N3. 7 Homework3:00dof 31:21:11oped· sorprenBookPrint-----Problem 7-3A (Static) Part 1you like to make Opera your everyday browser? How do I do that?7 HomeworkAccountsReceivableShow Transcribed TextRequired:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of acNot due:1 to 30:31 to 60:61 to 90:Over 90:Estimated balance of allowance for uncollectiblesRequired informationxNote: Enter debits before credits.DateDecember 31xXxXRecord the estimated bad debts.xPercentUncollectible (#.##%)< Prev53General Journal63< PrevSavedSaved...NWMacBook Airm.S567=Debitof 10EstimatedUncollectible$of 10CreditofNext >RONext >OAHelp SHelpSave & ExitCheck r make Opera your everyday browser? How do I do that?mework iRequired informationProblem 7-3A (Static) Aging accounts receivable and accounting for bad debts LO P2, P3[The following information applies to the questions displayed below.]AccountsReceivable$ 830,000254,00086,00038,00012,000SavedOn 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 PercentAge of Accounts Receivable.Not yet due1 to 30 days past due31 to 60 days past due61 to 90 days past dueOver 90 days past dueProblem 7-3A (Static) Part 1< Prev53Uncollectible1.2582.006.5032.7568.00S5 6 7of 10DHelp Save & ExitNext >ROCheck

The allowance for doubtful accounts is created to record the estimated bad debt expense for the…

Required information Problem 7-3A (Static) Aging accounts receivable 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 balances $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Accounts Receivable $ 830,000 254,000 86,000 38,000 12,000 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 Problem 7-3A (Static) Part 1 Uncollectible 1.25% 2.00 6.50 32.75 68.00

Required information Problem 7-3A (Static) Aging accounts receivable 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 balances $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Accounts Receivable $ 830,000 254,000 86,000 38,000 12,000 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 Problem 7-3A (Static) Part 1 Uncollectible 1.25% 2.00 6.50 32.75 68.00

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 84APSA: Aging Method Bad Debt Expense Cindy Bagnal, the manager of Cayce Printing Service, has provided the...

