Homework Answers
Journal entry
| Date | account and explanation | Debit | Credit |
| Mar 31 | Allowance for doubtful accounts | 1000 | |
| Account receivable | 1000 | ||
| May 31 | Account receivable | 1000 | |
| Allowance for doubtful accounts | 1000 | ||
| (to record reverse write off) | |||
| Cash | 1000 | ||
| Account receivable | 1000 | ||
| (To record collection) |
T account
| Bad debt expense | |||
| 12/31/20 | 23074 | ||
| 12/31/20 | 23074 | ||
| Allowance for doubtful accounts | |||
| 12/31/20 | 12500 | ||
| 12/31/20 | 23074 | ||
| 12/31/20 | 35574 | ||
| Mar 31 | 1000 | May 31 | 1000 |
Add Answer to:
(b) Journalize and post to the allowance account the following events and transactions in the year...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Not Yet Due...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Not Yet Due Customer Anders Number of Days Past Due Over 1-30 31-60 61-90 90 $10,000 $12,000 Blake Total $ 22,000 40,000 57,000 34,000 132,000 $285,000 $40,000 16,000 6,000 Coulson Deleon Others $35,000 96,000 $152,000 16,000 $32,000 14,000 $26,000 $34,000 6,000 $40,000 $35,000 3% 6% 13% 25% 50% Estimated Percentage Uncollectible Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $3,380 $8,750 $20,000 At December 31,...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Number of Days...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Number of Days Past Due Not Over Total 1-30 Customer Yet Due 31-60 61-90 90 22,000 $10,000 $12,000 Anders $40,000 40,000 Blake $35,000 57,000 16,000 6,000 Coulson $34,000 34,000 Deleon 132,000 96,000 16,000 14,000 6,000 Others $285,000 $152,000 $32,000 $26,000 $35,000 $40,000 Estimated 3% 6% 13% 25% 50% Percentage Uncollectible Total Estimated Bad 38,610 $4,560 $1,920 3,380 $ 8,750 $20,000 Debts At December 31, 2020, the unadjusted...
Problem 8-3A Presented below is an aging schedule for Larkspur, Inc. Number of Days Past Due Not Over 90...
Problem 8-3A Presented below is an aging schedule for Larkspur, Inc. Number of Days Past Due Not Over 90 Customer Total 1-30 31-60 Yet Due 61-90 $ 25,800 Anders $11,800 $14,000 Blake 40,400 40,400 Coulson 58,400 16,800 5,800 $35,800 Deleon 33,200 $33,200 133,400 Others 97,000 6,300 16,300 13,800 $291,200 $154,200 $33,900 $27,800 $35,800 $39,500 Estimated Percentage Uncollectible 3% 6% 14% 24% 49% Total Estimated Bad Debts $ 8,592 $38,499 $4,626 $ 2,034 $3,892 $19,355 At December 31, 2019, the unadjusted...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of Days Past Due Total Not Yet Customer Total Due 1 -30 Over 90 31-60 61-90 Aneesh $ 9,000 $15,400 $ 24,400 29,400 $ 29,400 Bird Cope 50,100 5,400 4,700 $40,000 DeSpears Others 39,600 $39,600 122,400 71,700 38,000 12,700 $265,900 $106,500 $51,700 $28,100 $40,000 $39,600 Estimated percentage uncollectible 3% 7% 13% 23% 54% Total estimated bad debts $ 41,051 $3,195 $3,619 $3,653 $ 9,200 $21,384...
Journalize the adjusting entry for bad debts at December 31, 2021. Post the adjusting entry for...
Journalize the adjusting entry for bad debts at December 31,
2021.
Post the adjusting entry for bad debts at December 31, 2021.
Journalize the 2022 transactions: (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
1.
March 1, a $570 customer balance originating in 2021 is judged
uncollectible.
2.
May 1, a check for $570 is received from the customer whose
account was written off as uncollectible on March 1.
Post to the allowance account...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Not Yet Due Customer Anders Number of Days Past Due Over 1-30 31-60 61-90 90 $10,000 $12,000 Blake Total $ 22,000 40,000 57,000 34,000 132,000 $285,000 $40,000 16,000 6,000 Coulson Deleon Others $35,000 96,000 $152,000 16,000 $32,000 14,000 $26,000 $34,000 6,000 $40,000 $35,000 3% 6% 13% 25% 50% Estimated Percentage Uncollectible Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $3,380 $8,750 $20,000 At December 31,...
Problem 8-03A a-c (Video) Presented below is an aging schedule for Halleran Company. Number of Days Past Due Not Over Total 1-30 Customer Yet Due 31-60 61-90 90 22,000 $10,000 $12,000 Anders $40,000 40,000 Blake $35,000 57,000 16,000 6,000 Coulson $34,000 34,000 Deleon 132,000 96,000 16,000 14,000 6,000 Others $285,000 $152,000 $32,000 $26,000 $35,000 $40,000 Estimated 3% 6% 13% 25% 50% Percentage Uncollectible Total Estimated Bad 38,610 $4,560 $1,920 3,380 $ 8,750 $20,000 Debts At December 31, 2020, the unadjusted...
Problem 8-3A Presented below is an aging schedule for Larkspur, Inc. Number of Days Past Due Not Over 90 Customer Total 1-30 31-60 Yet Due 61-90 $ 25,800 Anders $11,800 $14,000 Blake 40,400 40,400 Coulson 58,400 16,800 5,800 $35,800 Deleon 33,200 $33,200 133,400 Others 97,000 6,300 16,300 13,800 $291,200 $154,200 $33,900 $27,800 $35,800 $39,500 Estimated Percentage Uncollectible 3% 6% 14% 24% 49% Total Estimated Bad Debts $ 8,592 $38,499 $4,626 $ 2,034 $3,892 $19,355 At December 31, 2019, the unadjusted...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Presented below is an aging schedule for Carla Vista Co. at December 31, 2021. Number of Days Past Due Total Not Yet Customer Total Due 1 -30 Over 90 31-60 61-90 Aneesh $ 9,000 $15,400 $ 24,400 29,400 $ 29,400 Bird Cope 50,100 5,400 4,700 $40,000 DeSpears Others 39,600 $39,600 122,400 71,700 38,000 12,700 $265,900 $106,500 $51,700 $28,100 $40,000 $39,600 Estimated percentage uncollectible 3% 7% 13% 23% 54% Total estimated bad debts $ 41,051 $3,195 $3,619 $3,653 $ 9,200 $21,384...
Journalize the adjusting entry for bad debts at December 31,
2021.
Post the adjusting entry for bad debts at December 31, 2021.
Journalize the 2022 transactions: (Credit account
titles are automatically indented when amount is entered. Do not
indent manually.)
1.
March 1, a $570 customer balance originating in 2021 is judged
uncollectible.
2.
May 1, a check for $570 is received from the customer whose
account was written off as uncollectible on March 1.
Post to the allowance account...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
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