1.
Over 60 days past due | $ 500 |
31-60 days past due | 270 |
1-30 days past due | 270 |
Current | 420 |
Total estimated uncollectibe accounts | $ 1,460 |
2.
Estimated uncollectible accounts | $ 1,460 |
Unadjusted balance in Allowance for Doubtful Accounts | (188) |
Amount of adjustment for estimated uncollectible accounts | $ 1,272 |
3.
Date | General Journal | Debit | Credit |
$ | $ | ||
Dec 31, 2019 | Uncollectible Accounts Expense | 1,272 | |
Allowance for Doubtful Accounts | 1,272 |
4.
Date | General Journal | Debit | Credit |
$ | $ | ||
May 10, 2020 | Allowance for Doubtful Accounts | 396 | |
Accounts Receivable: John Ash | 396 |
5.
Date | General Journal | Debit | Credit |
$ | $ | ||
June 12, 2020 | Accounts Receivable: Zeke Martin | 180 | |
Allowance for Doubtful Accounts | 180 |
6.
Date | General Journal | Debit | Credit |
$ | $ | ||
Dec 31, 2019 | Uncollectible Accounts Expense ( 56,000 x 2.5 % ) - 188 | 1,212 | |
Allowance for Doubtful Accounts | 1,212 |
5 The schedule of accounts receivable by age, shown below, was prepared for the Lucero Company...
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 $640,000 Accounts receivable Percent uncollectible $410,000 3% 1 to 30 $104,000 4% 31 to 60 61 to 90 $50,000 $32,000 Over 90 $44,000 12% 7 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...
Trump Agency separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts: In addition, the balance of Allowance for Uncollectible Accounts before adjustment is $1,000 (credit. 1. Accounts not yet due = $25,000, estimated uncollectible = 4%. 2. Accounts 1-60 days past due = $10,000: estimated uncollectible = 25%. 3. Accounts more than 60 days past due = $5,000, estimated uncollectible -50% 1. Compute the total estimated uncollectible accounts. Age Group Estimated Amount...
We were unable to transcribe this imageThe following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019 Number of Days Total Accounts Historical 3 Unpaid Receivable Uncollectible Not yet due $127,800 1-30 days past due 90,500 138 31-60 days past 54,900 198 due Over 60 days past 33, 100 348 due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of...
Credit Losses Based on Accounts Receivable Hunter, Inc, analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Probability of Age Group Balance Noncollection 0-30 days past due 500.000 31-60 days past due 20,000 61-120 days past due 11,000 5 121-180 days past due 6,000 10 Over 180 day past due 6000 5131000 The company handles credit losses using the allowance method. The credit...
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 1. Accounts not yet due - $84,000; estimated uncollectible = 5% 2. Accounts 1-30 days past due = $26.000, estimated uncollectible = 30% 3. Accounts more than 30 days past due = $6,000; estimated uncollectible -55% Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts is $840 (credit). (If no entry is required for...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016: Total Accounts Receivable $128,000 $90,700 $55,100 $33,300 Number of Days Unpaid Historical % Uncollectible Not yet due 1-30 days past due 31-60 days past due Over 60 days past due 5% 10% 16% 35% Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,397 on July 31, 2016. Prepare...
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 $665,000 tal 0 $415,000 2% Accounts receivable Percent uncollectible 1 to 30 $109,000 3% 31 to 60 $55,000 61 to 90 $37,000 8% Over 90 $49,000 11% 6% ory a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead 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 1 to 30 $104,000 31 to 60 61 to 90 Over 90 Accounts receivable $640,000 $32,000 7 $410,000 $50,000 $44,000 12 Percent uncollectible 31 4% 91 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...
At the end of the year, a company has the following accounts receivable and estimates of uncollectible accounts: 10 1. Accounts not yet due - $77,000, estimated uncollectible - 5% 2. Accounts 1-30 days past due - $36.000, estimated uncollectible = 15% 3. Accounts more than 30 days past due $8,000, estimated uncollectible 55% 6 points Record the year-end adjustment for uncollectible accounts, assuming the current balance of the Allowance for Uncollectible Accounts Is $2,000 (debit). (if no entry is...
Credit Losses Based on Accounts Receivable Miller, Inc., analyzed its accounts receivable balances at December 31 and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: Age Group Balance Probability of Noncollection 0–30 days past due $180,000 1% 31–60 days past due 40,000 4% 61–120 days past due 22,000 5% 121–180 days past due 14,000 12% Over 180 days past due 8,000 25% $264,000 The company handles credit losses using the allowance...