Computation of Bad Debt Expense = ( 31000*2/100+34000*3/100+21500*4/100+6000*5/100)
= (620 +1020+860+300)
= RM 2800
i) Bad Debt Expense for the year = RM 2800
Journal Entry
31.12.2018 Bad Debt Expense ................................Dr 2800
To Allowance for Doubtful Accounts 2800
(Being Bad Debt expense for the year )
31.12.2018 Allowance for Doubtful Debt ................Dr 1000
To Accounts receivable 1000
(Being bad debt charged to customer account
ii) Allowance for Bad Debt Account
ii) Allowance for Bad Debt Account
Bad Debt Allowance Account
Balance 1800
W/f 2800
Balance 1000
iii) Extract of FS as on 31.12.2018
Accounts Receivable -92500
Less : Bad Debt Expense 1000
Accounts Receivable Net 91500
Question 1: Jaafar Trading Sdn Bhd (JTSB) has has the following ageing schedule as at 31...
Question 1: Jaafar Trading Sdn Bhd (JTSB) has has the following ageing schedule as at 31 December 2018 60-90 days Over 91 days Account Receivables Aging Schedule Name Total 1 - 30 days 31-60 days (RM) Total Account 92,500 31,000 34,000 Receivable Estimated 2% 3% uncollectible 21,500 6,000 4% 5% Required: a) What is bad debt? (2 marks) b) Explain 2 reasons why company should allocate some amount for bad debts/uncollectible? (2 marks) c) Calculate the total estimated bad debts...
P9-3A Presented below is an aging schedule for Halleran Company. Worksheet.xls tota Review View Journalige entries to record transactions related to bad debts. (LO 2) Home Insert Page Layout Formulas XLS Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 $10,000 $12,000 Customer Anders Blake Coulson Deleon Others Total $ 22,000 40,000 57.000 34,000 132,000 $285,000 $40,000 16,000 6,000 $35,000 96,000 $152,000 6,000 16.000 $32,000 $34,000 $40,000 14.000 $26,000 $35,000 10 Estimated Percentage Uncollectible Total Estimated...
P9-3A Presented below is an aging schedule for Halleran Company. Worksheet.xls tota Review View Journalige entries to record transactions related to bad debts. (LO 2) Home Insert Page Layout Formulas XLS Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 $10,000 $12,000 Customer Anders Blake Coulson Deleon Others Total $ 22,000 40,000 57.000 34,000 132,000 $285,000 $40,000 16,000 6,000 $35,000 96,000 $152,000 6,000 16.000 $32,000 $34,000 $40,000 14.000 $26,000 $35,000 10 Estimated Percentage Uncollectible Total Estimated...
P9-3A Presented below is an aging schedule for Halleran Company. Worksheet.xls tota Review View Journalige entries to record transactions related to bad debts. (LO 2) Home Insert Page Layout Formulas XLS Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 $10,000 $12,000 Customer Anders Blake Coulson Deleon Others Total $ 22,000 40,000 57.000 34,000 132,000 $285,000 $40,000 16,000 6,000 $35,000 96,000 $152,000 6,000 16.000 $32,000 $34,000 $40,000 14.000 $26,000 $35,000 10 Estimated Percentage Uncollectible Total Estimated...
P9-3A Presented below is an aging schedule for Halleran Company. Worksheet.xls tota Review View Journalige entries to record transactions related to bad debts. (LO 2) Home Insert Page Layout Formulas XLS Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 $10,000 $12,000 Customer Anders Blake Coulson Deleon Others Total $ 22,000 40,000 57.000 34,000 132,000 $285,000 $40,000 16,000 6,000 $35,000 96,000 $152,000 6,000 16.000 $32,000 $34,000 $40,000 14.000 $26,000 $35,000 10 Estimated Percentage Uncollectible Total Estimated...
P8-3A Presented below is an aging schedule for Halleran Company Journalize entria transactions rel debts. Worksheet.xls (LO 2) Home Insert Page Layout Formulas Data Reylew View P18 XLS A B C D E F G 1 Number of Days Past Due Not Yet Due 3 Customer Anders Blake 6 Total $ 22,000 40,000 57,000 1-30 31-60 61-90 Over 90 4 $10,000 $12,000 $ 40,000 16,000 Coulson 7 6,000 $35,000 Deleon Others 9 34,000 132,000 $285,000 $34,000 8 96,000 $152,000 16,000...
Question 4 Presented below is an aging schedule for Bridgeport plc. Number of Days Past Due Customer Total Not Yet Due 1–30 31–60 61–90 Over 90 Anders $ 30,800 $13,900 $16,900 Blake 43,300 $ 43,300 Cyrs 58,000 16,200 6,400 $35,400 De Jong 34,900 $34,900 Others 137,200 98,900 17,200 14,300 6,800 $304,200 $158,400 $37,500 $31,200 $35,400 $41,700 Estimated percentage uncollectible 1% 5% 15% 26% 62% Total estimated bad debts $ 43,197 $ 1,584 $ 1,875 $ 4,680 $ 9,204 $25,854 At...
At December 31, 2018, the Accounts Receivable balance of Austin Technology Group is $230,000. The Allowance for Bad Debts account has a $6,190 debit balance. Austin Technology Group prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements. Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. i Requirements...
Presented below is an aging schedule for Sweet Acacia Industries at December 31, 2021. Presented below is an aging schedule for Sweet Acacia Industries at December 31, 2021. Number of Days Past Due Not Yet Due Customer Total 1 -30 Over 90 31-60 61-90 Aneesh $ 23,900 $ 8,100 $15,800 Bird 28,200 $ 28,200 Cope 49,500 4,500 5,100 $39,900 DeSpears Others 37,300 $37,300 127,700 76,000 38,100 13,600 $266,600 $108,700 $51,300 $29,400 $39,900 $37,300 Estimated percentage uncollectible 3% 7% 12% 25%...
Clase Presented below is an aging schedule for Ivanhoe Company at December 31, 2021 Number of Days Past Due Not Yet Over Total Customer Due 1-30 31-60 61-90 90 $8,700 $15,000 $23,700 Aneesh Bird 27,900 $27.900 $43,700 Cope 53,500 4,900 4,900 DeSpears $38,500 38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage 3% 8% 12% 24% 61% uncollectible $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 Total estimated bad debts At December 31, 2021, the unadjusted balance...