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Aging Schedule (Excel) Mets Company had a $1,000 credit balance in Allowance for Doubtful Accounts at...
Aging Schedule (Excel) MetS company had a $1,000 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $110,000 2% 1-30 days past due 30,000 31-60 days past due 20,000 8% 61-90 days past due 25,000 15% Over 90 days past due 15,000 40% Total Accounts Receivable $200.000 5% Instructions: You must show and explain your answers...
EXERCISE 2 Brown Company had a $1,000 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $100,000 1% 1–30 days past due 12,000 3% 31–60 days past due 10,000 6% 61–90 days past due 6,000 25% Over 90 days past due 8,000 50% Total Accounts Receivable $136,000 Instructions: (a) Prepare the adjusting entry on December 31, 2020, to recognize bad debts expense. (b) Assume the same facts as above except...
2. Broadway Limited had an $800 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following (10 marks): Estimated Percentage Uncollectible Current Accounts........................................... $150,000 1% 1-30 days past due.............................................. 15,000 3% 31-60 days past due.............................................. 8,000 6% 61-90 days past due.............................................. 5,000 12% Over 90 days past due.................................... 6,000 30% Total Accounts...
inchado $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for collectible accounts. An aging of the accounts receivable revealed the following Estimated Percentage Uncollectible Current Accounts $160,000 1-30 days past de 16,000 31-60 days paste 11.500 61-90 days past due 7.600 Over 90 days past due 10,000 Total Accounts Receivable $205.100 Your a wer is partially correct Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. Credit...
* Exercise 249 Erickson Company had a $300 balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's adjustment for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible 1% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211,000 6 % 15 % 30 % Calculate the estimated total uncollectable amount. Estimated...
Problem III (5 bonus points): The Broad Company had a $600 credit balance in Allowance for Doubtful Accounts at December 31, 2016, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $120,000 1-30 days past due 12,000 31-60 days past due 10,000 6% 61-90 days past due 5,000 12% Over 90 days past due 8,000 30% Total Accounts Receivable $155,000 Instructions: Prepare the adjusting entry on December...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's entry for bad debt expense. The age data of accounts receivable is as follows: Estimated Percentage Uncollectible 1% 3% 6% 15% 30% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211.000 (a) Make the bad debts expense adjusting journal entry...
Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2017: Not Days Past Due Past Customer Balance Due 31-60 61-90 91-120 Over 120 ARC Beauty 20.100 20,100 Angel Wigs 7.500 7.800 Zodiac Beauty 3,700 Subtotals 1,308,700 757,000 283,900 125,300...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On December 31 of the current year an aging analysis of accounts receivable revealed the following 4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
The credit balance of Allowance for Uncollectible Accounts is $975 as of December 31, 2018 [that is prior to adjustments]. A. Compute bad debt expense recorded for 2018. B. What is the net amount of accounts receivable to be reported on C-Market’s December 31, 2018 balance sheet? ACCOUNTS RECEIVABLE C-Market reports the following analysis of potential losses in its accounts receivable for the vear 2018. Receivable Balance 0-30 days past dueS89,600 31-60 days past due 39,200 24,400 Estimated Loss (%)...