Exercise 7-16 (Algo) Aging of Receivables Schedule LO P3 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 Accounts 1 to 30 38 Days Past Due 31 to 60 58 61 to 90 88 Over 90 129 Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Receivable Days Past Due $ 5,400 11 2,400 0 6,400 106 1,200 3,400 80 42 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 $240, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Estimated balance for Allowance for Doubtful Accounts

Exercise 7-16 (Algo) Aging of Receivables Schedule LO P3 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 Accounts 1 to 30 38 Days Past Due 31 to 60 58 61 to 90 88 Over 90 129 Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Receivable Days Past Due $ 5,400 11 2,400 0 6,400 106 1,200 3,400 80 42 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 $240, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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. Estimated balance for Allowance for Doubtful Accounts

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 68E: Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule...

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Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
Required information Problem 7-3A (Static) Aging accounts recelvable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Uncollectible Accounts Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Receivable 1.25% $ 830,000 254, 000 86, 000 38, 000 12, 000 2.00 6.50 32.75 68.00
Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. \table [[Age Group, Accounts Receivable, \table [[Estimated], [Loss %]]], [Current (not past due), $375,000, 0.50%
Brief Exercise 5-11 Calculate uncollectible accounts using the aging method (LO5-5) Spade Agency separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. In addition, the balance of Allowance for Uncollectible Accounts before adjustment is $12,000 (credit). 1. Accounts not yet due = $47,000; estimated uncollectible = 4%. 2. Accounts 1-60 days past due = $32,000; estimated uncollectible = 25%. 3. Accounts more than 60 days past due = $27,000; estimated uncollectible = 50%. Required: 1. Compute the total estimated uncollectible accounts. Estimated Amount Uncollectible Age Group Not yet due 1-60 days past due More than 60 days past due Total
Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. Accounts Receivable Estimated Loss % 0.50% $525,000 189,000 42,000 23,100 12,600 8,400 $800,100 Age Group Current (not past due) 1-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due Total accounts receivable At the beginning of the fourth quarter, there was a credit balance of $9,135 in the Allowance for Uncollectible Accounts. During the fourth quarter, LaFond Company wrote off $8,043 in receivables as uncollectible. a. What amount of bad debts expense will LaFond report for the year? $ b. What is the balance of accounts receivable that it reports on its December 31 balance sheet? $ c. Report (1) the write-off of accounts receivable as uncollectible and (2) bad debt expense calculated in part a using the…
Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 3. On June 30 of the next year, Jarden concludes that a customer’s $5,350 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.)
Can I please get help with this question 7.8 On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 61 to 90 days past due 33.00 13,120 Over 90 days past due 69.00
Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1% 1-30 days past due 5 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100 18,100 Keystone Company 18,200 18,200 Moxie Creek Inc. 6,600 6,600 Rainbow Company 10,000 10,000 Swanson Company 23,100 23,100 Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful…
Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 Required:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.
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
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.