Homework Answers
| WORKING NOTES: 1 | |||||||
| CALCULATION OF ESTIMATED ALLOWANCE FOR DOUBTFULL ACCOUNTS AS ON DECEMBER 31, 2017 | |||||||
| Age Group | Account Receivable | X | Percentage Uncollectable | = | Estimated Uncollectable | ||
| Current Accounts | $ 1,70,000 | X | 1.00% | = | $ 1,700 | ||
| 01 to 30 Days Past Due | $ 15,000 | X | 3.00% | = | $ 450 | ||
| 31 to 60 Days past due | $ 12,000 | X | 6.00% | = | $ 720 | ||
| 61 to 90 Days past due | $ 5,000 | X | 15.00% | = | $ 750 | ||
| Over 90 Days Past Due | $ 9,000 | X | 30.00% | = | $ 2,700 | ||
| Total Account Receivable | $ 2,11,000 | ||||||
| Estimated Balance of Allowance for uncollectables | $ 6,320 | ||||||
| $ 0 | |||||||
| SOLUTION : A | |||||||
| Provision for the Allowance of Bad debts = | $ 6,320 | Credit | |||||
| Allowance for Doubtfull Debts (Opening Bal.) | $ 300 | Credit | |||||
| Balance need to be provission for the year | $ 6,020 | Credit | |||||
| So we can show the bad debts expenses for the year = | $ 6,020 | ||||||
| Journal Entries | |||||||
| Date | Account Title and explanation | Debit | Credit | ||||
| Bad Debt Expenses | $ 6,020 | ||||||
| Dec 31, 2017 | Allowance for Doubtful Accounts | $ 6,020 | |||||
| SOLUTION : B | |||||||
| Provision for the Allowance of Bad debts = | $ 6,320 | Credit | |||||
| Add: Allowance for Doubtfull Debts (Opening Bal.) | $ 300 | Debit | |||||
| Balance need to be provission for the year | $ 6,620 | Credit | |||||
| So we can show the bad debts expenses for the year = | $ 6,620 | ||||||
| Journal Entries | |||||||
| Date | Account Title and explanation | Debit | Credit | ||||
| Bad Debt Expenses | $ 6,620 | ||||||
| Dec 31, 2017 | Allowance for Doubtful Accounts | $ 6,620 | |||||
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