Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events Management for the company provided you the following information pertaining to the accounts receivable aging schedule. Required: Using the percent of receivables method, what amount will Teocalli Burritos estimate as uncollectible accounts expense? Number of Days Past Due Current 0-30 31-60 01-90 Over 90 days Total Amount S 820.000 266,000 130,000 91,000 36,000 Percent Uncollectible Uncollectible Accounts Expense 1% 3% 10% 30% 60%

Teocalli Burritos owns a fleet of food delivery trucks that provide food services to a variety of local entertainment events Management for the company provided you the following information pertaining to the accounts receivable aging schedule. Required: Using the percent of receivables method, what amount will Teocalli Burritos estimate as uncollectible accounts expense? Number of Days Past Due Current 0-30 31-60 01-90 Over 90 days Total Amount S 820.000 266,000 130,000 91,000 36,000 Percent Uncollectible Uncollectible Accounts Expense 1% 3% 10% 30% 60%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

See similar textbooks

Similar questions

Country Store, Inc. provides credit to their favorite customers. On December 31, 2018, the controller of Country Store prepared the following “aging of receivables”: Days Outstanding Amount Uncollectible % Not Yet Due $ 50,000 3.0 % 0 – 60 Days Past Due 20,000 5.0 % > 60 Days Past Due 10,000 20.0 % On January 1, 2018, the balance in “Allowance for Doubtful Accounts” was $ 3,000. During the year, Country Store “wrote-off” accounts in the amount of $ 4,000. Country Store made no collections on accounts that had previously been “written-off”, and no “provisions for bad debts” were made during the year. 1. (1) What is the desired balance in the “Allowance for Doubtful Accounts”…
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 $27,000 2% uncollectible 31 - 60 days 61- 90 days 6,000 5% uncollectible 3,000 15% uncollectible 91 and up 1.800 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $144 debit. O A. $54,000 O B. $1,722 O C. $1,578 O D. $1,434
My New Business uses aging of receivables to determine the value for allowance for doubtful accounts. Below are the balances and due dates for each account. Determine the number of days past due for each of these accounts. Complete the aging of receivables schedule. Determine the allowance for doubtful accounts and write the journal entry. Would this entry change if there was a debit balance of $1500? Credit balance of $1500? Customer Due Date Balance ABC 1/4/18 $10,000 Buy Rite 2/8/18 $7500 Calming Solutions 3/13/18 $2200 Dry Fast 4/23/18 $3456 Easy Peasie 5/3/19 $683 Fast Service 6/1/18 $5682 Going Out 7/9/18 $1200 Hurry Up 8/25/18 $3800 Igloos R Us 9/22/18 $570 Jumpin Jack Flash 10/10/18 $250 King Kong Kopies 11/14/18 $6893 Lite It Up 12/1/18 $476 Magnificent Marketing 1/15/19 $1500 Aging Categories Age Class Percent Uncollectible Not past due 1% 1-…
Assume that Sohar pipers Cores LC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n / 30 . The retailer paid OMR 10000 within 10 days . From the following given options , identify the journal entry recorded by the company for the first payment made by credit customer . a . Dr Cash AC OMR 10000 and Cr Accounts receivables A/C OMR 10000 b. Dr Accounts receivables A / C OMR 10000 and Cr Cash A / C OMR 9800 , C Sales Discount A / C OMR 200 • c. Dr Cash A / C OMR 9800 , Dr Sales discount A / C OMR 200 and Cr Accounts receivables . A/C OMR 10000 d. None of the given options
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 $469,000
American Signs allows customers to pay with their Jones credit card and cash. Jones charges American Signs a 3.5% service fee for each credit sale using its card. Credit sales for the month of June total $328,430, where 40% of those sales were made using the Jones credit card. Based on this information, what will be the total in Credit Card Expense at the end of June?
Assume that Sohar pipers Cores LLC sold OMR 20000 pipes to the retailer with the credit terms of 2/10 , n/30. The retailer paid OMR 10000 within 10 days. From the following given options, identify the journal entry recorded by the company for the first payment made by credit customer. a. Dr Cash A/C OMR 9800, Dr Sales discount A/C OMR 200 and Cr Accounts receivables A/C OMR 10000 b. Dr Cash A/C OMR 10000 and Cr Accounts receivables A/c OMR 10000 c. Dr Accounts receivables A/C OMR 10000 and Cr Cash A/C OMR 9800, Cr Sales Discount A/C OMR 200 d. None of the given options Clear my choice
The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After conducting an aging analysis, management has determined that $4,700 of accounts receivable will be uncollectible. What was the Uncollectible Accounts Expense for the year? $8,200 $3,500 $4,700 $1,200
Accounting for uncollectible accounts using the allowance method (aging-of-receivables) and reporting receivables on the balance sheet. At September 30, 2018, the accounts of Roxbury Medical Center (RMC) include the following: Accounts Receivable $154,000 Allowance for Bad Debts (credit balance) 3,700 During the last quarter of 2018, RMC completed the following selected transactions: • Sales on account, $465,000. Ignore Cost of Goods Sold. • Collections on account, $441,800. • Wrote off accounts receivable as uncollectible: Jenkins, Co., $1,900; Sony, $800; and Smith, Inc., $500 • Recorded bad debts expense based on the aging of accounts receivable, as follows: Age of Accounts 1–30 Days 31–60 Days 61–90 Days Over 90 Days Accounts Receivable $ 97,000 $ 37,000 $ 17,000 $ 14,000 Estimated percent uncollectible 0.2% 3.5% 29% 32% Requirements Open T-accounts for Accounts Receivable and Allowance for…
For a business that uses the allowance method of accounting for uncollectible receivables: Journalize the entries to record the following: Use correct journal format. Just use the month for the date. Record the adjusting entry at December 31, the end of the first fiscal year, to record the bad debt expense. The accounts receivable account has a balance of $850,000, and the contra asset account before adjustment has a debit balance of $4000. Analysis of the receivables (aging) indicates uncollectible receivables of $17,200. In March of the next year, the $720 owed by Fronk Co. on account is written off as uncollectible. In November of the next year, $400 of the Fronk Co. account 1s reinstated and payment of that amount is received. In December of the next year, $250 is received on the $800 owed by Dodger Co. and the remainder is written off as uncollectible.
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…
Omani Marble Company LLC sells (on credit) OMR 15000 Marble to a retailer with credit terms of 3/10, n/30. If OMR 9,000 of the account receivable is collected from the customer within the ten-days discount period, identify the journal entry from the following. a. Dr Accounts receivables OMR 9000 and Cr Cash OMR 8730 Cr sales discount OMR 270 b. Dr Cash OMR 8730 Dr sales discount OMR 270 and Cr Accounts receivables OMR 9000 c. Dr Cash OMR 9000 and Cr Accounts receivables OMR 9000 d. Dr Cash OMR 15000 and Cr Accounts receivables OMR 15000 Clear my choice