Solution-What is the carrying amount of the accounts

What is the carrying amount of the accounts receivable

Reference no: EM133095588

Question - Accounts receivable transactions are provided below for J Cullumber Co

Dec. 31, 2020 The company estimated that 5% of its accounts receivable would become uncollectible. The balances in the Accounts Receivable account and Allowance for Doubtful Accounts were $664,000 and $2,400 (debit), respectively.

Mar. 5, 2021 The company determined that R. Mirza's $3,100 account and D. Wight's $6,500 account were uncollectible. The company's accounts receivable were $697,600 before the accounts were written off.

June 6, 2021 Wight paid the amount that had been written off on March 5. The company's accounts receivable were $654,400 prior to recording the cash receipt for Wight.

Required -

a. Prepare the journal entries on December 31, 2020, March 5, 2021, and June 6, 2021.

b. Prepare an aging schedule to determine the total estimated uncollectible accounts at September 30, 2021.

c. What is the carrying amount of the accounts receivable at September 30, 2021?

d. Prepare the adjusting entry at September 30 to record bad debt expense.

Reference no: EM133095588

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What is the carrying amount of the accounts receivable

Reference no: EM133095588

Reference no: EM133095588

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