Homework Answers
Journal Entry:
| Account title and Explanation | Debit | Credit |
| Bad debt expense | $61,952 | |
| Allowance for Uncollectible Accounts | $61,952 | |
| [To record bad debt expense] |
Calculations:
| Current | 1-30 Days | 31-60 Days | 61-90 Days | Over 90 Days | Total | |
| Accounts receivable | $238,000 | $127,500 | $112,000 | $56,300 | $19,400 | |
| x Allowance provided | 5% | 10% | 18% | 44% | 80% | |
| = Uncollectibles | $11,900 | $12,750 | $20,160 | $24,772 | $15,520 | $85,102 |
Bad debt expense:
| Allowance for Uncollectible Accounts, Ending Balance | $85,102 |
| (Less): Allowance for Uncollectible Accounts, Beginning Balance | ($23,150) |
| Bad Debt expense | $61,952 |
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2. ABC Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in thousands): Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $10,000 15,000 8,000 7,500 $40,500 Estimated % uncollectible 1% 5% 10% 30% a. Determine the appropriate allowance for uncollectible accounts. b. How will ABC Corporation report its accounts receivable on the balance sheet?
Problem 3 (10 points): Heller Corporation has aged its accounts receivable and estimated uncollectible accounts as follows (in millions): Estimated % uncollectible 1% 3% Age of Receivables Current 30-60 days past due 61-90 days past due Over 90 days past due Total Balance $11,000 2,400 1,700 840 $15,940 6% 10% a. Determine the appropriate allowance for uncollectible accounts. b. How will Heller Corporation report its accounts receivable on the balance sheet?
Aging Schedule (Excel) Mets Company had a $1,000 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $110,000 2% 1-30 days past due 30,000 5% 31-60 days past due 20,000 8% 61-90 days past due 25,000 15% Over 90 days past due 15,000 40% Total Accounts Receivable $200.000 Instructions: You must show and explain your answers...
Aging Schedule (Excel) MetS company had a $1,000 credit balance in Allowance for Doubtful Accounts at December 31, 2018, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $110,000 2% 1-30 days past due 30,000 31-60 days past due 20,000 8% 61-90 days past due 25,000 15% Over 90 days past due 15,000 40% Total Accounts Receivable $200.000 5% Instructions: You must show and explain your answers...
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2. Complete Problem 7 All parts, for part e, only record transactions related to the account balance that was written off. P7. Aging of Accounts Receivable, Write-offs, Journal Entries. Council Company develops an aged schedule of accounts receivable at the end of each year. Council Company: Aged Schedule of Accounts Receivable Past Due 1-30 31-60 61-90 Over 90 Customer Current Days Days Days Days Totals Grey City Products $ 82,500 82,500 Smokey Industries $45,780 $168.900 345,000 559,680 Bleak Enterprises $567000...
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...
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