Following is a list of credit customers along with their amounts owed and the days past due at December 31. Followingthat list are five classifications of accounts receivable and estimated bad debts percent for each class.Days Past Due0Percent uncollectibleTed ReevesJen Steffens1 to 30 31 to 60 61 to 90 Over 901%3%5%CustomerBCC Company $6,000Lannister Company 3,000Mike Properties 7,0001,5004,000Accounts Receivable Days Past Due160102768% 12%421. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above.Calculate the estimated balance for the Allowance for Doubtful Accounts.2. Assuming an unadjusted credit balance of $300, record the required adjustment to the Allowance for DoubtfulAccounts.

The allowance for doubtful accounts is created to record the estimated bad debt expense for the…

Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible Days Past Due 1 to 30 1% 31 to 60 61 to 90 Over 90 3% 5% 8% 12% Customer BCC Company $6,000 Lannister Company 3,000 Mike Properties 7,000 Ted Reeves 1,500 Jen Steffens 4,000 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Accounts Receivable Days Past Due 16 0 102 76 42

Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible Days Past Due 1 to 30 1% 31 to 60 61 to 90 Over 90 3% 5% 8% 12% Customer BCC Company $6,000 Lannister Company 3,000 Mike Properties 7,000 Ted Reeves 1,500 Jen Steffens 4,000 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Accounts Receivable Days Past Due 16 0 102 76 42

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6EB: Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in...

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Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
Following is a list of credit customers along with their amounts owed due and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Percent uncollectible 2 % 4 % 6 % 9 % 13 % Customer AccountsReceivable Days PastDue BCC Company $ 5,700 12 Lannister Co. 2,700 0 Mike Properties 6,700 103 Ted Reeves 1,500 76 Jen Steffens 3,700 40 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $270, record the required adjustment to the Allowance for Doubtful Accounts.
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible. Days Past Due 0 2% 1 to 30 31 to 60 61 to 90 4% 6% 9% Over 90 13% Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $ 5,500 12 2,500 0 6,500 105 1,200 3,500 82 45 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $250, record the required adjustment to the Allowance for Doubtful Accounts. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below.
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible 0 1 to 30 1% 3% Days Past Due 31 to 60 5% 61 to 90 8% Over 90 12% Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $ 4,500 13 1,500 0 5,500 116 750 2,500 70 37 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $150, record the required adjustment to the Allowance for Doubtful Accounts.
Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
Information related to Lady Gangster Ltd. For 2021 is summarized below: Total credit sales L5,000,00 Accounts receivable at December 31 1,750,000 Bad debts written off 66,000 Required: a. What amount of bad debts expense will Lady Gangster Ltd. Report if it uses direct write-off method of accounting for bad debts?
an excerpt from trial balance of ABC company shows the following: accounts receivable 1,000,000 allowance for bad debts 100,000 it is the company's policy to provide 2% of the net amount of accounts receivable as bad debts determine the following: 1. HOW MUCH IS THE AMOUNT OF ADJUSTING ENTRY FOR BAD DEBTS BASED ON COMPANY'S POLICY 2. WHAT IS THE ACCOUNT TO BE CREDITED ON ADJUSTING ENTRY? 3. HOW MUCH IS THE NET BALANCE OF ACCOUNTS RECEIVABLE AFTER THE ADJUSTMENT? CHOOSE FROM THE FOLLOWING ACCOUNTS FOR THE JOURNAL ENTRIES: bad debts expense accounts receivable allowance for doubtful accounts
Empire Bridal Boutique has a credit balance of $620 in its allowance for bad debts account as of December 31, 20--. An analysis of the accounts receivable of Empire Bridal Boutique as of the same date, reveals the following: Age Interval Balance Est. PercentageUncollectible Not due $63,000 2% 1–30 days past due 7,100 5% 31–60 days past due 6,300 11% Over 60 days past due 2,900 40% $79,300 Required: 1. Prepare an aging schedule as of December 31, 20--. Age Interval Est. AmountUncollectible Not due $fill in the blank 73118eff5feef82_1 1–30 days past due fill in the blank 73118eff5feef82_2 31–60 days past due fill in the blank 73118eff5feef82_3 Over 60 days past due fill in the blank 73118eff5feef82_4 $fill in the blank 73118eff5feef82_5 2. Prepare the adjusting entry to record the Bad Debt Expense at the end of the year. If an amount box does not require an entry, leave it blank. Page: 1 DATE DESCRIPTION POST.REF. DEBIT CREDIT…
Empire Bridal Boutique has a credit balance of $620 in its allowance for bad debts account as of December 31, 20--. An analysis of the accounts receivable of Empire Bridal Boutique as of the same date, reveals the following: Age Interval Balance Est. PercentageUncollectible Not due $63,000 2% 1–30 days past due 7,100 5% 31–60 days past due 6,300 11% Over 60 days past due 2,900 40% $79,300 Required: 1. Prepare an aging schedule as of December 31, 20--.
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts asbelow. Ignore GST. Account Receivable 1/6 balance Dr 849,555 Allowance for Doubtful debt 1/6 balance Cr 12,100 During June, the following transactions occurred:1. Revenue earned on credit, $1,195,000.2. Sales returns, $24,100.3. Accounts receivable collected, $1,400,000.4. Accounts written off as uncollectable, $15,851.Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance forDoubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June.Ignore GST.Required:(a) Prepare general journal entries to record the four transactions and to adjust the Allowance forDoubtful Debts account. (b) Show how accounts receivable and the allowance for doubtful debts would appear on the balancesheet at 30 June. (c) On…
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class.A)Create an aging of accounts receivable schedule similar to Exhibit 9.8 and calculate the estimated balance for the Allowance for Doubtful Accounts.B)Assuming an unadjusted credit balance of $100, record the required adjustment to the Allowance for Doubtful Accounts