Homework Answers
| Current estimated uncollectible amount | 73,700 |
| Current balance: Allowance for doubtful accounts | - 2,250 |
| Required amount of journal entry | $71,450 |
Journal
|
March 31 |
Bad debt expense |
$71,450 |
|
|
Allowance for doubtful accounts |
$71,450 |
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What-If, Inc. has accounts receivable at September 30 of $935,000. At September 30, prior to adjustment,...
Canarie Ltd. prepares an aging schedule for its accounts receivable at the end of each month...
Canarie Ltd. prepares an aging schedule for its accounts
receivable at the end of each month and records bad debts expense
monthly. The following selected information is from Canarie’s
partial aging schedule at the end of July:
Number of
Days
Outstanding
Accounts
Receivable
Estimated
Percentage
Uncollectible
0–30 days
$719,000
2%
31–60 days
326,000
6%
61–90 days
121,000
11%
Over 90 days
78,000
23%
Total
$1,244,000
The unadjusted balance in Allowance for Doubtful Accounts is a
credit of $13,000.
(a)
Your...
Marshall Ltd. prepares an aging schedule for its accounts receivable at the end of each month...
Marshall Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected information is from Marshall's partial aging schedule at the end of July: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable $710,000 335,000 104,000 80,000 $1,229,000 Estimated Percentage Uncollectible 2% 6% 11% 22% The unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,990. ✓ Your...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 (The...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 (The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,500,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,900. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following...
Wildhorse Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 166,400 71,700 37,800 32,600 15,700 $8,600 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31,...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's entry for bad debt expense. The age data of accounts receivable is as follows: Estimated Percentage Uncollectible 1% 3% 6% 15% 30% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211.000 (a) Make the bad debts expense adjusting journal entry...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 The...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,400,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,904. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category...
At December 31, 2018, the Accounts Receivable balance of Austin Technology Group is $230,000. The Allowance...
At December 31, 2018, the Accounts Receivable balance of Austin Technology Group is $230,000. The Allowance for Bad Debts account has a $6,190 debit balance. Austin Technology Group prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements. Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. i Requirements...
Honey Co. has accounts receivable of $97,900 at April 31, 2023. Credit terms are 2/10, n/30....
Honey Co. has accounts receivable of $97,900 at April 31, 2023. Credit terms are 2/10, n/30. At April 31, 2023, there is a $1,951 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, April 31 Estimated Percentage Uncollectible Age of Accounts 2023 2022 Current $69,000 $80,200 2 % 1–30 days past due 12,000 7,260 5 31–90 days past...
Whispering Company has accounts receivable of $108,600 at March 31, 2020. Credit terms are 2/10, n/30....
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...
y to record estimated bad debes for July Regat Part 2 During ding accounts receivable ransactions...
y to record estimated bad debes for July Regat Part 2 During ding accounts receivable ransactions and the adjustin August, total sales of $957.000 were recorded, all on credit. Sales returns and allowances 000. Collections during the month were $312.000, which included the recovery of $2.000 from sch . Count written off in a previous month. No accounts were written off during August. Tippleton Company ed its method of estimating bad debts to the balance sheet approach because the new...
Canarie Ltd. prepares an aging schedule for its accounts
receivable at the end of each month and records bad debts expense
monthly. The following selected information is from Canarie’s
partial aging schedule at the end of July:
Number of
Days
Outstanding
Accounts
Receivable
Estimated
Percentage
Uncollectible
0–30 days
$719,000
2%
31–60 days
326,000
6%
61–90 days
121,000
11%
Over 90 days
78,000
23%
Total
$1,244,000
The unadjusted balance in Allowance for Doubtful Accounts is a
credit of $13,000.
(a)
Your...
Marshall Ltd. prepares an aging schedule for its accounts receivable at the end of each month and records bad debts expense monthly. The following selected information is from Marshall's partial aging schedule at the end of July: Number of Days Outstanding 0-30 days 31-60 days 61-90 days Over 90 days Total Accounts Receivable $710,000 335,000 104,000 80,000 $1,229,000 Estimated Percentage Uncollectible 2% 6% 11% 22% The unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,990. ✓ Your...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 (The following information applies to the questions displayed below.) Jarden Company has credit sales of $2,500,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,900. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category...
2. Champ Corporation has a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's entry for bad debt expense. The age data of accounts receivable is as follows: Estimated Percentage Uncollectible 1% 3% 6% 15% 30% Current Accounts 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Total Accounts Receivable $170,000 15,000 12,000 5,000 9,000 $211.000 (a) Make the bad debts expense adjusting journal entry...
Required information Problem 9-3A Aging accounts receivable and accounting for bad debts LO P2, P3 The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,400,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,904. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category...
At December 31, 2018, the Accounts Receivable balance of Austin Technology Group is $230,000. The Allowance for Bad Debts account has a $6,190 debit balance. Austin Technology Group prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements. Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. i Requirements...
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...
y to record estimated bad debes for July Regat Part 2 During ding accounts receivable ransactions and the adjustin August, total sales of $957.000 were recorded, all on credit. Sales returns and allowances 000. Collections during the month were $312.000, which included the recovery of $2.000 from sch . Count written off in a previous month. No accounts were written off during August. Tippleton Company ed its method of estimating bad debts to the balance sheet approach because the new...
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