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| Evers Industries | ||||
| Allowance for Doubtful Accounts that should be at year end. | ||||
| D | E | F=D*E | ||
| Age Group | Amount | Uncollectible % | Allowance for Doubtful Accounts | |
| Not Past due | 610,600.00 | 2.0% | 12,212.00 | |
| 1-30 Days | 236,000.00 | 6% | 14,160.00 | |
| 31-60 Days | 119,400.00 | 16% | 19,104.00 | |
| 61-90 Days | 106,300.00 | 24% | 25,512.00 | |
| Over 90 days | 72,900.00 | 74% | 53,946.00 | |
| 1,145,200.00 | 124,934.00 | |||
| So Allowance for Doubtful Accounts needed is $ 124,934. | ||||
| Adjusting Entry | ||||
| Bad debt expense at year end: | ||||
| Allowance for Doubtful Accounts | 124,934.00 | See F | ||
| Already in the books | 100,000.00 | G | ||
| Bad debt expense at year end: | 24,934.00 | H=F-G | ||
| Adjusting Entry | ||||
| Account | Debit $ | Credit $ | ||
| Bad debt expense | 24,934.00 | |||
| Allowance for doubtful account | 24,934.00 | |||
| Entry for write off | ||||
| Account | Debit $ | Credit $ | ||
| Allowance for doubtful account | 30,000.00 | |||
| Accounts Receivable | 30,000.00 | |||
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evendustries uses the allowance method of AR to estimate their allowance for doubtful accounts Ever Industries Esti...
Instructions Evers Industries has computed that the proper balance for the Allowance for Doubtful Accounts at July...
Instructions Evers Industries has computed that the proper balance for the Allowance for Doubtful Accounts at July 31 is $106, 106. Assume that the Allowance for Doubtful Accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. Refer to the Chart of Accounts for exact wording of account titles. Journalize the adjusting entry for uncollectible accounts as of July 31. Refer to the Chart...
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows....
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables Information provided in the chart below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past...
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...
Allowance for Doubtful Accounts 45,545 b. Journalize the transactions under the allowance method, assuming that th...
Allowance for Doubtful Accounts 45,545 b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $36,000 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) Estimated Percent of Uncollectible Accounts 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables Receivables Balance on...
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown...
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 1% 1-30 days past due 6 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90...
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables Schedule...
Adjustment for Uncollectible Accounts 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 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%...
(1c) $27,000 2 Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its...
(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...
Estimating Allowance for Doubtful Accounts Quigley Industries has a past history of uncollectible accounts, as shown...
Estimating Allowance for Doubtful Accounts Quigley Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 2 % 1-30 days past due 5 31-60 days past due 20 61-90 days past due 30 Over 90 days past due 45 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Quigley Industries Aging-of-Receivables Schedule Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days...
Bottom row 5 (first box) there is an empty box in allowance for doubtful accounts what...
Bottom row 5 (first box) there is an empty box in allowance for
doubtful accounts what do I put in that box?
Score: 15/19 Evers Industries Estimate of Allowance for Doubtful Accounts Days Past Due Days Past Due Not Past Due 1-30 31-60 Days Past Due Days Past Due 61-90 Balance Over 90 Total receivables 1,147,400.00 610,600.00 236,400.00 120,300.00 105,300.00 74,800.00 Percentage uncollectible 3.0% 4.0% 18.0% 38.0% 90.0% Allowance for $18,318.00 $9.456.00 $21,654.00 $40.014.00 $67,320.00 doubtful accounts
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
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...
Instructions Evers Industries has computed that the proper balance for the Allowance for Doubtful Accounts at July 31 is $106, 106. Assume that the Allowance for Doubtful Accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. Refer to the Chart of Accounts for exact wording of account titles. Journalize the adjusting entry for uncollectible accounts as of July 31. Refer to the Chart...
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Percent Uncollectible Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Estimate the allowance for doubtful accounts, based on the aging of receivables Information provided in the chart below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past...
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...
Allowance for Doubtful Accounts 45,545 b. Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $36,000 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Number of Days Past Due) Estimated Percent of Uncollectible Accounts 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables Receivables Balance on...
(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...
Bottom row 5 (first box) there is an empty box in allowance for
doubtful accounts what do I put in that box?
Score: 15/19 Evers Industries Estimate of Allowance for Doubtful Accounts Days Past Due Days Past Due Not Past Due 1-30 31-60 Days Past Due Days Past Due 61-90 Balance Over 90 Total receivables 1,147,400.00 610,600.00 236,400.00 120,300.00 105,300.00 74,800.00 Percentage uncollectible 3.0% 4.0% 18.0% 38.0% 90.0% Allowance for $18,318.00 $9.456.00 $21,654.00 $40.014.00 $67,320.00 doubtful accounts
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...
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