Homework Answers
| customer name | Total Receivable | Not Yet Due | 1 to 30 Days | 30 to 90 days | 91 to 180 Days | Over 180 Days | ||
| Cole | 40000 | 40000 | ||||||
| Harris | 61000 | 61000 | ||||||
| James | 25000 | 25000 | ||||||
| Keuchal | 68000 | 68000 | ||||||
| McCullers | 58000 | 58000 | ||||||
| McHugh | 34000 | |||||||
| Morton | 14000 | 14000 | ||||||
| Osuna | 32000 | 32000 | ||||||
| Pressly | 97000 | 97000 | ||||||
| Sipp | 46000 | 46000 | ||||||
| Verlander | 88000 | 88000 | ||||||
| 563000 | 111000 | 207000 | 97000 | 68000 | 46000 | |||
| BAD DEBT % | 2% | 5% | 20% | 50% | 100% | |||
| Bad Debt Amount | 111970 | 2220 | 10350 | 19400 | 34000 | 46000 | ||
| (Total) | ||||||||
| Journal entry | ||||||||
| Bad Debt Account Dr. | 86970 | (Total bad debt amount Less: Opening 25000) | ||||||
| To allowances for BAD DEBT | 86970 | (Total bad debt amount Less: Opening 25000) | ||||||
| (being provision for allowance for bad debt created) | ||||||||
| Allowances for bad debt A/c dr. | 46000 | |||||||
| To Accounts Receivable | 46000 | |||||||
| (being uncollectible AR written off) | ||||||||
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A.J. Hinch Inc. had the following information about receivables at the end of 2018: Aging of...
Sales Revenue & Accounts Receivable (LLH 6) Sansa Inc. had the following information about receivables at...
Sales Revenue & Accounts Receivable (LLH 6) Sansa Inc. had the following information about receivables at the end of 2019: Requied balance in Allowance for Bad Debts Bad Debt Expense Aging of Accts Receivable: Customer L. Arryn V. Targaryen J. Baratheon S. Tarly J. Mormont G.M. Pycelle O. Tyrell K. Drogo Total Rec. Not Yet Due $62,500 $9,500 $68,000 $81,500 $32,000 $108,000 $6,000 $6,000 55,000 55,000 1 to 30 days 30 to 90 days Over 90 days $62,500 9,500 68,000...
Estimating Bad Debts Expense and Reporting of Receivables At December 31, 2019, Sunil Company had a...
Estimating Bad Debts Expense and Reporting of Receivables At December 31, 2019, Sunil Company had a balance of $375,000 in its accounts receivable and an unused balance of $4,200 in its allowance for uncollectible accounts. The company then aged its accounts as follows: Current $304,000 0-60 days past due 44,000 61-180 days past due 18,000 Over 180 days past due 9.000 Total accounts receivable $375,000 The company has experienced losses as follows: 1% of current balances, 5% of balances 0-60...
Worldwide Marble Importers had the following balances at December 31, 2024, before the year-end adjustments: Click...
Worldwide Marble Importers had the following balances at December 31, 2024, before the year-end adjustments: Click the icon to view the balances) The aging of accounts receivable yinlds the following dates Click the icon to view the accounts receivable aging schedule.) Requirements Requirement 1. Journalize Worldwide's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts Credit Dec Debit...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments: (Click...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments: (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. (Record debits first, then credits. Select the...
Falling Leaves Furniture Restoration had the following balances at December 31, 2018, before the year-end adjustments:...
Falling Leaves Furniture Restoration had the following balances at December 31, 2018, before the year-end adjustments: (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Falling's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Question Viewer Requirement 1. Joumalize Falling's entry to record bad debts expense for 2018 using the aging of receivables method. (Record debits...
Required information [The following information applies to the questions displayed below.) Daley Company prepared the following...
Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $605,000 @ $403,000 1 to 30 $97,000 3% Accounts receivable Percent uncollectible 31 to 60 $43,000 6% 61 to 90 $25,000 Over 90 $37, eee 11% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record...
Year round Retreats had the following balances at December 31, 2018, before the year-end adjustments: EE(Click...
Year round Retreats had the following balances at December 31, 2018, before the year-end adjustments: EE(Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Year - round's entry to record bad debts expense for 2018 using the aging-of-receivables method Prepare a T-account to compute the ending balance of Allowance for Bad Debts. 2. Requirement 1. Journalize Year -round's entry to record bad debts expense for 2018 using the aging-of-receivables method. (Record debits first, then...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments (Click...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments (Click the icon to view the balances and accounts receivable aging schedule.) O RECORD DEDISSERTTECTES, S E Requirements 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement. Jorgegnonsen TT DU DUS Expense or UIO Using meng-OHIVOS explanation on the last line of the journal...
