Following is a list of credit customers along with their amounts owed and the days past que at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens 0 1% Accounts Receivable Days Past Due $4,200 14 0 111 75 35 1,200. 5,200 550 2,200 1 to 30 3% Required 1 Required 2 Days Past Due 31 to 60 61 to 90 5% 8% 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 $120, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Over 90 12% 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 Required 2 >

Following is a list of credit customers along with their amounts owed and the days past que at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens 0 1% Accounts Receivable Days Past Due $4,200 14 0 111 75 35 1,200. 5,200 550 2,200 1 to 30 3% Required 1 Required 2 Days Past Due 31 to 60 61 to 90 5% 8% 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 $120, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Over 90 12% 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 Required 2 >

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6PA: Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable....

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Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is 4.4%. On June 11, Olena Mirrors identifies one uncollectible account from Nadia White in the amount of $4,265. On September 14, Nadia Chernoff unexpectedly pays $1,732 toward her account. Record journal entries for the following. A. Year-end adjusting entry for 2017 bad debt B. June 11, 2018 identification entry C. Entry for payment on September 14, 2018
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 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 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…
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…
(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
Al Hajar Co. provides you the following account balances for the year ended on 31 December 2019. Sales Revenue OMR 100,000 Cr. Accounts Receivable OMR 25,000 Dr. Allowance for Doubtful accounts OMR 1000 Cr. Scenario 1 Bad debts are estimated based on the aging schedule given below Aging class Receivable Balance (OMR) Estimate % of uncollectible 0–30 days 15,000 10 31–60 days 5,000 15 61–90 days 3,500 20 Over 90 days 1,500 25 Actual bad debt - OMR 1,100 and amount recovered - OMR 800. Scenario 2 Estimated amount of bad debts - 12% of receivables, Actual bad debt - OMR 1,500 and amount recovered later on - OMR 900. Scenario 3 Estimated amount of bad debts - 3.5% of Sales, Actual bad debt - OMR 1,300 and amount recovered - OMR 1000. Required: For each scenario given above; a)Estimate the uncollectible amounts. b)Pass adjusting entry to record the estimated uncollectible. c)Pass all the journal entries for actual write off and recovery…
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Percentage Category Receivable Total Uncollectible 0-30 days $84,550 8% 31-90 days 37,230 16% Over 90 days 23,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31
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. Days Past Due 0 Percent uncollectible Ted Reeves Jen Steffens 1 to 30 31 to 60 61 to 90 Over 90 1% 3% 5% Customer BCC Company $6,000 Lannister Company 3,000 Mike Properties 7,000 1,500 4,000 Accounts Receivable Days Past Due 16 0 102 76 8% 12% 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 $300, record the required adjustment to the Allowance for Doubtful Accounts.
A company reports net accounts receivable of $251,000 on its December 31, 2019 balance sheet. The Allowance for Bad Debts account has a credit balance of $22,000. What is the balance of Accounts Receivable? $273.000 O$251.000 $229,000 $22.000 Previous 0 7 +
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Percentage Category Receivable Total Uncollectible 0-30 days $96,550 8% 31-90 days 32,230 16% Over 90 days 25,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense Cash Sales Revenue