See similar textbooks

Similar questions

be Preview File Edit View V Go mgt120h-a17.pdf Page 3 of 10 DOLAY Tools Window Help risinin D .. .. .. ... ... O V C. For an amount that the company estimates it will not collect. d. Several times during the accounting period. ܐ. . .. . . Search (Cª 5. Under the allowance method for uncollectible accounts, Bad Debts Expense is recorded a. When an individual account is written off. b. When the loss amount is known. Sat Apr 15 3:04 PM 6. A company sells an asset that originally cost $150,000 for $50,000 on December 31, 2016. The accumulated depreciation account had a balance of $60.000 after the current year'e Cost-Volume-Profit Analysis The Effect Of Prepaid Taxes On Assets Debenture Valuation And Liabili... 90 77
A ezto.mheducation.com sijon 17A - Connect Data_Sales.xlsx: fa21cob204 Computer Information Systems Dashb on 1-7-6A - Connect Saved Help The accounts receivable balance for Renue Spa at December 31, Year 1, was $86,000. Also on that date, the balance in the Allowance for Doubtful Accounts was $2,500. During Year 2, $1.900 of accounts receivable were written off as uncollectible. In addition, Renue unexpectedly collected $130 of receivables that had been written off in a previous accounting period. Services provided on account during Year 2 were $211,000, and cash collections from receivables were $212,936. Uncollectible accounts expense was estimated to be 1 percent of the sales on account for the period. Required a. Record the transactions in general journal form and post to T-accounts. b. Based on the preceding information, compute (after year-end adjustment): (1) Balance of allowance for doubtful accounts at December 31, Year 2. (2) Balance of accounts receivable at December 31,…
Q: What are the journal entries for the following transactions related to Uncollectable accounts? On January 31st, accounts receivable amount to Rs=10,000. On this date, the credit manager reviews the accounts receivable and estimates that approximately Rs=850 of these accounts will prove to be uncollectable. Assume that the customer (Ali enterprise) is gone out of business and Rs=300 account receivable from the customer is now worthless. Assume for example, that a past-due account receivable in the amount of Rs=150 from XYZ was written off on March 16, 2020. All of a sudden, XYZ pays the account in full. Record the journal entry.
ABC estimates potential uncollectable accounts receivables using Aging Accounts Receivable approach. The following is the analysis: Customer K. Brant D. Eaton S Klein C. Sheen Total Total % uncollectible $500 300 150 200 1.150 Not yet due 100 200 300 1% Number of Days Past Due 1-30 31-60 61-90 Over 90 $300 $200 300 5% 50 250 10% What is the total amount of estimated uncollectible? 200 200 25% 200 200 50%
! Required information Problem 9-3A (Algo) Aging accounts receivable 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 $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Problem 9-3A (Algo) Part 2 View transaction list 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 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations. Journal entry worksheet
! Required information Problem 9-3A (Algo) Aging accounts receivable 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 $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 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 Problem 9-3A (Algo) Part 1 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Percent Uncollectible (#.##%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles || Expected Percent Uncollectible 1.25% 2.00 6.50 || 32.75 68.00 Estimated Uncollectible
Select the best answer for the question 12. What account will be debited to record an accounts receivable amount considered to be a bad debt if the direct write-off method of accounting is used? O A. Cash OB. Allowance for Doubtful Accounts OC. Sales OD. Uncollectible Accounts Expense Mark for review (Will be highlighted on the review page) revious Questio Next Question >> Jm
Entries to Write Off Accounts Receivable Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,800 balance of an account owed by a customer, Philadelphia Inc. a. Journalize the entry to record the write-off, assuming that the direct write-off method is used. If an amount box does not require an entry, leave it blank. Bad Debt Expense Accounts Receivable-Philadelphia Inc. ✔ Feedback 45,800 Check My Work Remember that under the direct write-off method, Bad Debt Expense is not recorded until the customer's account is determined to be worthless. Feedback 45,800 b. Journalize the entry to record the write-off, assuming that the allowance method is used. If an amount box does not require an entry, leave it blank. ✓ Check My Work
PA1. LO 7.2 On June 30, Oscar Inc.'s bookkeeper is preparing to close the books for the month. The accounts receivable control total shows a balance of $2,820.76, but the accounts receivable subsidiary ledger shows total account balances of $2,220.76. The accounts receivable subsidiary ledger is shown here. Can you help find the mistake? ACCOUNTS RECEIVABLE SUBSIDIARY LEDGER Account: Amazoon AR No. 246 Balance Date Item Ref. Debit Credit Debit Beginning Balance Payment 1,200.50 Apr. 5 CR 175 1200.50 0.00 Account: Cadberry AR No. 357 Balance Date Item Ref. Debit Credit Debit Beginning Balance Invoice 210 877.30 Apr. 8 SJ 123 300 1,177.30 Account: Hewlit Pickard AR No. 468 Balance Date Item Ref. Debit Credit Debit Beginning Balance 172.99 Apr. 28 Invoice 211 SJ 123 100 272.99 Account: Neatflicks inc. AR No. 579 Balance Date Item Ref. Debit Credit Debit Beginning Balance Payment 1,570.47 1,070.47 Apr. 6 Apr. 22 CR 175 500 Invoice 212 CJ 123 300 770.47
Required information Problem 9-3A (Algo) Aging accounts receivable 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 $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 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 Expected Percent Does this write-off directly affect Jarden's net income? Uncollectible 1.25% 2.00 6.50 32.75 68.00 Problem 9-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $4,700 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income?
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
A ezto.mheducation.com Data Sales.xlsx: fa21cob204 Computer Information Systems Dashbo Saved Help Sa The fo"owing account balances come from the records of Ourso Company. Accounts receivable Allowance for doubtful accounts Beginning Balance $ 2,914 Ending Balance $ 3,805 208 104 During the accounting period, Ourso recorded $12,500 of sales revenue on account. The company also wrote off a $177 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. Complete this question by entering your answers in the tabs below. Required A Required B Determine the amount of cash collected from receivables. Collections of accounts receivable K Required A Required B> < Prev 1 of 1 Next MacBook Pro #3 $ & 4 6. 7 8. V くo