PA5. 9.2 The following accounts receivable information pertains to Luxury Cruises.Past-Due CategoryAccounts Receivable TotalPercentage Uncollectible0-30 days31-90 daysOver 90 days$1,166,350577,870324,45015%33%48%A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheetaging of receivables method.B. Record the year-end 2018 adjusting journal entry for bad debt.C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $187,450; recordthe year-end entry for bad debt, taking this into consideration.D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $206,770; recordthe year-end entry for bad debt, taking this into consideration.E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amountof $4,650. Record the entry for identification. 1Problem PA53Past DueTotal CategoryPercentageUncollectableAcct. Receivable TotalCategoryUncollectable0-30 days31-90 daysOver 90 daysTotal Estimated Uncollectable Bad Debt$$1,166,350.00577,870.00324,450.0015%633%...$48%...8...910POST.11DATEDESCRIPTIONREF.DEBITCREDIT1 20-2 Dec.1213311214331541651517161831719818209192110102211112312311224131325141426151527161628311717291818301919312020322121333435

A Past Due Account Receivable Total % Uncollectible 0-30 $ 1,166,350 15% $ 174,953…

-Due Category Accounts Receivable Tot 0-30 days 31-90 days ver 90 days $1,166,350 577,870 324,450 mine the estimated uncollectible bad debt for Luxury receivables method. d the year-end 2018 adjusting journal entry for bad d

-Due Category Accounts Receivable Tot 0-30 days 31-90 days ver 90 days $1,166,350 577,870 324,450 mine the estimated uncollectible bad debt for Luxury receivables method. d the year-end 2018 adjusting journal entry for bad d

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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