Homework Answers
Estimated losses as of December 31, 2011 $ 1,680
Accounts receivable before allowance of uncollectible accounts $ 56,400
Less : Allowance for uncollectible accounts (unused) $ 240
Accounts Receivables (Net) $ 56,160
Percentage of loss on Receivables (1,680 / 56,160) 2.99%
Bad Debt Expenses to be recognized [(56,160 * 2.99%)+1680] $1,920
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9. Destin Deals estimates its uncollectible accounts by aging its accounts receivable and applying percentages to...
Question 7 Not complete Marked out of 12.00 p Flag question Reporting Uncollectible Accounts and Accounts...
Question 7 Not complete Marked out of 12.00 p Flag question Reporting Uncollectible Accounts and Accounts Receivables Mohan Company estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. Mohan computes a total of $1,680 in estimated losses as of December 31, 2016. Its Accounts Receivable has a balance of $78,400, and its allowance for Uncollectible Accounts has an unused balance of $400 before adjustment at December 31, 2016. a. What is...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
87. Watson estimates its uncollectible accounts receivable based on aging. The balance of its allowance for...
87. Watson estimates its uncollectible accounts receivable based on aging. The balance of its allowance for uncollectible accounts after the adjustment will be Accounts Receiva ble balance % estimated uncollectible Balance Age 500 $5,000 $2,000 10% 0-30 600 30% 30+ 96, Outdoor Clinics, Inc. sold two pair of snowshoes for $100 each, on account on December 1. The cost of one pair is $75. What are the two journal entries for this sale, assuming Outdoor use a perpetual inventory system.
3 percent of outstanding accounts receivable are uncollectible. Accounts Receivable, December 31, 2011 ............ $ 590,000...
3 percent of outstanding accounts receivable are uncollectible. Accounts Receivable, December 31, 2011 ............ $ 590,000 Allowance for Doubtful Accounts before adjustment, December 31, 2011 ............................... 18,000 (dr) Sales--2011........................................ 2,180,000 Sales Discounts--2011 ............................. 18,000 Sales Returns--2011 ............................... 27,000 Prepare the adjusting entry for doubtful accounts expense under each of the following assumptions: (1) 3 percent of outstanding accounts receivable are uncollectible. (2) 1.5 percent of 2011 net sales are uncollectible. (3) An aging schedule of the accounts shows that $21,400...
Suppose that the estimate of uncollectible accounts is based on the aging of accounts receivable and...
Suppose that the estimate of uncollectible accounts is based on the aging of accounts receivable and that the Allowance for Uncollectible Accounts has a credit balance before the adjustment is made. Explain how this situation is handled.
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31,...
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percen...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
Eve Inc. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable at...
Eve Inc. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable at the end of 2020. The following data are available: Allowance for uncollectible accounts, 1/1/20 Provision for uncollectible accounts during 2020 (2% on credit sales of 3,000,000) Uncollectible accounts written off, 10/30/20 Estimated uncollectible accounts per aging, 12/31/20 $ 92,000 60,000 56,000 114,000 What will be the uncollectible accounts expense for 2020 after year end adjustment? A $78,000 B $54,000 с $96,000 D $114,000
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: 토D Days Outstanding...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: 토D Days Outstanding 1-30 days 31 - 60 days 61 - 90 days Over 90 days Accounts Receivable 564,000 $43,000 $21,000 $8,000 Est. Percent Uncollectible 2% 15% 10% 50% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,100. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $8,430. B. $10,630. O C. $1,280. O D. $9,530.
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of...
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a crean balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25.700. The Allowance for Uncollectible Accounts has a deon balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 OR uncollectible accounts. Answer:
Question 7 Not complete Marked out of 12.00 p Flag question Reporting Uncollectible Accounts and Accounts Receivables Mohan Company estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. Mohan computes a total of $1,680 in estimated losses as of December 31, 2016. Its Accounts Receivable has a balance of $78,400, and its allowance for Uncollectible Accounts has an unused balance of $400 before adjustment at December 31, 2016. a. What is...
6-22. Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Age Group 0-30 days past due 31-60 days past due 61-120 days past due. 121-180 days past due Over 180 days past due.. Total accounts receivable... Accounts Receivable $ 90,000 20,000 11,000 6,000 4,000 $131,000 Estimated Loss % 1% 2 5 10 25 The unused balance of...
87. Watson estimates its uncollectible accounts receivable based on aging. The balance of its allowance for uncollectible accounts after the adjustment will be Accounts Receiva ble balance % estimated uncollectible Balance Age 500 $5,000 $2,000 10% 0-30 600 30% 30+ 96, Outdoor Clinics, Inc. sold two pair of snowshoes for $100 each, on account on December 1. The cost of one pair is $75. What are the two journal entries for this sale, assuming Outdoor use a perpetual inventory system.
Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible Accounts Estimated Age Group Receivable Loss % 0-30 days past due $80,000 31-60 days past due 20.000 61-120 days past due 14.000 121.180 days past due 6,000 Over 180 days past due 4,000 Total accounts receivable $124.000 The balance of the allowance for uncollectible accounts is $450 on...
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Uncollectible 2% Days Outstanding 1-30 days 31-60 days 61 - 90 days Over 90 days Accounts Receivable $62,000 $42,000 $25,000 $7,000 5% 11% 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,000. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $10,730 OB. 58.730 OC. 59,730 OD. $1,240
Eve Inc. estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable at the end of 2020. The following data are available: Allowance for uncollectible accounts, 1/1/20 Provision for uncollectible accounts during 2020 (2% on credit sales of 3,000,000) Uncollectible accounts written off, 10/30/20 Estimated uncollectible accounts per aging, 12/31/20 $ 92,000 60,000 56,000 114,000 What will be the uncollectible accounts expense for 2020 after year end adjustment? A $78,000 B $54,000 с $96,000 D $114,000
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: 토D Days Outstanding 1-30 days 31 - 60 days 61 - 90 days Over 90 days Accounts Receivable 564,000 $43,000 $21,000 $8,000 Est. Percent Uncollectible 2% 15% 10% 50% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1,100. Under the aging-of-receivables method, the Uncollectible - Account Expense at year-end is: O A. $8,430. B. $10,630. O C. $1,280. O D. $9,530.
reach of the following independent situations, compute net accounts receivable. Accounts Receivable has a balance of $14,000. The Allowance for Uncollectible Accounts has a crean balance prior to adjustment of $300. An aging schedule prepared on December 31 reveals $1,100 of uncollectible accounts. b. Accounts Receivable has a balance of $25.700. The Allowance for Uncollectible Accounts has a deon balance prior to adjustment of $400. An aging schedule prepared on December 31 reveals $2,300 OR uncollectible accounts. Answer:
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