how do I answer to question 59
and 60
Homework Answers
(1)
balance in the Allowance for Doubtful Accounts account after adjustment = unadjusted credit balance of the Allowance for Doubtful Accounts + Bad Debt Expense for the year
= $2000 + $10000
= $12000
(2)
Bad Debt Expense for the year = estimated uncollectible - unadjusted credit balance of the Allowance for Doubtful Accounts
= $12000 - $2000
= $10000
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how do I answer to question 59
and 60
Use the following information for questions 59-60....
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 $665,000 Accounts receivable Percent uncollectible $415,000 2% 1 to 30 $109,000 3% 31 to 60 $55,000 6% 61 to 90 $37,000 8% Over 90 $49,000 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...
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 1 to 30 $104,000 31 to 60 61 to 90 Over 90 Accounts receivable $640,000 $32,000 7 $410,000 $50,000 $44,000 12 Percent uncollectible 31 4% 91 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...
this is question 4 this is question 5 Use the following information for the Exercises below....
this is question 4
this is question 5
Use the following information for the Exercises below. [The following information applies to the questions displayed below Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Over 90 31 to 60 $37,000 6% 61 to 90 Total 1 to 30 $31,000 $397,000 2% $19,e00 8% $575,000 $91,000 Accounts receivable Percent uncollectible 11% 3% Exercise 9-8 Aging of receivables method LO P3 a. Complete the below table...
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 $585,000 $399,000 Accounts receivable Percent uncollectible 1 to 30 31 to 60 61 to 90 Over 90 $93,000 $39,000 $21,000 $33,000 26 54 74 105 1 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of...
please help with these accounting problems! all questions please and thank you! 11. Nichols Company uses...
please help with these accounting problems! all questions please
and thank you!
11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? A) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 B) Bad...
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...
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 $640,000 Accounts receivable Percent uncollectible $410,000 3% 1 to 30 $104,000 4% 31 to 60 61 to 90 $50,000 $32,000 Over 90 $44,000 12% 7 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 Bad...
Required information [The following information applies to the questions displayed below.] 1.48 Daley Company prepared the...
Required information [The following information applies to the questions displayed below.] 1.48 Daley Company prepared the following aging of receivables analysis at December 31. points Days Past Due Total $645,000 $411,000 Accounts receivable Percent uncollectible 1 to 30 $105,000 2% 31 to 60 $51,000 5% 61 to 90 $33,000 7% Over 90 $45,000 10% eBook 1% Hint Print a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare...
Refer to the information in Exercise 9.8 to complete the following requirements. Exercise 9-9 a. Estimate...
Refer to the information in Exercise 9.8 to complete the following requirements. Exercise 9-9 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of Percent of receivables total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. method b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the P3 unadjusted balance in the Allowance for Doubtful Accounts is a $12.000 credit. c. Prepare...
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 $665,000 tal 0 $415,000 2% Accounts receivable Percent uncollectible 1 to 30 $109,000 3% 31 to 60 $55,000 61 to 90 $37,000 8% Over 90 $49,000 11% 6% ory a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of...
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 $665,000 Accounts receivable Percent uncollectible $415,000 2% 1 to 30 $109,000 3% 31 to 60 $55,000 6% 61 to 90 $37,000 8% Over 90 $49,000 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...
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 1 to 30 $104,000 31 to 60 61 to 90 Over 90 Accounts receivable $640,000 $32,000 7 $410,000 $50,000 $44,000 12 Percent uncollectible 31 4% 91 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...
this is question 4
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Use the following information for the Exercises below. [The following information applies to the questions displayed below Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Over 90 31 to 60 $37,000 6% 61 to 90 Total 1 to 30 $31,000 $397,000 2% $19,e00 8% $575,000 $91,000 Accounts receivable Percent uncollectible 11% 3% Exercise 9-8 Aging of receivables method LO P3 a. Complete the below table...
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 $585,000 $399,000 Accounts receivable Percent uncollectible 1 to 30 31 to 60 61 to 90 Over 90 $93,000 $39,000 $21,000 $33,000 26 54 74 105 1 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of...
please help with these accounting problems! all questions please
and thank you!
11. Nichols Company uses the percentage of receivables method for recording bad debts expense. The accounts receivable balance is $250,000 and credit sales are $1,000,000. Management estimates that 4% of accounts receivable will be uncollectible. What adjusting entry will Nichols Company make if the Allowance for Doubtful Accounts has a credit balance of $2,500 before adjustment? A) Bad Debts Expense 10,000 Allowance for Doubtful Accounts 10,000 B) Bad...
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...
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 $640,000 Accounts receivable Percent uncollectible $410,000 3% 1 to 30 $104,000 4% 31 to 60 61 to 90 $50,000 $32,000 Over 90 $44,000 12% 7 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 Bad...
Required information [The following information applies to the questions displayed below.] 1.48 Daley Company prepared the following aging of receivables analysis at December 31. points Days Past Due Total $645,000 $411,000 Accounts receivable Percent uncollectible 1 to 30 $105,000 2% 31 to 60 $51,000 5% 61 to 90 $33,000 7% Over 90 $45,000 10% eBook 1% Hint Print a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare...
Refer to the information in Exercise 9.8 to complete the following requirements. Exercise 9-9 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% of Percent of receivables total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. method b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the P3 unadjusted balance in the Allowance for Doubtful Accounts is a $12.000 credit. c. Prepare...
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 $665,000 tal 0 $415,000 2% Accounts receivable Percent uncollectible 1 to 30 $109,000 3% 31 to 60 $55,000 61 to 90 $37,000 8% Over 90 $49,000 11% 6% ory a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of...
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