On December 31, 2020, Extreme Fitness has adjus.pdf

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On December 31 st, the following information is given based on an aging of accounts receivable. Th. anion ahhatula is ehroun halow 1. Calculate the estimated amount not to be collected for the 1-30 Days time period (1 point): Work Answer: 2. Calculate the estimated amount not to be collected for the 31-60 Days time period (1 point): 4. Calculate the estimated amount not to be collected for the Over 90 Days time period (1 point): Work: Answer: 5. The allowance for doubtful accounts has a \$10 credit balance prior to any adjustments. Prepare the December 31 st adjusting journal entry needed to record bad debts using the balance sheet approach ( 2 points): 6. During 2019 , credit sales were \$1,000. Bad debts are estimated to be 5% of credit sales. The allowance for doubtful accounts has a \$10 credit balance prior to any adjustments. Prepare the December 31 st adjusting journal entry needed to record bad debts using the income statement approach ( 2 points):.

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On December 31, 2020, Extreme Fitness has adjus.pdf

• 1. On December 31, 2020, Extreme Fitness has adjusted balances of \$800,000 in Accounts Receivable and \$55,000 in Allowance for Doubtil Accounts. On January 2, 2021, the company leams that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling \$10,000. Required: 0. What amount would the company report as its net accounts receivable on December 31, 2020? b. Prepare the joumal entry to write off the accounts on January 2,2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the compary report as its net accounts receivable on January 3,2021 ? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. What amount would the company report as its net accounts receivable on December 31,2020 ? On December 31, 2020, Extreme Fitness has adjusted balances of \$800,000 in Accounts Recelvable and \$55,000 in Allowance for Doubtful Accounts. On January 2,2021 , the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling \$10,000. Required: 0. What amount would the company report as its net accounts recelvable on December 31,2020 ? b. Prepate the journal entry to write off the accounts on January 2, 2021 . c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts recelvable on January 3,2021 ? c-2. Has net accounts receivable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Prepare the journal entry to write off the accounts on January 2, 2021. (If no entry is required for a transaction/event, solect "No lournal Entry Required" in the flrst account feld.) Journal entry worksheet Record the 510,000 write-off of certain customer accounts which are not collectible. Wote tenter debats before credis.
• 2. On December 31, 2020, Extreme Fitness has adjusted balances of \$800,000 in Accounts Recelvable and \$55,000 in Allowance for Doubtful Accounts, On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling \$10,000. Required: a. What amount would the company report as its net accounts receivable on December 31, 2020? b. Prepare the joumal entry to write off the accounts on January 2,2021. c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts recelvable on January 3,2021 ? c-2. Has net accounts recelvable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on january a, 2021 i? On December 31,2020 , Extreme Fithess has adjusted balances of \$800,000 in Accounts Receivable and \$55,000 in Allowance for Doubtful Accounts. On January 2, 2021, the company learns that certain customer accounts are not collectible, so management authorizes a write-off of these accounts totaling \$10,000. Required: 0. What amount would the company report as its net accounts recelvable on December 31,2020 ? b. Prepare the journal entry to write off the accounts on January 2,2021 . c-1. Assuming no other transactions occurred between December 31, 2020, and January 3, 2021, what amount would the company report as its net accounts receivable on January 3,2021 ? c-2. Has net accounts recelvable changed from December 31, 2020? Complete this question by entering your answers in the tabs below. Has net accounts recelvable changed from December 31,2020 ?
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