Homework Answers
| 1. | |
| Age group | Estimated amount uncollectible |
| Not yet due [ 25000 * 4% ] | 1000 |
| 1-60 days past due [ 10000 * 25% ] | 2500 |
| More than 60 days past due [ 5000 * 50% ] | 2500 |
| Total | 6000 |
| 2. | |
| Bad debts expense = Estimated amount uncollectible - Allowance for uncollectible accounts before adjustment (credit) = 6000 - 1000 | 5000 |
| Transaction | General Journal | Debit | Credit |
| 1 | Bad debts expense | 5000 | |
| Allowance for uncollectible accounts | 5000 |
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Trump Agency separates its accounts receivable into three age groups for purposes of estimating the percentage...
Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance...
Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $195,000; estimated uncollectible = 15%. 2. Accounts 1–45 days past due = $27,100; estimated uncollectible = 20%. 3. Accounts more than 45 days past due = $10,800; estimated uncollectible = 25%. Before recording any adjustments, Dhaliwal has a debit balance of $48,700 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance...
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. Accounts not yet due = $385,000; estimated uncollectible = 15%. Accounts 1–30 days past due = $48,200; estimated un
Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.Accounts not yet due = $385,000; estimated uncollectible = 15%.Accounts 1–30 days past due = $48,200; estimated uncollectible = 18%.Accounts 31–90 days past due = $38,500; estimated uncollectible = 22%Accounts more than 90 days past due = $28,800; estimated uncollectible = 25%.At 12/31/2021, before recording any adjustments, Zuo has a credit balance of $25,300 in its allowance for uncollectible accounts.Required:1. Estimate the...
Saved 17inh aunet At the end of the year, a company has the following accounts receivable...
Saved 17inh aunet At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts 7 1 Accounts not yet due $73,000; estimated uncollectible 6 %. 2. Accounts 1-30 days past due $38,000, estimated uncollectible 20 % 3. Accounts more than 30 days past due $5,000; estimated uncollectible 60 % Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is...
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At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due - $84,000; estimated uncollectible = 5% 2. Accounts 1-30 days past due = $26.000, estimated uncollectible = 30% 3. Accounts more than 30 days past due = $6,000; estimated uncollectible -55% Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $840 (credit). (If no entry is required for...
At the end of the year, a company has the following accounts receivable and estimates of...
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5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company...
5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 2019: Skipped LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past Due-Day Account Balance Current 1-30 31-60 Over 60 Adson, Paul $ 730.00 $ 730.00 Allen, Alfred 760.00 $ 580.00 $ 180.00 Ash, John 396.00 $ 396.00 Bae, John 280.00 280.00 Barker, Kelsie 120.00 82.00 38.00 Bentley, Maggie 428.00 160.00...
At the end of the year, a company has the following accounts receivable and estimates of...
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $74,000, estimated uncollectible = 8% 2. Accounts 1-30 days past due = $31,000, estimated uncollectible = 15%. 3. Accounts more than 30 days past due = $3,000, estimated uncollectible = 60% Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts IS $1,800 (debit). (If no entry is required...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable...
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PRACTICAL APPLIATION #5 A. The Kelley company has divided its accounts receivable into five age groups by preparing the following aging schedule: Total Not yet 1 - 30 31 - 60 61 - 90 Over 90 days past days past days past days past due due due due due 4,500 Eastern company4,500 Northern company 1.200 Western company 20.00 Southern company 800 National company 6,500 Other customers 35,000 - 300 500 1.500 - 3,500 16,000 500 - 3,000 11,000 4.800 1.200...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $195,000; estimated uncollectible = 15%. 2. Accounts 1–45 days past due = $27,100; estimated uncollectible = 20%. 3. Accounts more than 45 days past due = $10,800; estimated uncollectible = 25%. Before recording any adjustments, Dhaliwal has a debit balance of $48,700 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance...
Saved 17inh aunet At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts 7 1 Accounts not yet due $73,000; estimated uncollectible 6 %. 2. Accounts 1-30 days past due $38,000, estimated uncollectible 20 % 3. Accounts more than 30 days past due $5,000; estimated uncollectible 60 % Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $1,400 (debit). (If no entry is...
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due - $84,000; estimated uncollectible = 5% 2. Accounts 1-30 days past due = $26.000, estimated uncollectible = 30% 3. Accounts more than 30 days past due = $6,000; estimated uncollectible -55% Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $840 (credit). (If no entry is required for...
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 10 1. Accounts not yet due - $77,000, estimated uncollectible - 5% 2. Accounts 1-30 days past due - $36.000, estimated uncollectible = 15% 3. Accounts more than 30 days past due $8,000, estimated uncollectible 55% 6 points Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts Is $2,000 (debit). (if no entry is...
5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 2019: Skipped LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past Due-Day Account Balance Current 1-30 31-60 Over 60 Adson, Paul $ 730.00 $ 730.00 Allen, Alfred 760.00 $ 580.00 $ 180.00 Ash, John 396.00 $ 396.00 Bae, John 280.00 280.00 Barker, Kelsie 120.00 82.00 38.00 Bentley, Maggie 428.00 160.00...
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due = $74,000, estimated uncollectible = 8% 2. Accounts 1-30 days past due = $31,000, estimated uncollectible = 15%. 3. Accounts more than 30 days past due = $3,000, estimated uncollectible = 60% Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts IS $1,800 (debit). (If no entry is required...
PRACTICAL APPLIATION #5 A. The Kelley company has divided its accounts receivable into five age groups by preparing the following aging schedule: Total Not yet 1 - 30 31 - 60 61 - 90 Over 90 days past days past days past days past due due due due due 4,500 Eastern company4,500 Northern company 1.200 Western company 20.00 Southern company 800 National company 6,500 Other customers 35,000 - 300 500 1.500 - 3,500 16,000 500 - 3,000 11,000 4.800 1.200...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
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