
Required information
[The following information applies to the questions displayed below.]
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $401,000 on account. Of this amount, $51,000 remains uncollected at the end of the year. An aging schedule as of December 31, 2021, is provided below.
Age Group | Amount Receivable | Estimated Percent Uncollectible | ||||||
Not yet due | $ | 31,000 | 3 | % | ||||
0-30 days past due | 10,100 | 4 | % | |||||
3160 days past due | 7,100 | 11 | % | |||||
More than 60 days past due | 2,800 | 25 | % | |||||
Total | $ | 51,000 | ||||||
4. On July 17, 2022, the customer whose account was written off in Part 3 unexpectedly pays $100 of the amount but does not expect to pay any additional amounts. Record the cash collection. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
Journal entry worksheet
- Record the entry to re-establish account previously written off.
Note: Enter debits before credits.
|
Journal entry worksheet
- Record cash received on account.
Note: Enter debits before credits.
|
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.