Sequoia, Inc. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts Current 31- 60 days 61- 90 days 91 and up $27,000 2% uncollectible 6,000 3,000 5% uncollectible 15% uncollectible 1,800 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $144 debit. O A. $54,000 O B. $1,722 OC. $1,578 O D. $1,434
Q: Benson Company estimates its uncollectible accounts by aging its accounts receivable and applying…
A: When a receivable is no longer recoverable because a customer is unable to fulfil their…
Q: During the year, New York Communications estimates Uncollectible-account expense at 1% of credit…
A: Journal entries are prepared to record the financial and non financial transactions of the business…
Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of…
A:
Q: The following information applies to the questions displayed below.] Daley Company prepared the…
A: Adjusted balance of the Allowance for Doubtful Accounts = Accounts receivable x Uncollectable…
Q: Grows Company provided the following information for the current year: 200,000 5,000,000 300,000…
A: The financial accounting term allowance method refers to the process of an uncollectible account…
Q: The company uses the Aging of Accounts Receivable method to estimate bad debts. The company has the…
A: Journal entries: Date Particulars Debit Credit 6 April Accounts receivable 52500 Sales…
Q: On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of…
A: Bad debts expense = Estimated uncollectible accounts - Beginning Credit balance of Allowance for…
Q: Blue Devil Inc. has given you the following information from its aging of Accounts Receivable.…
A: According to the aging method, the amount of account receivable is divided in various age-groups and…
Q: Moon glow, a Broadway Publicity firm, uses the balance sheet approach to estimate uncollectible…
A: Uncollectible Accounts-: Uncollectible Accounts are simply the receivables, loans, or additional…
Q: During its first year of operations, Pharoah Company had credit sales of $2,751,000, of which…
A: Prepare journal entry to record estimated uncollectible.
Q: Nonsense Company started 20X1 with $370,000 of Accounts Receivable and an Allowance for Doubtful…
A: Calculation of Allowance for doubtful debt Days past due Amount % Expense amount (Amount *%) 0…
Q: [The following information applies to the questions displayed below.] Daley Company prepared the…
A: Allowance for doubtful accounts means where we expect some debts to become bad in near future then…
Q: On December 31, journalize the write-offs and the year-end adjusting entry under the allowance…
A: Journalisation of write off and the year end adjustment entry under the allowance method write off…
Q: Orr Company prepared an aging of accounts receivable on December 31 and determined that the net…
A: Allowance for Doubtful account, Ending balance= Allowance for Doubtful account Beginning Balance +…
Q: Daley Company estimates uncollectible accounts using the allowance method at December 31. It…
A: Aging table that is given above specifies the percentage of uncollectible of accounts receivable.…
Q: Marian Company used the allowance method of accounting for doubtful accounts. The following summary…
A: No. of days outstanding Amount Probability of collection Estimated uncollectible amount 0-30…
Q: Using the % of aging-of-accounts receivable to estimate uncollectible accounts, The Valley…
A: An allowance for uncollectible account has been prepared on the basis of estimation of bad debts…
Q: Answer all questions. Ch. 5-2
A: Here, All calculations are made as per the data given. Final adjuting entry will be passed for…
Q: An analysis and aging of Serrano Company's accounts receivable at December 31, 20XX disclosed the…
A: Under Ageing of receivables method, Allowance for doubtful accounts is calculated on the basis of…
Q: Seaforth International wrote off the following accounts receivable as uncollectible for the year…
A: calculation above requirement are as follows
Q: The general ledger account for Accounts Receivable shows a debit balance of $50,000. Allowance for…
A: Under the aging method, first the post adjustment in allowance for doubtful accounts is computed.…
Q: )A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the…
A: This question deals with the calculation of uncollectible account expense that needs to be book. For…
Q: An analysis and aging of the accounts receivable of Crane Company at December 31 revealed the…
A: Cash realizable value refers to amount of money one expects to receive from accounts receivable…
Q: Security Service Company's Accounts Receivable account shows a debit balance of $104,000 at the end…
A: Uncollectible accounts expense = Estimated uncollectible accounts - credit balance of Allowance for…
Q: A company has the following unadjusted account balance at December 31 of the current year:…
A: Under Aging method, Estimated uncollectible amount computed is the amount of Allowance for Doubtful…
Q: The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of…
A: Determination of allowance for doubtful account in "T" format are as follows
Q: Seaforth International wrote off the following accounts receivable as uncollectible for the year…
A: a.Prepare journal entry under the direct write-off method:
Q: Required Information [The following Information applies to the questions displayed below.] Daley…
A: Allowance for Doubtful Debt is the estimated Provision amount created for uncollectible accounts. As…
Q: Omega Company prepared an aging of accounts receivable on December 31, 2018 and determined that the…
A: Ending Allowance for uncollectible accounts balance = Ending accounts receivable - ending net…
Q: At the beginning of current year, ABC company reported that the allowance for doubtful account has a…
A: Doubtful Debts:-These are those amounts which are owed by other parties and have to be received but…
Q: Orr Company prepared an aging of accounts receivable on December 31, 20XX and determined that the…
A: Net realizable value of the accounts receivable = Ending accounts receivable - Ending Allowance for…
Q: Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts…
