Part A: Justin Company Has Accounts Receivable of $40,000

question 133

Essay

Part A: Justin Company has accounts receivable of $40,000.The allowance for uncollectible accounts has a balance of $200,a positive number,before adjustment.An aging schedule prepared December 31,2012 estimates that $1,100 of accounts receivable are uncollectible.Show the effect of the adjusting entry on the accounting equation,including both account titles and amounts:
Part B: Jayson Company has accounts receivable of $40,000.The allowance for uncollectible accounts has a balance of ($200),a negative number,before adjustment.An aging schedule prepared December 31,2012 estimates that $1,100 of accounts receivable are uncollectible.Show the effect of the adjusting entry on the accounting equation,including both account titles and amounts:
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Definitions:

Fuel Economy

A measurement of how far a vehicle can travel on a given amount of fuel, typically expressed in miles per gallon (mpg) or liters per 100 kilometers (L/100km).

Environmental Protection Agency

A U.S. federal government agency dedicated to protecting human health and the environment by regulating and enforcing laws related to air and water quality, hazardous waste, and more.

Interquartile Range

The difference between the upper (75th percentile) and lower (25th percentile) quartiles, measuring the spread of the middle half of a dataset.

Workdays

The days of the week designated for regular employment, traditionally Monday through Friday in many cultures.