Teal Mountain Inc. determines that at the end of December, they have the following aging schedule of Accounts Receivable: Customer K. Perry J. Montgomery C. Klein C. Sheen % Uncollectible Total $700 400 180 300 ? Not yet due 200 300 500 1 % Number of Days Past Due Total estimated uncollectible accounts $ 1-30 $400 400 5 % 31-60 $300 50 350 10 % 61-90 200 200 25 % Over 90 130 130 50 % Compute the total estimated uncollectible accounts based on the above information at the end of December.

Teal Mountain Inc. determines that at the end of December, they have the following aging schedule of Accounts Receivable: Customer K. Perry J. Montgomery C. Klein C. Sheen % Uncollectible Total $700 400 180 300 ? Not yet due 200 300 500 1 % Number of Days Past Due Total estimated uncollectible accounts $ 1-30 $400 400 5 % 31-60 $300 50 350 10 % 61-90 200 200 25 % Over 90 130 130 50 % Compute the total estimated uncollectible accounts based on the above information at the end of December.

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 1OYO

See similar textbooks

Similar questions

AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Johnson 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 620 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for uncollectible accounts.
UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that 3,935 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 245. 2. Allowance for Doubtful Accounts has a debit balance of 560.
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF RECEIVABLES Britos Hundai Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that 4,500 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 710. 2. Allowance for Doubtful Accounts has a debit balance of 305.
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.
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.
Casebolt Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31: a. Journalize the write-offs under the direct write-off method. b. Journalize the write-offs under the allowance method. Also, journalize the adjusting entry for uncollectible accounts. The company recorded 5,250,000 of credit sales during the year. Based on past history and industry averages, % of credit sales are expected to be uncollectible. c. How much higher (lower) would Casebolt Companys net income have been under the direct write-off method than under the allowance method?
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 July 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 July 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.
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.
! 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 $ 47,000 Accounts receivable Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Req B and C Not due: 1 to 30: 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. Accounts Receivable 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. X Total O $625,000 $ 407,000 X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. X Percent Uncollectible (%) = 3%…
The following aging schedule is available for Xavier's Xylophones: Accounts Receivable Amount Days Outstanding Not Yet Due $50,000 $15,000 $5,000 $70,000 Up To 180 Days Past Due Over 180 Past Due Total Percentage Uncollectible 3% 11% 25% Using the information provided above, what is Xavier's desired ending balance for the Allowance for Doubtful Accounts account?