1. For the Year 2020 -
2. For the Year 2021 -
Computation of Accounts Receivable -
Journal Entries and Balance Sheet -
EN LES Exercise 8-13 Aging analysis 03 CHECK FIGURE: C. Accounts receivable (net) = $402,400 Winfrey...
An aging of the company’s accounts receivable on December 31, and a historical analysis of the percentage of uncollectible accounts in each age class follow: Age Class Balance Percent Uncollectible Not past due $715,000 1% 1-30 days 310,000 2% 31-60 days 102,000 15% 61-90 days 76,000 30% 91-120 days 97,000 60% $1,300,000 a. Determine the bad debt expense for the period, and journalize the adjusting entries. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Net Realizable Value of Accounts Receivable. Accounts Receivable _____________ Allowance for Doubtful Accounts _____________ Net...
Easy Rider International is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 20Y3, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Age Interval Balance Percent Uncollectible Not past due 1,580,000 1% 1-30 days past due 750,000 2 31-60 days past due 100,000 6 61-90 days past due 60,000 14 91-180 days past due 45,000 60 Over 180 days past due 25,000 90...
Selby’s Bike Co. is a wholesaler of motorcycle supplies. An aging of the company’s accounts receivable on December 31, 2016, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Age Interval Balance Percent Uncollectible Not past due $1,410,000 0.70% 1 - 30 days past due 470,200 3 31 - 60 days past due 191,900 7 61 - 90 days past due 56,600 10 91 - 180 days past due 36,300 37 Over...
Please see the analysis of potential losses in its accounts receivable for Smith Industries below: Age Past Due Receivable Balance Estimated Loss (%) 0-30 days past due $ 70,000 0.5% 31-60 days past due 45,000 2.5% 61-90 days past due 30,000 10.0% Over three months past due 5,000 95.0% Total $150,000 During the year, $1,500 of receivables were written off. The balance of Allowance for Uncollectible Accounts is a credit of $500 on December 31, 2021 prior to adjustments....
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...
(1c) $27,000 2 Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 At December 31, Hovak Co.'s Allowance for Doubtful Accounts has an unadjusted debit balance of s past-due c. An aging analysis estimates that 6% of year-end accounts receivable are uncollectible. prg 4 balance sheet given the facts in part la halance sheet given the facts in...
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 $2,200,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,666. 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...
Check my work 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 $2,100,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,706. 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...
Entry for Uncollectible Accounts Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Age Interval Balance Estimated Uncollectible Accounts Percent Estimated Uncollectible Accounts Amount Not past due $874,000 3/4 % $6,555 1-30 days past due 96,100 2 1,922 31-60 days past due 43,700 8 3,496 61-90 days past due 31,500 18 5,670 91-180...
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...