Granger Imports prepared the aging schedule below at December 31 Complete the following aging schedule. Total...
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 2. Show how CVM Manufacture will report its net accounts receivable on its December 31, 2018, balance sheet. Age of Accounts 1-30 Days 31-60 Days 61-90 Days 70,000 $ 65,000 $ 30,000 0.8 % 3.0 % 9.0 % Accounts Receivable Estimated percent uncollectible Over 90 Days $ 15,000 53.0 % colled...
Question 4 --/14 View Policies Current Attempt in Progress 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: Estimated Percentage Uncollectible 2% Number of Days Accounts Outstanding Receivable 0-30 days $710,000 31-60 days 335,000 61-90 days 104,000 Over 90 days 80,000 Total $1,229,000 6% 11% 22% $1.29 The unadjusted balance in Allowance...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for Bad Debts account has a $12,390 debit balance. Alpha Company prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the reauirements 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. Begin by determining the...
At December 31, 2018, the Accounts Receivable balance of Alpha Company is $180,000. The Allowance for Bad Debts account has a $12,390 debit balance. Alpha Company prepares the following aging schedule for its accounts receivable: (Click the lcon to view the aging schedule.) Read the reauirements 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. Begin by determining the...
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...
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...
Exercise 9-8 Aging of receivables method P3Daley 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$570,000$396,000$90,000$36,000$18,000$30,000Percent uncollectible 1%2%5%7% 10% a. Estimate the balance of the 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 $3,600 credit. c. Prepare the adjusting entry to record bad...
P6-7 Presented below is an aging schedule for Bryan Company. Customer Total $262,000 Not Yet Number of Days Past Due Due | 1-30 31-60 | 61-90 | Over 90 $107,000 $49,000 $28,000 $40,000 $38,000 Accounts receivable Estimated percentage uncollectible 3% 7% 12% 24% | 60% Total estimated bad debts $ 42,400 $ 3,210 $ 3,430 $ 3,360 $ 9,600 $22,800 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is $8,000. Instructions (a) Indicate the amount of...
Required information [The following information applies to the questions displayed below.) Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $605,000 @ $403,000 1 to 30 $97,000 3% Accounts receivable Percent uncollectible 31 to 60 $43,000 6% 61 to 90 $25,000 Over 90 $37, eee 11% 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...