Ans a | ||||
Date | Accounts Title | Dr | Cr | |
Dec 31 2017 | Bad Debt expenses | 34400 | ||
Allowance for Doubtful Accounts | $34,400 | |||
(42400-8000) | ||||
(being bad debt expenses recorded) | ||||
T accounts | ||||
Bad Debt expenses | ||||
Allowance for Doubtful Accounts | $34,400 | |||
Ending bal | $34,400 | |||
Ans b | ||||
Date | Accounts Title | Dr | Cr | |
Marc 1 2017 | Allowance for Doubtful Accounts | 600 | ||
Accounts Receivable | $600 | |||
(being account written off as uncollectible) | ||||
May 1 2017 | Accounts Receivable | 600 | ||
Allowance for Doubtful Accounts | $600 | |||
(being account reinstated) | ||||
May 1 2017 | Cash | 600 | ||
Accounts Receivable | $600 | |||
(being cash received from customer account) | ||||
T accounts | ||||
Allowance for Doubtful Accounts | ||||
Accounts Receivable | $600 | Beg Bal | 8000 | |
Accounts Receivable | $600 | |||
Dr | Cr | |||
ans c | Bad Debt expenses | 38100 | ||
Dec 31 2017 | Allowance for Doubtful Accounts | 38100 | ||
(36700+1400 (as dr bal of allowance account so added)) | ||||
(being bad debt expenses recorded) | ||||
If any doubt please comment |
Not Yet Number of Days Past Due Customer Total Due 1-30 31-60 61-90 Over 90 24,000...
Number of Days Past Due Over Not Yet Due Total 1-30 31-60 Customer 61-90 Aneesh $ 24,500 $9,100 $15,400 Bird 28,700 $ 28,700 Cope 48,900 5,000 4,600 $39,300 DeSpears 40,000 $40,000 Others 123,600 75,800 33,500 14,300 $ 109,500 $47,200 $29,700 $39,300 $265,700 $40,000 Estimated percentage uncollectible 3% 7% 11% 24% 57% Total estimated bad debts 42,088 $3,285 $3,304 $3,267 $9.432 $22,800 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,600.
Customer Not Yet Due Total $ 23,900 Number of Days Past Due 1-30 31-60 61-90 Over 90 $ 8,100 $15,800 Aneesh Bird 28,200 $ 28,200 Cope 49,500 4,500 5,100 $39,900 De Spears 37,300 $37,300 Others 127,700 $266,600 76,000 38,100 13,600 $108,700 $51,300 $29.400 $39,900 3% 7% 12% 25% $3,261 $3,591 $3,528 $9,975 Estimated percentage uncollectible $37,300 63% $23,499 Total estimated bad debts $ 43,854 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of...
Problem: Complete the aging schedule for Emporia Company: Number of Days Past Due Not Yet Total Customer Due 61-90 Over 90 1-30 31-60 11,000 $ 20,000 30,000 50,000 38,000 126,000 9,000 Anders Baletto 30,000 15,000 5,000 30,000 Chong DeLong Others 38,000 6,000 92,000 15,000 13,000 $44.000 $264.000 $137.000 $29.000 $24.000 $30.000 Estimated Percentage Uncollectible Total Estimated Bad Debts 24% 50% 10% 5% 2% At December 31, 2019, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000;...
Presented below is an aging schedule for Bridgeport Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $ 23,700 $ 8,100 $15,600 Bird Cope De Spears 32,600 $ 32,600 48,900 4,700 4,600 $39,600 37,200 $37,200 120,900 75,400 33,100 $263,300 $112,700 $45,800 $28,000 $39,600 $37,200 Others Estimated percentage uncollectible 3% 7% 13% 26% 62% Total estimated bad debts $43,587 $ 3,381 $3,206 $3,640 $ 10,296 $23,064 At December 31,...
Presented below is an aging schedule for Oriole Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer Over 90 61-90 1-30 31-60 $ 9,600 $15,700 Aneesh $ 25,300 Bird 28,400 50,800 $ 28,400 5,500 Cope 5,200 $40,100 DeSpears 38,000 $38,000 Others 119,500 75,200 31,800 12,500 $262,000 $109,100 $46,600 $28,200 $40,100 $38,000 Estimated percentage uncollectible 3% 7% 13% 23% 59% Total estimated bad debts $ 41,844 $3,273 $3,262 $3,666 $9,223 $22,420 At December 31, 2021,...
Problem 8-3A Presented below is an aging schedule for Ivanhoe Company. Not Yet Due Number of Days Past Due Over 1-30 31-60 61-90 90 $8,700 $15,000 Customer Aneesh Bird Cope DeSpears Others Total $ 23,700 27,900 53,500 38,500 126,300 $269,900 $ 27,900 4,900 4,900 $43,700 US $38,500 77,500 $110,300 36,600 $50,200 12,200 $27,200 $43,700 $38,500 3% 8% 12% Estimated percentage uncollectible Total estimated bad debts 24% $10,488 61% $23,485 $ 44,562 $3,309 $4,016 $3,264 At December 31, 2016, the unadjusted...
Problem 8-3A Presented below is an aging schedule for Sage Hill Inc.. Customer Total Not Yet Due Number of Days Past Due 1–30 31–60 61–90 Over 90 Aneesh $ 25,300 $ 9,900 $15,400 Bird 30,300 $ 30,300 Cope 48,600 4,600 4,800 $39,200 DeSpears 40,300 $40,300 Others 125,800 75,000 36,600 14,200 $270,300 $109,900 $51,300 $29,600 $39,200 $40,300 Estimated percentage uncollectible 3% 7% 13% 22% 64% Total estimated bad debts $ 45,152 $ 3,297 $3,591 $3,848 $ 8,624 $25,792 At December...
Journalize the adjusting entry for bad debts at December 31, 2021. Post the adjusting entry for bad debts at December 31, 2021. Journalize the 2022 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. March 1, a $570 customer balance originating in 2021 is judged uncollectible. 2. May 1, a check for $570 is received from the customer whose account was written off as uncollectible on March 1. Post to the allowance account...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Customer Aneesh Bird Number of Days Past Due Not Yet Over Total Due 1-30 31-60 61-90 90 $23.700 $8,700 $15,000 27.900 $ 27,900 53,500 4,900 4,900 $43.700 38.500 $38.500 126,300 77,500 36,600 12,200 $249,900 $110,300 $50,200 $27.200 $43,700 $38.500 Cope De Spears Others Estimated percentage un collectible 3% 8% 12% 24% 61% Total estimated bad debts $44562 $3,309 $4,016 $3.264 $10.488 $23,485 At December 31, 2021, the...
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Number of Days Past Due Not Yet Due Total Customer 1-30 31-60 Over 90 61-90 Aneesh $8,700 $15,000 Bird $ 23.700 27,900 53,500 $ 27,900 4.900 Cope 4.900 $43.700 DeSpears Others 38.500 $38,500 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentage uncollectible 3% 8% 12% 24% 61% Total estimated bad debts $44,562 $3,309 $4,016 $3,264 $10,488 $23,485 At December 31, 2021, the unadjusted...