Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are fiveclassifications of accounts receivable and estimated bad debts percent for each class.Percent uncollectible01 to 301%3%Days Past Due31 to 605%61 to 908%Over 9012%CustomerBCC CompanyLannister CompanyMike PropertiesTed ReevesJen SteffensAccountsReceivableDays Past Due$ 4,500131,50005,5001167502,50070371. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate theestimated 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.

Sure, let's start with the aging of accounts receivable schedule: So, the estimated balance for the…

Answered: Following is a list of credit customers…

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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Nillsons Nursery uses the direct write-off method for recording bad debts. Required Journalize the following selected entries: 2012 Apr. 10Write off the account of P. A. Seldon as uncollectible, 458. July 27Write off the account of J. M. Weller as uncollectible, 268. Check Figure Total amount debited to Bad Debts Expense 726
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.
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
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.
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.
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…
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?
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 (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Balance Sheet Transaction Cash Asset + Noncash Assets = Liabilities + Contributed Capital + Earned Capital Record bad debts expense Income Statement Revenue - Expenses = Net Income
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 The balance of the allowance for uncollectible accounts is $1,040 on December 31, before any adjustments. (a) What amount of bad debts expense will LaFond report in its income statement for the year?$Answer
Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 2% 1-30 days past due 6 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 Schedule Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 553,700 326,700 121,800 49,800 27,700 27,700 Conover Industries 18,900 18,900 Keystone Company 22,000 22,000 Moxie Creek Inc. 4,800 4,800 Rainbow Company 12,000 12,000 Swanson Company 27,700 27,700 Total receivables 639,100 354,400 133,800 54,600 49,700 46,600 Percentage uncollectible 2% 6% 25% 35% 50% Allowance for Doubtful Accounts fill in the blank 1 fill in the blank 2 fill in the blank 3…

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