1) Schedule
Days | Account receivable | % Uncollectible | $ Uncollectible |
Not yet due | 61400 | 2% | 1228 |
1-30 days | 13800 | 5% | 690 |
31-90 days | 9900 | 28% | 2772 |
Over 90 | 6900 | 49% | 3381 |
Total | 92000 | 8071 |
Total estimated uncollectible = 8071
2) Adjusting entry
Date | account and explanation | Debit | Credit |
Dec 31 | Bad debt expense (8071-1949) | 6122 | |
Allowance for doubtful accounts | 6122 | ||
Cullumber Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30....
Blossom Company has accounts receivable of $92,000 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,230 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Estimated Percentage Uncollectible Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Balance, March 31 2022 2021 $61,600...
Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,296 credit balance in Allowance for Doubtful Accounts p adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated - Percentage Age of Accounts 2022 2021 Uncollectible Current $66,400 $68,240 1-30 days past due 12,600 7,280 31-90 days past due 9,100 2,540 Over...
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2,212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current $65,300 $70,010 1-30 days past due 11,800 7,430 31-90 days past due Over 90 days...
Oriole Company has accounts receivable of $93,500 at March 31, 2022. Credit terms are 2/10,n/30. At March 31, 2022, there is a $2.212 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current 1-30 days past due 31-90 days past due Over 90 days past due $65,300 $70,010...
Wildhorse Co. has accounts receivable of $92,100 at March 31,
2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a
$2,081 credit balance in Allowance for Doubtful Accounts prior to
adjustment. The company uses the percentage-of-receivables basis
for estimating uncollectible accounts. The company’s estimates of
bad debts are as shown below. Balance, March 31 Estimated
Percentage Uncollectible Age of Accounts 2022 2021 Current $63,500
$80,330 2 % 1–30 days past due 11,700 7,610 5 31–90 days past...
Carla Vista Co. has accounts receivable of $92,600 at March 31, 2022. Credit terms are 2/10, n/30. At March 31, 2022, there is a $2,154 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated Percentage Uncollectible Age of Accounts 2022 2021 Current $60,500 14,000 $77,250 7,550 1-30 days past due 2,370 31-90 days past due...
Carla Vista Co. has accounts receivable of $92.600 at March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $2,154 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Estimated Percentage Uncollectible Age of Accounts Current 1-30 days past due Balance, March 31 7 2022 2021 $60,500 $77.250 14,000 7,550 2,370 8,000 1.170 $92,600...
Exercise 3-5 Wildhorse Co. has accounts receivable of $92,000 at March 31, 2017. Credit terms are 2/10, 130. At March 31, 2017, there is a $2,230 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-ofreceivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Balance, March 31 Estimated - Percentage Age of Accounts 2017 2016 Uncollectible Current 561,600 $78,910 1-30 days past due 14,100 7,420 31-90 days past...
Whispering Company has accounts receivable of $108,600 at March
31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is
a $1,500 credit balance in Allowance for Doubtful Accounts prior to
adjustment. The company uses the percentage-of-receivables basis
for estimating uncollectible accounts. The company's estimate of
bad debts is shown below.
Age of Accounts
Balance,
March 31
Age of Accounts
Balance,
March 31
Estimated Percentage
Uncollectible
2020
2019
Current
$72,300
$75,000
4%
1–30 days past due
18,200
8,000...
Exercise 3-06 ab Ivanhoe Company has accounts receivable of $95,500 at March 31, 2022. Credit terms are 2/10, 1/30. At March 31, 2022, there is a $2.296 credit balance in adjustment. The company uses the percentage-of-receivables bass for estimating collectible accounts. The company's estimates of bad bts are as shown below ce for our Account prior to Balance, March 31 Estimated Percentage Age of Accounts 2022 2021 Uncollectible Current $66,400 $68,240 1-30 days past due 12,600 7,250 31-90 days past...