Check my wor 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts recelvable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts Is a $1,800 credit. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance it Accounts is a $1,800 credit. View transaction list Journal entry worksheet 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,800 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31

Check my wor 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts recelvable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts Is a $1,800 credit. Complete this question by entering your answers in the tabs below. Req 1 Req 2 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance it Accounts is a $1,800 credit. View transaction list Journal entry worksheet 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $1,800 credit balance. Note: Enter debits before credits. Date General Journal Debit Credit Dec. 31

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter5: Sales And Receivables

Section: Chapter Questions

Problem 65E: Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared...

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Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 146,500 $ 89,000 $ 27,000 $ 11,500 $ 8,500 $ 10,500 Percent uncollectible 1 % 2 % 4 % 6 % 10 % 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $1,900 credit.
Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Days Past Due Total 1 to 30 $ 25,000 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $ 139,500 $ 87,000 $ 10,500 $ 7, 500 $ 9,500 1% 2% 4% 6% 10% 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $1,700 credit, Complete this question by entering your answers in the tabs below. Required 1 Required 2 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Accounts receivable Percent uncollectible (%) Estimated Uncollectible Not due: 1 to 30: %3D 31 to 60: %3D 61 to 90 %3D ere to search a 99+ 80°F の 144 prt sc delete home and 5 6 8. 9. backspace num lock R. 7T [O PI 7\ home K H. NTiter BI MI pause 7 shat ctri
Net Zero Products, a wholesaler of sustainable raw materials, prepares the following aging of receivables analysis. Days Past Due 31 to 60 $ 16,000 Accounts receivable Percent uncollectible Total $ 178,000 Required 1 Required 2 0 $ 98,000 1% Accounts receivable Complete this question by entering your answers in the tabs below. Percent uncollectible (%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $2,800 credit. 11 1 to 30 $ 36,000 Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. Estimated Uncollectible = 3% = = 5% 61 to 90 $ 13,000 8% Over 90 $ 15,000 11%
A partially completed aging of receivables schedule for Lindy Designs follows: a. Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Round calculations to the nearest dollar. Age Interval Not past due 1-30 days past due 31-60 days past due 61-90 days past due 91-180 days past due 181-365 days past due Over 365 days past due Total Date Balance Account $550,000 96,500 43,750 22,250 5,600 3,100 1,250 $722,450 Estimate of Uncollectible Accounts Percentage 2.50% 4.00% 9.50% 16.00% 31.00% 60.00% 95.00% Estimate of Uncollectible Accounts Amount $ 13,750 3,860 4,157 3,560 1,736 1,860 1,188 b. If Allowance for Doubtful Accounts has a credit balance of $9,700, journalize the adjusting entry for the bad debt expense for the year. If an amount box does not require an entry, leave it blank. Debit Credit 30,111
uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
1) Sustainable Supplies prepares the following aging of receivables analysis: Accounts receivable Percent uncollectible $840. Total Days Past Due Current 1 to 30 $ $ $ 57,600 40,000 9,000 1% 3% 31 to 61 to Over 90 60 90 $ 3,600 5% $ 2,000 8% $ 3,000 Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a $500 credit. 11% A) Debit Bad Debts Expense $840; credit Allowance for Doubtful Accounts B) Debit Allowance for Doubtful Accounts $840; credit Bad Debts Expense $840. C) Debit Bad Debts Expense $1,840; credit Allowance for Doubtful Accounts $1,840. D) Debit Allowance for Doubtful Accounts $1,840; credit Bad Debts Expense $1,840. E) Debit Bad Debts Expense $1,340; credit Allowance for Doubtful Accounts $1,340.
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 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. If an amount box does not require an entry, leave it blank. July 31
A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 70,000 0.5 61–90 days 27,000 1.0 91–120 days 4,000 10.0 Over 120 days 1,100 50.0 The allowance for uncollectible accounts had a balance of $1,500 on January 1, 2024. During the year, bad debts of $850 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Requlred Informatlon [The following information applies to the questions displayed below.] The Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $678,00e 1 to 30 $110, eee 3% 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $38, e00 9% $50, 0ee 12% $416,000 $56,000 7% 4% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5.600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for…
Calculate the allowance for doubtful accounts using the accounts receivable aging method using the following information: Beginning Allowance for Doubtful Accounts Balance: $5,000 Probability of Non-Collection 2% 4% 5% 10% 25% Age Group 0-30 days past due 31-60 days past due 61-120 days past duc 121-180 days past due Over 180 days past duc $13,100 $142,500 $5,050 $5,000 Balance $100,000 $20,000 $15,000 $2,500 $5,000
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 625,000 $ 407,000 $ 101,000 $ 47,000 $ 29,000 $ 41,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,100 credit.c. Prepare the adjusting entry to record bad debts expense…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 625,000 $ 407,000 $ 101,000 $ 47,000 $ 29,000 $ 41,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % Exercise 9-8 Aging of receivables method LO P3 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,700 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in…