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Instructions First Question A Determine the number of days past due for each of the accounts...
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Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Customer Balance Subtotals 687,500 405,600 151,300 61,900 34,400 34,300 Boyd Industries 13,700 15,600 6,900 7,900 Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals Percentage uncollectible Allowance for Doubtful Accounts 13,700 15,600 6,900 7,900 28,700 28,700 760,300 434,300...
Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Acme Industries Inc. 5,500 5,500 Alliance Company 4,600 4,600 Zollinger Company 7,900 7,900 Subtotals 850,500 513,800 187,100 81,600 42,500 25,500 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer...
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 702,200 414,300 154,500 63,200 35,100 35,100 Boyd Industries 14,600 14,600 Hodges Company 15,800 15,800 Kent Creek Inc. 7,300 7,300 Lockwood Company 7,500 7,500 Van Epps Company 29,200 29,200 Totals 776,600 443,500 162,000 70,500 50,900 49,700 Percentage uncollectible 2% 6%...
Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 788,100 465,000 173,400 70,900 39,400 39,400 Boyd Industries 12,000 12,000 Hodges Company 21,600 21,600 Kent Creek Inc. 6,300 6,300 Lockwood Company 8,100 8,100 Van Epps Company 25,700 25,700 Totals 861,800 490,700 181,500 77,200 61,000 51,400 Percentage uncollectible 1% 6% 25% 35% 50% Allowance...
Aging Method Information Current 0 - 30 Days Past Due 31 - 60 Days Past Due 61 - 90 Days Past Due > 90 Days Past Due Total Amount Past experience ratio Past experience ratio for % of sales method Facts: Accounts receivable balance (beg) Sales on account Collections on account Write-offs of accounts receivable Accounts receivable balance (end) Percentage of Sales Method Allowance for uncollectible accounts (beg) Write-offs of accounts receivable Uncollectible accounts expense Allowance for Uncollectible accounts...
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Category Receivable Total 0-30 days $91,550 31-90 days 34,230 Over 90 days 23,170 Percentage Uncollectible 8% 1696 37% Determine the estimated uncollectible bad debt from Marshall Inc. Using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two...
Following is a list of credit customers along with their amounts owed due and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Following is a list of credit customers along with their amounts owed due and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Days Past Due 0...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Historical Uncollectible Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Total Accounts Receivable $127, 100 89,800 54,200 32,400 113 178 Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,127 on July 31, 2019. Prepare the required...
Build a table/schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Please write the journal entry required to record the full allowance for bad debt needed. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Build a table and establish the correct Allowance: Number of Days...
Daley Company prepared the following aging of receivables analysis at December 31.Days Past DueTotal0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable$585,000$399,000$93,000$39,000$21,000$33,000Percent uncollectible 1%2%5%7% 10%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 Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,900 credit. c. Prepare the adjusting entry to record bad debts...