The following summarizes the results of an aging analysis of Glenview Company's accounts receivable at the end of the year.
| Age Group | Amount | Estimated Percent Uncollectible | Estimated Allowance | |||
|---|---|---|---|---|---|---|
| 0 -30 days | $420,000 | 2% | $8,400 | |||
| 31-60 days | 140,000 | 5% | 7,000 | |||
| 61-120 days | 100,000 | 10% | 10,000 | |||
| Over 120 days | 120,000 | 20% | 24,000 | |||
| Allowance for uncollectible accounts | $49,400 |
The company has a pre-adjustment credit balance of $5,000 in its Allowance for Uncollectible Accounts at December 31, Year 2. Using the balance sheet approach, what amount of Bad Debt Expense should Glenview report for Year 2?
Homework Answers
| So, as per the question, allowance for uncollectible accounts should be $ 49400 |
| The allowance for uncollectible accounts has a pre-adjustment credit balance of $ 5000 |
| Therefore, the company will debit the bad debt account by $ 44400 (i.e, $ 49400 - $ 5000) |
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The following summarizes the results of an aging analysis of Glenview Company's accounts receivable at the...
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We were unable to transcribe this imageThe following summarizes the aging of accounts receivable for Johnston...
We were unable to transcribe this imageThe following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019 Number of Days Total Accounts Historical 3 Unpaid Receivable Uncollectible Not yet due $127,800 1-30 days past due 90,500 138 31-60 days past 54,900 198 due Over 60 days past 33, 100 348 due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
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A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2.400 debit balance, the adjustment to record bad debts for the period will require a 1) debit to Bad Debt Expense for $9,000. 2) debit to Allowance for Doubtful Accounts for $11,400. 3) debit to Bad Debt Expense for $11,400. 4) credit to Allowance for Doubtful Accounts for $9.000.
An aging of a company's accounts receivable indicates that $4,200 is estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that
$4,200 is estimated to be uncollectible. If Allowance for Doubtful
Accounts has a $800 credit balance, the adjustment to record bad
debts for the period will require a
credit to Allowance for Doubtful Accounts for $5,000.
debit to Allowance for Doubtful Accounts for $3,400.
debit to Bad Debts Expense for $4,200.
debit to Bad Debts Expense for $3,400.
A summary of Klugman Company's December 31, 2018, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group 0-60 days 61-90 days 91-120 days Over 120 days Amount $55,000 "19,500 2.500 1.000 5 1.0 10.0 50.0 The allowance for uncollectible accounts had a balance of $1,350 on January 1, 2018. During the year, bad debts of $700 were written off. aces Required: Prepare all journal entries for 2018 with respect to...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
Aging Analysis of Accounts Receivable Cowen's, a large department store located in a metropolitan area, has been experiencing difficulty in estimating its bad debts. The company has decided to prepare an aging schedule for its outstanding accounts receivable and estimate bad debts by the due dates of its receivables. This analysis dis closes the following information: Age of Receivable Under 30 days 30-60 days 61-120 days 121-240 days 241-360 days Over 360 days Balance Estimated Percentage Uncollectible $193,000 114,000 73,000...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Historical Uncollectible Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Total Accounts Receivable $127, 100 89,800 54,200 32,400 113 178 Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,127 on July 31, 2019. Prepare the required...
We were unable to transcribe this imageThe following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019 Number of Days Total Accounts Historical 3 Unpaid Receivable Uncollectible Not yet due $127,800 1-30 days past due 90,500 138 31-60 days past 54,900 198 due Over 60 days past 33, 100 348 due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Number of Days Unpaid ays Unpaidlotal Total Accounts Receivable Historical % Uncollectible $128,300 $91,000 $55,400 33,600 4% 11% 17% 34% t due t due Over 60 days past due Required a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29 487 on July 31, 2016. Prepare the required adjusting entry...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2.400 debit balance, the adjustment to record bad debts for the period will require a 1) debit to Bad Debt Expense for $9,000. 2) debit to Allowance for Doubtful Accounts for $11,400. 3) debit to Bad Debt Expense for $11,400. 4) credit to Allowance for Doubtful Accounts for $9.000.
An aging of a company's accounts receivable indicates that
$4,200 is estimated to be uncollectible. If Allowance for Doubtful
Accounts has a $800 credit balance, the adjustment to record bad
debts for the period will require a
credit to Allowance for Doubtful Accounts for $5,000.
debit to Allowance for Doubtful Accounts for $3,400.
debit to Bad Debts Expense for $4,200.
debit to Bad Debts Expense for $3,400.
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