181-365 days past dueOver 365 days past dueTotalDateDec. 31Date3,1001,250b. If Allowance for Doubtful Accounts has a credit balance of $9,700, journalize the adjusting entry for the bad debt expense for the year. Ifan amount box does not require an entry, leave it blank.AccountDebit CreditDec. 31$722,450Account60.00%95.00%1,7361,8601,18830,111c. If Allowance for Doubtful Accounts has a debit balance of $9,700, journalize the adjusting entry for the bad debt expense for the year. Ifan amount box does not require an entry, leave it blank.Debit Credit↑ 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 thenearest dollar.Age IntervalNot past due1-30 days past due31-60 days past due61-90 days past due91-180 days past due181-365 days past dueOver 365 days past dueTotalDateBalanceAccount$550,00096,50043,75022,2505,6003,1001,250$722,450Estimate ofUncollectibleAccountsPercentage2.50%4.00%9.50%16.00%31.00%60.00%95.00%Estimate ofUncollectibleAccountsAmount$13,7503,8604,1573,5601,7361,8601,188b. If Allowance for Doubtful Accounts has a credit balance of $9,700, journalize the adjusting entry for the bad debt expense for the year. Ifan amount box does not require an entry, leave it blank.Debit Credit30,111

The bad debt expense is recorded to increase the expense whereas the allowance for doubtful account…

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. an amount box does not require an entry, leave it blank. Date Account Debit Credit Dec. 31 c. If Allowance for Doubtful Accounts has a debit 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. Account Debit Credit Date Dec. 31

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. an amount box does not require an entry, leave it blank. Date Account Debit Credit Dec. 31 c. If Allowance for Doubtful Accounts has a debit 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. Account Debit Credit Date Dec. 31

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1CP

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The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. Write the adjusting entry for the end of the current year. Est Uncollectible Accts Age Interval: Balance: Percentage: Amount: Not past due 850,000 3.50% 1~30 days past due: 47,500 5.00% 31~60 days past due: 21,750 10.00% 61~90 days past due: 11,250 20.00% 91~180 days past due: 5,065 30.00% 181~365 days past due: 2,500 50.00% Over 365 days past due: 1,145 95.00% Total: 939,210
Use the following information for the next questions:A trial balance before adjustments included the following:CreditSales₱425,000Sales returns and allowance Accounts receivableAllowance for doubtful accounts₱14,000 53,0007609,000Debit If the estimate of uncollectibles is made by taking 10% of gross account receivables, the amount of the adjustment is
Use this table for calculations: Minimum Days Maximum days % uncollectible 1 30 1.5% 31 60 3.5% 61 90 12% 91 365 70% I need to calculate the number of days each receivable is outstanding look at image to fill in , show work when calculating or using formulas , included all work please. After that fill in the schedule accounts recievable shown in the other image for context. When filling in the schedule of accounts recievable show what the formulas w you use and all work.
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables ScheduleNovember 30 Customer Balance Not Past Due 1-30Days Past Due 31-60Days Past Due 61-90Days Past Due Over 90Days Past Due Subtotals 674,900 398,200 148,500 60,700 33,700 33,800 Boyd Industries 17,300 17,300 Hodges Company 18,700 18,700 Kent Creek Inc. 9,300 9,300 Lockwood Company 9,000 9,000 Van Epps Company 25,600 25,600 Totals 754,800 423,800 157,500 70,000 52,400 51,100 Percentage uncollectible 2% 6% 20% 30% 45% Allowance for Doubtful Accounts 70,641 8,476 9,450 14,000 15,720 22,995 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 14,835 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30.
Adjustment for Uncollectible Accounts Below is the aging of receivables schedule for Evers Industries. Aging-of-Receivables ScheduleNovember 30 Customer Balance Not Past Due 1-30Days Past Due 31-60Days Past Due 61-90Days Past Due Over 90Days Past Due Subtotals 667,400 393,800 146,800 60,100 33,400 33,300 Boyd Industries 11,000 11,000 Hodges Company 16,300 16,300 Kent Creek Inc. 10,100 10,100 Lockwood Company 9,300 9,300 Van Epps Company 31,100 31,100 Totals 745,200 424,900 156,100 70,200 49,700 44,300 Percentage uncollectible 2% 6% 25% 35% 50% Allowance for Doubtful Accounts 74,959 8,498 9,366 17,550 17,395 22,150 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 15,740 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30. Nov 30 fill in the blank 2 fill in the blank 4
A partial aging of accounts receivable for a cleaning service is given in the accompanying table. Fill in the missing parts of the following aging schedule for the cleaning service. (Round value of account answers to the nearest whole dollar, e.g. 5,275 and % of total account answers to 1 decimal place, e.g. 12.1%.) Age of Accounts (in days) Value of Account % of Total Account 10 $262,000 % 30 $131,000 % 45 $ % 60 $57,000 % 75 $27,000 % Total $670,000 100.0% Determine the firm’s effective days’ sales outstanding. (Round answer to 1 decimal place, e.g. 12.2.) effective days' sales outstanding is ______ days. How does it compare with the industry average of 36 days? The firm is_____________efficient than other firms in the industry.
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 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 (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
Calculate the required Allowance for Doubtful Accounts under the Accounts Receivable Aging Method using the following information: Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due 10,000 $2,650 $3,650 5,000 Balance $100,000 $20,000 $10,000 $5,000 $5,000 Probability of Non- collection 1% 2% 5% 10% 25%
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
E4-26 At December 31, 2020, before any year-end adjustments, the Accounts Receivable balance of Sunset Hills Clinic is $235,000. Allowance for Uncollectible Accounts has a $6,500 credit balance. Sunset Hills prepares the following aging schedule for accounts receivable: Age of Accounts Total Balance 0-30 Days 31-60 Days 61-90 Days Over 90 Days $110,000 $60,000 $50,000 $15,000 $235,000 0.5% 1.0% 6.0% 40% Estimated uncollectible Requirements: 21Page
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