John Deere Widgets is a US corporation involved in the manufactures of widgets for agricultural machinery, heavy equipment, and diesel engines. John Deere Widgets categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $442,000; estimated uncollectible = 10%. 2. Accounts 1-30 days past due = $55,200; estimated uncollectible = 13%. 3. Accounts 31-90 days past due = $44,200; estimated uncollectible = 17% 4. Accounts more than 90 days past due = $33,200; estimated uncollectible = 20%. On 12/31 of the current year, before recording any adjustments, the John Deere Widgets has a credit balance of $29,000 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31 balance for the John Deer Widgets' allowance for uncollectible accounts. 2. What is the journal entry that John Deere Widgets should record to adjust its allowance for uncollectible accounts? 3. Please calculate John Deere Widgets' 12/31 net accounts receivable balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What journal entry should the company record to adjust its allowance for uncollectible accounts? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 < Prev 5 of 5 www Next > QQ
John Deere Widgets is a US corporation involved in the manufactures of widgets for agricultural machinery, heavy equipment, and diesel engines. John Deere Widgets categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $442,000; estimated uncollectible = 10%. 2. Accounts 1-30 days past due = $55,200; estimated uncollectible = 13%. 3. Accounts 31-90 days past due = $44,200; estimated uncollectible = 17% 4. Accounts more than 90 days past due = $33,200; estimated uncollectible = 20%. On 12/31 of the current year, before recording any adjustments, the John Deere Widgets has a credit balance of $29,000 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31 balance for the John Deer Widgets' allowance for uncollectible accounts. 2. What is the journal entry that John Deere Widgets should record to adjust its allowance for uncollectible accounts? 3. Please calculate John Deere Widgets' 12/31 net accounts receivable balance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What journal entry should the company record to adjust its allowance for uncollectible accounts? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet < 1 < Prev 5 of 5 www Next > QQ
Chapter3: Setting Up A New Company
Section: Chapter Questions
Problem 3.4C
Related questions
Topic Video
Question
Transcribed Image Text:Edit View History
tion 5- Proctoring Enable X +
getproctorio.com/secured #lockdown
e
ring Enabled: Chapter 7 Required Homewor... i
个
2
@
John Deere Widgets is a US corporation involved in the manufactures of widgets for agricultural machinery, heavy equipment, and
diesel engines. John Deere Widgets categorizes its accounts receivable into four age groups for purposes of estimating its allowance
for uncollectible accounts.
1. Accounts not yet due = $442,000; estimated uncollectible = 10%.
2. Accounts 1-30 days past due = $55,200; estimated uncollectible = 13%.
3. Accounts 31-90 days past due = $44,200; estimated uncollectible = 17%
4. Accounts more than 90 days past due = $33,200; estimated uncollectible = 20%.
On 12/31 of the current year, before recording any adjustments, the John Deere Widgets has a credit balance of $29,000 in its
allowance for uncollectible accounts.
Bookmarks Profiles Tab Window Help
Bookmarks
Required:
1. Estimate the appropriate 12/31 balance for the John Deer Widgets' allowance for uncollectible accounts.
2. What is the journal entry that John Deere Widgets should record to adjust its allowance for uncollectible accounts?
3. Please calculate John Deere Widgets' 12/31 net accounts receivable balance.
Required 1
Complete this question by entering your answers in the tabs below.
W
What journal entry should the company record to adjust its allowance for uncollectible accounts?
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
View transaction list
<
Journal entry worksheet
↑
1
Required 2 Required 3
#
3
E
Q
с
$
4
Saved
R
%
< Prev
5
G Search or type URL
T
6
5 of 5
MacBook Pro
Y
Next
&
7
U
☆
* 00
8
+
Help
(
9
<
C
O
77%
Save & Exit
E
Submi
Transcribed Image Text:File Edit View History Bookmarks Profiles
Question 5 - Proctoring Enable X
getproctorio.com/secured #lockdown
Proctoring Enabled: Chapter 7 Required Homewor... i
5
LO
SC
Mc
Graw
Hill
!
1
Q
个
View transaction list
@
2
Journal entry worksheet
<
1
+
W
Note: Enter debits before credits.
Event
1
Record the adjustment to allowance for uncollectible accounts.
Record entry
个
→>>
3
E
с
Tab Window
$
Window Help
General Journal
4
Clear entry
R
< Required 1
95
< Prev
%
Saved
T
A
Debit
G Search or type URL
6
Credit
View general journal
Required 3 >
5 of 5 ⠀
Y
MacBook Pro
Next >
Antentar
&
7
U
☆
* CO
8
1-
+
(
9
O
&
Help
)
0
Save & Ex
P
E
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 4 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning