Homework Answers
Table
| Days | Account receivable | % uncollectible | $ uncollectible |
| 0-30 days past due | 90000 | 1% | 900 |
| 31-60 days past due | 20000 | 2% | 400 |
| 61-120 days past due | 11000 | 5% | 550 |
| 121-180 days past due | 6000 | 10% | 600 |
| Over 180 days | 6000 | 25% | 1500 |
| Total | 3950 | ||
Journal entry
| Date | account and explanation | Debit | Credit |
| Dec 31 | Bad debt expense (3950-820) | 3130 | |
| Allowance for doubtful accounts | 3130 | ||
| (To record allowance for losses) | |||
| Apr 10 | Allowance for doubtful accounts | 650 | |
| Account receivable | 650 | ||
| (To write off Rose Company's account) |
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Credit Losses Based on Accounts Receivable Hunter, Inc, analyzed its accounts receivable balances at December 31,...
Credit Losses Based on Accounts Receivable Hunter, Inc., analyzed its accounts receivable balances at December 31,...
Credit Losses Based on Accounts Receivable Hunter, Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Age Group Balance Probability of Noncollection 0-30 days past due $94,000 1% 31-60 days past due 24,000 2% 61-120 days past due 15,000 5% 121-180 days past due 10,000 10% Over 180 days past due 8,000 25% $151,000 The company handles credit losses using the allowance...
Credit Losses Based on Accounts Receivable Miller, Inc., analyzed its accounts receivable balances at December 31...
Credit Losses Based on Accounts Receivable Miller, Inc., analyzed its accounts receivable balances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Age Group Balance Probability of Noncollection 0–30 days past due $180,000 1% 31–60 days past due 40,000 4% 61–120 days past due 22,000 5% 121–180 days past due 14,000 12% Over 180 days past due 8,000 25% $264,000 The company handles credit losses using the allowance...
FBusinessCourse Return to course Msubser prons Credit Losses Based on Accounts Recelvable Bily, Inc, analyzed its...
FBusinessCourse Return to course Msubser prons Credit Losses Based on Accounts Recelvable Bily, Inc, analyzed its accounts receivable balances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due Balance Noncollection $320,000 60,000 3% 33.000 6% 18.000 10% 25% 14,000 $445,000 The company handles...
Credit Losses Based on Accounts Receivable At December 31, the Selling Company had a balance of...
Credit Losses Based on Accounts Receivable At December 31, the Selling Company had a balance of $1,494,800 in its Accounts Receivable account and a credit balance of $16,800 in the Allowance for Doubtful Accounts account. The accounts receivable T-account consisted of $1,516,000 in debit balances and $21,200 in credit balances. The company aged its accounts as follows: Current $1,220,000 0-60 days past due 180,000 61-180 days past due 76,000 Over 180 days past due 40,000 $1,516,000 In the past, the...
for Doubtful Accounts account. The accounts receivable T-account consisted of $370,000 in debit balances and 55,100...
for Doubtful Accounts account. The accounts receivable T-account consisted of $370,000 in debit balances and 55,100 in credit balances. The company aged its accounts as follows: Current 1303,000 0-60 days past due 42.000 61-180 days past due 17.000 Over 100 days past due 8.000 5370,000 in the past, the company has experienced credit losses as follows: 1% of current balances, 5 of balances 0-60 days past due, 15% of balances 61-180 days past due, and 40% of balances over six...
5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company...
5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 2019: Skipped LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past Due-Day Account Balance Current 1-30 31-60 Over 60 Adson, Paul $ 730.00 $ 730.00 Allen, Alfred 760.00 $ 580.00 $ 180.00 Ash, John 396.00 $ 396.00 Bae, John 280.00 280.00 Barker, Kelsie 120.00 82.00 38.00 Bentley, Maggie 428.00 160.00...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Total Accounts Receivable $128,000 $90,700 $55,100 $33,300 Number of Days Unpaid Historical % Uncollectible Not yet due 1-30 days past due 31-60 days past due Over 60 days past due 5% 10% 16% 35% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,397 on July 31, 2016. Prepare...
FBusinessCourse Return to course Msubser prons Credit Losses Based on Accounts Recelvable Bily, Inc, analyzed its accounts receivable balances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due Balance Noncollection $320,000 60,000 3% 33.000 6% 18.000 10% 25% 14,000 $445,000 The company handles...
for Doubtful Accounts account. The accounts receivable T-account consisted of $370,000 in debit balances and 55,100 in credit balances. The company aged its accounts as follows: Current 1303,000 0-60 days past due 42.000 61-180 days past due 17.000 Over 100 days past due 8.000 5370,000 in the past, the company has experienced credit losses as follows: 1% of current balances, 5 of balances 0-60 days past due, 15% of balances 61-180 days past due, and 40% of balances over six...
5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company at the end of the firm's fiscal year on December 31, 2019: Skipped LUCERO COMPANY Schedule of Accounts Receivable by Age December 31, 2019 Past Due-Day Account Balance Current 1-30 31-60 Over 60 Adson, Paul $ 730.00 $ 730.00 Allen, Alfred 760.00 $ 580.00 $ 180.00 Ash, John 396.00 $ 396.00 Bae, John 280.00 280.00 Barker, Kelsie 120.00 82.00 38.00 Bentley, Maggie 428.00 160.00...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
Credit Losses Based on Credit Sales Gregg Company uses the allowance method for recording its expected credit losses. It estimates credit losses at three percent of credit sales, which were $900,000 during the year. On December 31, the Accounts Receivable balance was $150,000, and the Allowance for Doubtful Accounts had a credit balance of $12,200 before adjustment. a. Prepare the adjusting entry to record the credit losses for the year b. Show how Accounts Receivable and the Allowance for Doubtful...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Total Accounts Receivable $128,000 $90,700 $55,100 $33,300 Number of Days Unpaid Historical % Uncollectible Not yet due 1-30 days past due 31-60 days past due Over 60 days past due 5% 10% 16% 35% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,397 on July 31, 2016. Prepare...
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