Reference no: EM131221496
1. The September 30, 2015 records of Fogleman Communications (“FC”) included the following:
Accounts Receivable $462,000
Allowance for doubtful Accounts ($15,300)
During the year FC estimated doubtful accounts expense at 1% of credit sales. At year end, FC ages its accounts receivable and adjusts the balances in Allowance for Doubtful Accounts to correspond to the aging schedule.
Age of Accounts
Accounts Rec. 1-30 Days 31-60 Days 61-90 Days Over 90 Days
$438,000 $255,000 $78,000 $26,000 $79,000
Est. % of Uncollectible 0.3% 3.0% 12.0% 25.0%
During the last quarter of 2015, the company completed the following selected transactions:
Nov.30 Wrote-off as uncollectible the $2,500 account receivable from Frisco carpets and the $900 account receivable from Antiques on the Avenue.
Dec. 31 Adjusted the Allowance for Doubtful Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables.
a) Record the transactions for the last quarter of 2015 in the journal. Explanations not required.
b) Prepare an aging schedule. Prepare T-accounts for Accounts Receivable and Allowance for Doubtful Accounts with the appropriate beginning balance. Post the entries from requirement 1 to that account.
c) Show how FC will report its accounts receivable in a comparative balance sheet for 2015 and 2014. Use the three-line reporting format. At December 31, 2014, the company’s accounts receivables was $432,000 and the Allowance for doubtful Accounts stood at $47,300.
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