A: Accounts uncollectible are receivables, loans or debt that is not being paid
Q: Zyrah Co. has the following data relating to its accounts receivable durig the current year:…
A: Allowance for uncollectible accounts is provision made for those accounts receivables from which it…
Q: The amount of uncollectible accounts at the end of the year is estimated to be $28,500, using the…
A: Introduction: A provision for doubtful accounts is referred to as a "contra asset" because it lowers…
Q: Daley Company estimates uncollectible accounts using the allowance method at December 31. It…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: Golden Music Company uses the allowance method to estimate uncollectible accounts receivable. An…
A: Total estimated uncollectible accounts = Accounts receivable x Estimated percentage uncollectible…
Q: Daley Company prepared the following aging of receivables analysis at December 31. Y Days Past Due…
A: A journal entry is a form of accounting entry that is used to report a business transaction in a…
Q: The amount of uncollectible accounts at the end of the year is estimated to be $28,500, using the…
A: An allowance for dubious accounts is referred to as a "counter asset" since it reduces the quantity…
Q: Domino Company uses the aging of accounts receivable method to estimate uncollectible accounts…
A: Uncollectible accounts are those which cannot be collected due to them being converted into bad…
Q: Seaforth International wrote off the following accounts receivable as uncollectible for the year…
A: Bad bebts are those account receivables from which amount can not be collected or can not be…
Q: Marigold Inc. uses the allowance method to estimate uncollectibles. The company produced the…
A: >Account receivables are the balances of customers or borrowers who owe the business certain…
Q: Pachel Corporation reports the following information pertaining to its accounts receivable:…
A: Age of receivables Rate Amount Estimated Bad debts Current 2% 60,000 1,200 1-30 4% 40,000 1,600…
Q: Erickson Company had a $300 credit balance in Allowance for Doubtful Accounts at December 31, 20XX,…
A: Calculate the amount of bad debt expense:
Q: At the end of the current year, the accounts receivable account has a debit balance of $969,000 and…
A: Bad debts expense: Bad debts expense is recognized in the books of the company when a debtor is…
Q: Daley Company estimates uncollectible accounts using the allowance method at December 31. It…
A: Given, On Feb. 1, company wrote off $900 for Oakley co. and $5900 for Brookes Co. On June 5,…
Q: [The following information applies to the questions displayed below.] Daley Company prepared the…
A: Bad debts expense: It refers to an expense for recording accounts receivable which are…
Q: SISSY Company provided the following information relating to accounts receivable for the current…
A: Balance of account receivables is the values due to a firm on which the customer has yet not paid.…
Q: ABC Co. has the following information on December 31, 20x1 before any year-end adjustments. Net…
A: 8. Balance of the allowance for doubtful accounts on January 1, 20x1 = Allowance for doubtful…
Q: Daley Company prepared the following aging of receivables analysis at December 31. Accounts…
A: Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
- Sprague Company uses the aging method to adjust the allowance for uncollectibleaccounts at the end of the period. At December 31, 2018, the balance of accounts receivable is$250,000 and the allowance for uncollectible accounts has a credit balance of $4,000 (beforeadjustment). An analysis of accounts receivable produced the following age groups:Current ...................................... $150,00060 days past due......................... 90,000Over 60 days past due................ 10,000$250,000Based on past experience, Sprague estimates that the percentage of accounts that will prove tobe uncollectible within the three age groups is 2% of the current balance, 8% of the 60 dayspast due balance, and 18% of the over 60 days past due balance. Based on these facts, theadjusting entry for uncollectible accounts should be made in the amount ofa. $8,000.b. $12,000.c. $17,000.d. $16,000.Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000Blue Devil Inc. has given you the following information from its aging of Accounts Receivable. Current $24,800 1% uncollectible 31-60 days 7,100 9% uncollectible 61-90 days 4,000 19% uncollectible 91 and up 1,900 34% uncollectible The current balance in Allowance for Doubtful Accounts is a $938 credit. Please record the year-end adjusting journal entry for uncollectible accounts based on the AGING METHOD. Please show your calculation steps. HTML EditorKeyboard Shortcuts
- Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 47,000 Accounts receivable Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Req B and C Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,700 credit. Accounts Receivable c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,200 debit. X Total O $625,000 $ 407,000 X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. X Percent Uncollectible (%) = 3%…! Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $575,000 X a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit. XX c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Percent Uncollectible (%) 0 $397,000 Complete the table below…Req A b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,700 debit. Req B and C View transaction list Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,200 credit balance. Date December 31 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Show less ▲
- The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…Assume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $126,500 2% 1-30 days past due 89,200 12% 31-60 days past due 53,600 18% Over 60 days past due 31,800 35% Required: Part a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Part b. Johnston Supplies, Inc. writes off $3,081 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Part c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.