Homework Answers
Question
Answer
| days after due date | |||||||||
| Note due | 1 - 3 0 | 31 - 60 | > 60 | Total | |||||
| Account Receivable | $4,000 | $2,100 | $800 | $400 | $7,300 | ||||
| % Desired ADA Balance | 4% | 10% | 45% | 65% | |||||
| ADA Balance | $160 | $210 | $360 | $260 | $990 | ||||
| P. | Estimated Bad debts | $990 | |||||||
| Q. | Jouranal Entry | ||||||||
| Bad Debts Dr | 730 | ||||||||
| Allowance for doubtful A/c | 730 | ||||||||
| Dr | Allowance for doubtful A/c | Cr | |||||||
| By balance b/d | $260 | ||||||||
| To Account Receivable | $990 | ||||||||
| By Bad debts | $730 | ||||||||
| $990 | $990 | ||||||||
| R. | Balance sheet Extract | ||||||||
| Account Receivable | $7300 | ||||||||
| Less: Allowance for | |||||||||
| doubtful | $990 | ||||||||
| $6370 |
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Aging Method Bush Company showed the following...
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...
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...
QS 7-9 Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw...
QS 7-9 Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Accounts receivable Percent uncollectible Total $115,200 $80,000 1x 1 to 30 $18,000 3x 31 to 60 $ 7,200 5% 61 to 90 $ 4,000 8 Over 90 $ 6,000 11% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to...
At December 31 (before adjusting journal entries), the Allowance for Doubtful Accounts of a company showed...
At December 31 (before adjusting journal entries), the Allowance for Doubtful Accounts of a company showed a credit balance of $1,400 and the Accounts Receivable account showed a balance of $88,000. An aging of the accounts receivable indicated that the amount expected to be uncollectible was $2,200. The accountant also does a calculation based on the company’s net credit sales and determines an alternate estimate of bad debt based on those net sales would show $1,900 uncollectible. If the accountant...
Daley Company prepared the following aging of receivables analysis at December 31. Exercise 9-8 Aging of...
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...
Crowe Company uses the aging method to adjust the allowance for uncollectible accounts at the end...
Crowe Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2017, the balance of accounts receivable is $230,000 and the allowance for uncollectible accounts has a credit balance of $6,000 (before adjustment). An analysis of accounts receivable produced the following age groups (Click the icon to view the accounts receivable aging information.) The adjusting entry for bad debt expense was made in the amount of $11,560. What is...
Unit Assesment 7- prepare a receivables aging This assessment addresses the following course objective(s): Record various...
Unit Assesment 7- prepare a receivables aging
This assessment addresses the following course
objective(s):
Record various business transactions in accordance with
generally accepted accounting principles.
In this assignment, we will estimate the amount for the
allowance account by analyzing and aging Accounts Receivable.
Wright Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Total Days Past Due 01-30 411,000 105000 29 1.109 000 Accounts receivable Percent uncollectible 31-60 515000 5%...
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis....
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total $129,000 $84,000 1 to 30 31 to 60 61 to 90 over 90 $22,000 $9,000 $6,000 $8,000 Accounts receivable Percent uncollectible 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a...
please help with these accounting problems! all questions please and thank you! 6. An aging of...
please help with these accounting problems! all questions
please and thank you!
6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
P6-7 Presented below is an aging schedule for Bryan Company. Customer Total $262,000 Not Yet Number...
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...
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...
QS 7-9 Aging of receivables method LO P3 Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Accounts receivable Percent uncollectible Total $115,200 $80,000 1x 1 to 30 $18,000 3x 31 to 60 $ 7,200 5% 61 to 90 $ 4,000 8 Over 90 $ 6,000 11% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to...
Crowe Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, 2017, the balance of accounts receivable is $230,000 and the allowance for uncollectible accounts has a credit balance of $6,000 (before adjustment). An analysis of accounts receivable produced the following age groups (Click the icon to view the accounts receivable aging information.) The adjusting entry for bad debt expense was made in the amount of $11,560. What is...
Unit Assesment 7- prepare a receivables aging
This assessment addresses the following course
objective(s):
Record various business transactions in accordance with
generally accepted accounting principles.
In this assignment, we will estimate the amount for the
allowance account by analyzing and aging Accounts Receivable.
Wright Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Total Days Past Due 01-30 411,000 105000 29 1.109 000 Accounts receivable Percent uncollectible 31-60 515000 5%...
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total $129,000 $84,000 1 to 30 31 to 60 61 to 90 over 90 $22,000 $9,000 $6,000 $8,000 Accounts receivable Percent uncollectible 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a...
please help with these accounting problems! all questions
please and thank you!
6. An aging of a company's accounts receivable indicates that $9,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,400 credit balance, the adjustment to record bad debts for the period will require a A) debit to Bad Debt Expense for $9,000. B) debit to Allowance for Doubtful Accounts for $6,600. C) debit to Bad Debt Expense for $6,600. D) credit to Allowance for...
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...
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