(iii) The Accounts Receivable presented in the Angel Company's Statement ofFinancial Position at 12/31/201X would be:(b) (i) If Angel Company uses income statement approach to estimating theuncollectible accounts, and the estimated uncollectible is to be 1% of net creditsales, what is the amount of the Impairment Loss of Receivable for the year?(Round to integer).(ii) Show the adjusting entry at year-end to record the Impairment Loss ofReceivable for the year.DebitCredit$(iii) The Accounts Receivable presented in the Angel Company's Statement ofFinancial Position at 12/31/201X would be: Part BQuestion 1At the end of the year, 31 December 201X, the unadjusted trial balance of AngelCompany included the following accounts:DebitCreditSales (80% represent credit sales)$780,575Accounts Receivable$101,475Allowance for Impairment$1,218(a) (i) If Angel Company uses the Statement of Financial Position Approach toestimate uncollectible accounts, and aging the accounts receivable indicatesthe estimated uncollectible portion to be $6,075, what will the ImpairmentLoss of Receivable for the year be?(ii)Show the adjusting entry at year-end to record the Impairment Loss ofReceivable for the year.DebitCredit$

Uncollectible accounts receivables are those accounts receivables to whom business has made credit…

(iii) The Accounts Receivable presented in the Angel Company's Statement of Financial Position at 12/31/201X would be: (b) (i) If Angel Company uses income statement approach to estimating the uncollectible accounts, and the estimated uncollectible is to be 1% of net credit sales, what is the amount of the Impairment Loss of Receivable for the year? (Round to integer) (ii) Show the adjusting entry at year-end to record the Impairment Loss of Receivable for the year. Debit Credit (iii) The Accounts Receivable presented in the Angel Company's Statement of Financial Position at 12/31/201X would be:

(iii) The Accounts Receivable presented in the Angel Company's Statement of Financial Position at 12/31/201X would be: (b) (i) If Angel Company uses income statement approach to estimating the uncollectible accounts, and the estimated uncollectible is to be 1% of net credit sales, what is the amount of the Impairment Loss of Receivable for the year? (Round to integer) (ii) Show the adjusting entry at year-end to record the Impairment Loss of Receivable for the year. Debit Credit (iii) The Accounts Receivable presented in the Angel Company's Statement of Financial Position at 12/31/201X would be:

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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