Problem 7.3A Aging Accounts Receivable; Write-offs L.O. 1,5 Super Star, a Hollywood publicity firm, uses the...
QUESTION 5 (14 marks) Super Star Limited uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at December 31, 2018. Number of Days Outstanding 31-60 61-90 91-120 Total 0-30 Over 120 $193,000 $70,000 1% $46,000 3% $39,000 5% $23,000 8% $15.000 10% Accounts receivable balance Estimated Uncollectible % Estimated uncollectible amount $ ?? Required: (Explanations for each journal entry are NOT required.) a. Calculate the total estimated uncollectible amount based...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000 61-90 $12,000 Over 90 $2,000 Current 1-30 $ 60,000 $ 40,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 2 % 16 40 90...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due Current 1–30 31–60 61–90 Over 90 $ 60,000 $ 40,000 $ 25,000 $ 12,000 $ 2,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding 2 % Receivables 1–30 days past due 4 Receivables 31–60 days past due 16 Receivables 61–90 days past...
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...
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 $2,500,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,900. 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...
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...
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...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $83,000; Allowance for Uncollectible Accounts = $1,100 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Estimated Amount Percent Age Group Receivable Uncollectible Not yet due $ 45,000 3 % 0 − 30 days past due 17,000 25 % 31 − 90 days past due 13,000 50 % More than 90 days past due 8,000 70...
A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable = $79,000; Allowance for Uncollectible Accounts = $1,300 (credit). The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: Ace Group Not yet due - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $42,000 4% 22,080 28% 13,800 40% 2.000 85% $79,800 Record the adjustment...
Kidz Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $20,000 28 61-90 days 6,000 158 More than 90 days past due 2,000 Total $28,000 503 At what amount would Allowance for Uncollectible Accounts be reported in the current year's balance sheet? At the beginning of the year, Dawnetta Fashions has total accounts receivable of $300,000. By the end of the year, Dawnetta reports total...