Homework Answers
Ending balance for allowance for doubtful accounts= $ 1,949
Adjusting entry for bad debts---
| Transaction | General Journal | Debit | Credit |
| (a) | Bad debts expense | $ 991.00 | |
| Allowance for doubtful accounts | $ 991.00 | ||
| (To record bad debts expense) |
Working
| Accounts receivables | x | Percent Uncollectable (%) | = | Estimated Uncollectable | |
| Current | $ 24,400.00 | x | 2.00% | = | $ 488.00 |
| 1 to 60 days due | $ 7,350.00 | x | 8.00% | = | $ 588.00 |
| 61 to 90 days due | $ 3,380.00 | x | 15.00% | = | $ 507.00 |
| 91 and up | $ 1,220.00 | x | 30.00% | = | $ 366.00 |
| Estimated balance of allowance for doubtful accounts/ Ending balance required | $ 1,949.00 | ||||
.
| Estimated balance of allowance for uncollectables | $ 1,949.00 | Cr |
| Balance in Allowance for uncollectable account (Cr) | $ 958.00 | Cr |
| Total bad debts to be recorded | $ 991.00 | Cr |
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Timber Company has given you the following information from its aging of accounts receivable. Using this...
Cedar Corp. has given you the following information from its aging of Accounts Receivable. Using this...
Cedar Corp. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current 31 -60 days 61 - 90 days 91 and up $19.000 3,200 2,900 2,000 4% uncollectible 6% uncollectible 10% uncollectible 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $160 credit. O A. $1,722 OB. $1,402 OC. $1,562 OD. None of the above
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...
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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...
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...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
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...
An aging of the company’s accounts receivable on December 31, and a historical analysis of the...
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7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. ints Days Past Due Skipped 1 Total $635,000 0 $400,000 to 30 $103,000 31 to 60 61 to 90 $49,000 $31,000 Over 90 $43,000 Book Accounts receivable Percent uncollectible Hint Print references a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging s...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Proportion Allowance Receivable Age Amount Expected Required to Default Current $310,500 0.005 $1,553 1-30 days past due 47,500 0.01 475 31-45 days past due 25,000 0.13 3,250 46-90 days past due 2,560 91-135 days past due 6,100 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 12,800 0.20 The balance in Glencoe's allowance for...
Cedar Corp. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current 31 -60 days 61 - 90 days 91 and up $19.000 3,200 2,900 2,000 4% uncollectible 6% uncollectible 10% uncollectible 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $160 credit. O A. $1,722 OB. $1,402 OC. $1,562 OD. None of the above
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...
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...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the following
4. A company uses the aging of accounts receivable method to estimate its bad debts expense On December 31 of the current year an aging analysis of accounts receivable revealed the following Account Age Current (not yet due) 1-30 days past due 30 60 days past due 61-90 days...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. ints Days Past Due Skipped 1 Total $635,000 0 $400,000 to 30 $103,000 31 to 60 61 to 90 $49,000 $31,000 Over 90 $43,000 Book Accounts receivable Percent uncollectible Hint Print references a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging...
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