Adjustment for Uncollectible Accounts
Below is the aging of receivables schedule for Evers Industries.
Aging-of-Receivables Schedule November 30 |
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Customer | Balance | Not Past Due | 1-30 Days Past Due |
31-60 Days Past Due |
61-90 Days Past Due |
Over 90 Days Past Due |
Subtotals | 702,200 | 414,300 | 154,500 | 63,200 | 35,100 | 35,100 |
Boyd Industries | 14,600 | 14,600 | ||||
Hodges Company | 15,800 | 15,800 | ||||
Kent Creek Inc. | 7,300 | 7,300 | ||||
Lockwood Company | 7,500 | 7,500 | ||||
Van Epps Company | 29,200 | 29,200 | ||||
Totals | 776,600 | 443,500 | 162,000 | 70,500 | 50,900 | 49,700 |
Percentage uncollectible | 2% | 6% | 20% | 30% | 45% | |
Allowance for Doubtful Accounts | 70,325 | 8,870 | 9,720 | 14,100 | 15,270 | 22,365 |
Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 14,770 before adjustment on November 30.
Journalize the adjusting entry for uncollectible accounts as of November 30.
Nov 30 | Bad Debt Expense | ||
Allowance for Doubtful Accounts |
Date | Account | Debit | Credit |
30-Nov | Bad debts expense | $55,555 | |
Allowance for doubtful accounts | $55,555 | ||
(Provision made for Bad debts) | |||
Bad debt expense =$70325-$14770 = $55555 |
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Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule...
Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 788,100 465,000 173,400 70,900 39,400 39,400 Boyd Industries 12,000 12,000 Hodges Company 21,600 21,600 Kent Creek Inc. 6,300 6,300 Lockwood Company 8,100 8,100 Van Epps Company 25,700 25,700 Totals 861,800 490,700 181,500 77,200 61,000 51,400 Percentage uncollectible 1% 6% 25% 35% 50% Allowance...
how can I solve this question? Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule November 30 Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Customer Balance Subtotals 687,500 405,600 151,300 61,900 34,400 34,300 Boyd Industries 13,700 15,600 6,900 7,900 Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals Percentage uncollectible Allowance for Doubtful Accounts 13,700 15,600 6,900 7,900 28,700 28,700 760,300 434,300...
Aging of Receivables Schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Acme Industries Inc. 5,500 5,500 Alliance Company 4,600 4,600 Zollinger Company 7,900 7,900 Subtotals 850,500 513,800 187,100 81,600 42,500 25,500 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer...
Can I get some help solving this problem? Instructions Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 3% 1-30 days past due 31-60 days past due 15 61-90 days past due 33 Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the Aging of Receivables Schedule page. Aging of Receivables Schedule Shaded cells have feedback. X Evers Industries Score:...
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