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The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense for...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
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...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Historical Uncollectible Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Total Accounts Receivable $127, 100 89,800 54,200 32,400 113 178 Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,127 on July 31, 2019. Prepare the required...
We were unable to transcribe this imageThe following summarizes the aging of accounts receivable for Johnston...
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...
Build a table/schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Please...
Build a table/schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Please write the journal entry required to record the full allowance for bad debt needed. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Build a table and establish the correct Allowance: Number of Days...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's ending net receivables were $124,000 during 2017 and $140,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $138,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,500. The company reported Bad Debt Expense of $8,560 during 2019. Required: a. Determine the net receivables at December 31, 2019. b. Calculate the receivables turnover ratio for 2018...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging s...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Proportion Allowance Receivable Age Amount Expected Required to Default Current $310,500 0.005 $1,553 1-30 days past due 47,500 0.01 475 31-45 days past due 25,000 0.13 3,250 46-90 days past due 2,560 91-135 days past due 6,100 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 12,800 0.20 The balance in Glencoe's allowance for...
Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging...
Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable Age Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due Amount $310,500 47,500 25,000 12,800 6,100 4,200 Proportion Expected 10 Default 0.005 0.01 0.13 0.20 0.25 0.60 Allowance Required $ 1,553 475 3,250 2,560 1,525 2,520 $11.883 The balance in Glencoe's...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable - $91,000 Allowance for Uncollectible Accounts - $1700 (credit) The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: 62 APCGroup Not yet due e - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $ 49, eee 23,000 20% 12.000 50% 7,000 90% $...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2016 Total Accounts | Receivable $127,300 $90,000 $54,400 $32600 Historical % Uncollectible 296 1296 18% 34% Number of Days Unpaid Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,187 on July 31, 2016. Prepare the required adjusting entry to record Bad Debt Expense 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...
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Historical Uncollectible Number of Days Unpaid Not yet due 1-30 days past due 31-60 days past due Over 60 days past due Total Accounts Receivable $127, 100 89,800 54,200 32,400 113 178 Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $29,127 on July 31, 2019. Prepare the required...
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...
Build a table/schedule to estimate an appropriate year-end balance for the Allowance for Doubtful Accounts. Please write the journal entry required to record the full allowance for bad debt needed. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Build a table and establish the correct Allowance: Number of Days...
Geisel, Inc. reported net sales revenue of $525,000 in 2018 and $617,000 in 2019. The company's ending net receivables were $124,000 during 2017 and $140,000 during 2018. At December 31, 2019, the company had Accounts Receivable of $138,000 and an unadjusted debit balance in its Allowance for Doubtful Accounts account of $1,500. The company reported Bad Debt Expense of $8,560 during 2019. Required: a. Determine the net receivables at December 31, 2019. b. Calculate the receivables turnover ratio for 2018...
Exercise 5-68 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Proportion Allowance Receivable Age Amount Expected Required to Default Current $310,500 0.005 $1,553 1-30 days past due 47,500 0.01 475 31-45 days past due 25,000 0.13 3,250 46-90 days past due 2,560 91-135 days past due 6,100 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 12,800 0.20 The balance in Glencoe's allowance for...
Exercise 5-49 (Algorithmic) Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable Age Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due Amount $310,500 47,500 25,000 12,800 6,100 4,200 Proportion Expected 10 Default 0.005 0.01 0.13 0.20 0.25 0.60 Allowance Required $ 1,553 475 3,250 2,560 1,525 2,520 $11.883 The balance in Glencoe's...
ement A company has the following balances on December 31, 2021, before any year-end adjustments: Accounts Receivable - $91,000 Allowance for Uncollectible Accounts - $1700 (credit) The company estimates uncollectible accounts based on an aging of accounts receivable as shown below: 62 APCGroup Not yet due e - 30 days past due 31 - 90 days past due More than 90 days past due Total Estimated Amount Percent Receivable Uncollectible $ 49, eee 23,000 20% 12.000 50% 7,000 90% $...
Swiss Supplies showed the following selected adjusted balances at its December 31, 2019, year-end: Accounts Receivable Dec. 31/19 Balance 390,000 Allowance for Doubtful Accounts 20,400 Dec. 31/19 Balance During 2020, the following selected transactions occurred: a. Sales totalled $2,780,000, of which 25% were cash sales (cost of sales $1,795,000). b. Sales returns were $118,000, half regarding credit sales. The returned merchandise was scrapped. c. An account for $34,000 was recovered. d. Several accounts were written off: $36,000. e. Collections from...
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