Homework Answers
Allowance for doubtful account balance = (19500*3%+5500*12%+3500*20%) = 1945
a) Journal entry
| No | Account and explanation | Debit | Credit |
| 1 | Allowance for doubtful accounts | 790 | |
| Account receivable | 790 | ||
| 2 | Bad debt expense (1945-840) | 1105 | |
| Allowance for doubtful accounts | 1105 | ||
b) Income statement presentation
| Operating expense | |
| Bad debt expense | 1105 |
Balance sheet presentation
| Current assets | |
| Account receivable | 28500 |
| Less: Allowance for doubtful accounts | -1945 |
| 26555 |
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Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $19,500; (2) up to 120 days past due, $5,500; and (3) more than 120 days past due, $3,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2)...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $11,000, (2) up to 120 days past due, $4.000; and (3) more than 120 days past due, $3,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (14 percent. (2) 14...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1–30 days old, $12,700; (2) 31–90 days old, $5,700; and (3) more than 90 days old, $3,700. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 5 percent, (2) 10 percent, and (3) 15 percent, respectively. At...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1 to 30 days old, $12,000; (2) 31 to 90 days old, $5,000; and (3) more than 90 days old, $3,000. Experience has shown that for each age group, the average loss rate on the amount of the receivable due to uncollectibility is (1) 3 percent, (2) 15 percent, and...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: () 1-30 days old, $11,900: (2) 31-90 days old, $4.900; and (3) more than 90 days old, $2.900. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 4 percent, (2) 12 percent, and (3) 15 percent, respectively. At...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1-30 days old, $12,000: (2) 31-90 days old, $5,000; and (3) more than 90 days old, $3,000. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 5 percent, (2) 10 percent, and (3) 20 percent, respectively. At...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1–30 days old, $12,800; (2) 31–90 days old, $5,800; and (3) more than 90 days old, $3,800. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 4 percent, (2) 12 percent, and (3) 15 percent, respectively. At...
Check my wo E6-23 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using Aging Analysis...
Check my wo E6-23 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using Aging Analysis L06-2 Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $11,000; (2) up to 120 days past due, $4,000; and (3) more than 120 days past that for each age group, the average loss rate on the amount of...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each...
Casilda Company uses the aging approach to estimate bad debt
expense. The ending balance of each account receivable is aged on
the basis of three time periods as follows: (1) not yet due,
$50,800; (2) up to 180 days past due, $14,200; and (3) more than
180 days past due, $5,300. Experience has shown that for each age
group, the average loss rate on the amount of the receivables at
year-end due to uncollectibility is (1) 3 percent, (2) 12...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,600; (2) up to 180 days past due, $14,600; and (3) more than 180 days past due, $5,900. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 12...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $19,500; (2) up to 120 days past due, $5,500; and (3) more than 120 days past due, $3,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2)...
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $11,000, (2) up to 120 days past due, $4.000; and (3) more than 120 days past due, $3,500. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (14 percent. (2) 14...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1 to 30 days old, $12,000; (2) 31 to 90 days old, $5,000; and (3) more than 90 days old, $3,000. Experience has shown that for each age group, the average loss rate on the amount of the receivable due to uncollectibility is (1) 3 percent, (2) 15 percent, and...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: () 1-30 days old, $11,900: (2) 31-90 days old, $4.900; and (3) more than 90 days old, $2.900. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 4 percent, (2) 12 percent, and (3) 15 percent, respectively. At...
Brown Cow Dairy uses the aging approach to estimate Bad Debt Expense. The balance of each account receivable is aged on the basis of three time periods as follows: (1) 1-30 days old, $12,000: (2) 31-90 days old, $5,000; and (3) more than 90 days old, $3,000. For each age group, the average loss rate on the amount of the receivable due to uncollectibility is estimated to be (1) 5 percent, (2) 10 percent, and (3) 20 percent, respectively. At...
Check my wo E6-23 (Algo) Recording, Reporting, and Evaluating a Bad Debt Estimate Using Aging Analysis L06-2 Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $11,000; (2) up to 120 days past due, $4,000; and (3) more than 120 days past that for each age group, the average loss rate on the amount of...
Casilda Company uses the aging approach to estimate bad debt
expense. The ending balance of each account receivable is aged on
the basis of three time periods as follows: (1) not yet due,
$50,800; (2) up to 180 days past due, $14,200; and (3) more than
180 days past due, $5,300. Experience has shown that for each age
group, the average loss rate on the amount of the receivables at
year-end due to uncollectibility is (1) 3 percent, (2) 12...
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,600; (2) up to 180 days past due, $14,600; and (3) more than 180 days past due, $5,900. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 3 percent, (2) 12...
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