Daley Company prepared the following aging of receivables analysis at December 31. Y Days Past Due 31 to 60 $ 47,000 7% Accounts receivable Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Not due: 1 to 30: Req B and C 31 to 60: 61 to 90: Over 90: a. Complete the table below 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 the Allowance for Doubtful Accounts is a $1,200 debit. Accounts Receivable x X Total $625,000 $ 407,000 X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. X X X 3% Percent Uncollectible (%) = 1 to 30 $101, 000 4% = = ▸ 61 to 90 $29,000 Estimated Uncollectible 9% Over 90 $ 41,000 12%

Daley Company prepared the following aging of receivables analysis at December 31. Y Days Past Due 31 to 60 $ 47,000 7% Accounts receivable Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Not due: 1 to 30: Req B and C 31 to 60: 61 to 90: Over 90: a. Complete the table below 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 the Allowance for Doubtful Accounts is a $1,200 debit. Accounts Receivable x X Total $625,000 $ 407,000 X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. X X X 3% Percent Uncollectible (%) = 1 to 30 $101, 000 4% = = ▸ 61 to 90 $29,000 Estimated Uncollectible 9% Over 90 $ 41,000 12%

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3SEB: UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the...

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Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Matsushita Company as of December 31, 20--, reveals the following: REQUIRED 1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible. 2. Assuming that Allowance for Doubtful Accounts had a credit balance of 1,750 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for uncollectible accounts.
! Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $575,000 X a. Complete the table below 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 $3,700 credit. XX 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 $200 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Percent Uncollectible (%) 0 $397,000 Complete the table below…
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 Accounts receivable Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $ 630,000 X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accou receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balan Allowance for Doubtful Accounts is a $4,800 credit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balan Allowance for Doubtful Accounts is a $1,300 debit. X X X Percent Uncollectible (%) Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts…
Req A 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 $5,200 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 $1,700 debit. Req B and C View transaction list Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,200 credit balance. Date December 31 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Show less ▲
Sequoia, Inc. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current $27,000 2% uncollectible 31 - 60 days 61- 90 days 6,000 5% uncollectible 3,000 15% uncollectible 91 and up 1.800 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $144 debit. O A. $54,000 O B. $1,722 O C. $1,578 O D. $1,434
Req A 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 $13,600 credit. Req B and C 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 $2,600 debit. View transaction list Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $13,600 credit balance. Date December 31 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Show less