1) Allowance for doubtful account = (51700*3%+15800*11%+5100*31%) = 4870
Date | account and explanation | Debit | Credit |
bad debt expense (4870-100) | 4770 | ||
Allowance for doubtful accounts | 4770 | ||
2) Balance sheet (Partial)
As on December 31
Current assets | ||
Account receivable | 72600 | |
Less Allowance for doubtful accounts | -4870 | 67730 |
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,600; (2) up to 180 days past due, $14,600; and (3) more than 180 days past due, $5,900. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 12...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,800; (2) up to 180 days past due, $14,200; and (3) more than 180 days past due, $5,300. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 12...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $51.900(2) up to 180 days past due, $15.000, and (3) more than 180 days past due, $4,300. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 4 percent, (2) 12 percent,...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $51,900; (2) up to 180 days past due, $14,300; and (3) more than 180 days past due, $5,900. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 4 percent, (2) 12...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $51,700; (2) up to 180 days past due, $15,800; and (3) more than 180 days past due, $5,100. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 11...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $283,000; (2) up to 120 days past due, $57,000; and (3) more than 120 days past due, $23,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent. (2) 11...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $283,000; (2) up to 120 days past due, $57,000; and (3) more than 120 days past due, $23,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3.5 percent. (2) 11...
Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $281,000; (2) up to 120 days past due, $59,000; and (3) more than 120 days past due, $27,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2.5 percent, (2) 12...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $19,500; (2) up to 120 days past due, $5,500; and (3) more than 120 days past due, $3,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2)...
Chou Company uses the aging approach to estimate bad debt expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) note yet due, $295,000, (2) up to 120 days past due, $55,000, and (3) more than 120 days past due, $18,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectability is (1) 2.5 percent, (2) 11 percent,...