Oblem 4 (16 points) e Crowe Company offers 30 days of credit to its customers. At the end of the ...
oblem 4 (16 points) e Crowe Company offers 30 days of credit to its customers. At the end of the year, bad de pense is estimated and the allowance for uncollectible accounts is adjusted based on the agin ts receivable. The company began 2022 with the following balances in its accounts: Accounts Receivable Allowance for uncollectibles $350,000 $30,000 During 2022, sales on credit were $1,300,000, cash collections from customers were $1,253,000, write-offs were $25,000, and $1,000 in previously written-off accounts...
[The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
Sales Revenue & Accounts Receivable (LLH 6) Sansa Inc. had the following information about receivables at the end of 2019: Requied balance in Allowance for Bad Debts Bad Debt Expense Aging of Accts Receivable: Customer L. Arryn V. Targaryen J. Baratheon S. Tarly J. Mormont G.M. Pycelle O. Tyrell K. Drogo Total Rec. Not Yet Due $62,500 $9,500 $68,000 $81,500 $32,000 $108,000 $6,000 $6,000 55,000 55,000 1 to 30 days 30 to 90 days Over 90 days $62,500 9,500 68,000...
Estimating Bad Debts Expense and Reporting of Receivables At December 31, 2019, Sunil Company had a balance of $375,000 in its accounts receivable and an unused balance of $4,200 in its allowance for uncollectible accounts. The company then aged its accounts as follows: Current $304,000 0-60 days past due 44,000 61-180 days past due 18,000 Over 180 days past due 9.000 Total accounts receivable $375,000 The company has experienced losses as follows: 1% of current balances, 5% of balances 0-60...
Worldwide Marble Importers had the following balances at December 31, 2024, before the year-end adjustments: Click the icon to view the balances) The aging of accounts receivable yinlds the following dates Click the icon to view the accounts receivable aging schedule.) Requirements Requirement 1. Journalize Worldwide's entry to record bad debts expense for 2024 using the aging-of-receivables method. (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Accounts Credit Dec Debit...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments: (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. (Record debits first, then credits. Select the...
Falling Leaves Furniture Restoration had the following balances at December 31, 2018, before the year-end adjustments: (Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Falling's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Question Viewer Requirement 1. Joumalize Falling's entry to record bad debts expense for 2018 using the aging of receivables method. (Record debits...
Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $605,000 @ $403,000 1 to 30 $97,000 3% Accounts receivable Percent uncollectible 31 to 60 $43,000 6% 61 to 90 $25,000 Over 90 $37, eee 11% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record...
Year round Retreats had the following balances at December 31, 2018, before the year-end adjustments: EE(Click the icon to view the balances and accounts receivable aging schedule.) Requirements 1. Journalize Year - round's entry to record bad debts expense for 2018 using the aging-of-receivables method Prepare a T-account to compute the ending balance of Allowance for Bad Debts. 2. Requirement 1. Journalize Year -round's entry to record bad debts expense for 2018 using the aging-of-receivables method. (Record debits first, then...
Signoff Lamp Company had the following balances at December 31, 2018, before the year-end adjustments (Click the icon to view the balances and accounts receivable aging schedule.) O RECORD DEDISSERTTECTES, S E Requirements 1. Journalize Signoff's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. Requirement. Jorgegnonsen TT DU DUS Expense or UIO Using meng-OHIVOS explanation on the last line of the journal...
oblem 4 (16 points) e Crowe Company offers 30 days of credit to its customers. At the end of the year, bad de pense is estimated and the allowance for uncollectible accounts is adjusted based on the agin ts receivable. The company began 2022 with the following balances in its accounts: Accounts Receivable Allowance for uncollectibles $350,000 $30,000 During 2022, sales on credit were $1,300,000, cash collections from customers were $1,253,000, write-offs were $25,000, and $1,000 in previously written-off accounts...
[The following information applies to the questions
displayed below.]
At December 31, 2018, Hawke Company reports the following results
for its calendar year.
Required information (The following information applies to the questions displayed below.] At December 31, 2018, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,478,710 3,022,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $915,666 debit 20,920 debit Required: 1. Prepare the adjusting entry...
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