Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $400,900 $227,000 $95,800 $38,700 $22,900 $16,500 % uncollectible 1% 4% 5% 8% 10% Estimated uncollectibles $enter the total estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars

Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $400,900 $227,000 $95,800 $38,700 $22,900 $16,500 % uncollectible 1% 4% 5% 8% 10% Estimated uncollectibles $enter the total estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars $enter the estimated bad debts amount in dollars

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 6MC: Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of...

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Using the percentage of receivables method for recording bad debt expense, estimated uncollectible accounts are $11,000. If the balance of the Allowance for Doubtful Accounts is $2,800 debit before adjustment, what is the balance after adjustment? Select one: a. $13,800 b. $8,200 C. $11,000 d. $2,800
1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 365,000 15,000 Net credit sales 827,000 Amount % Estimated Total Estimated Number of Days Outstanding Receivable Uncollectible Uncollectible 0-30 175,000 1.00% 31-60 80,000 2.00% 61-90 50,000 42,000 18,000 5.00% Page 1 91-120 20.00% Over 120 40.00% TOTALS 365,000 Page 2 General Ledger Accounts Receivable A Allowance for Doubtful XA Bad Debt Expense E Debit Credit Debit Credit Debit Credit Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 2 What is the net realizable value of Accounts receivable?
Calculate the total estimated uncollectibles based on the below information. Accounts receivable % uncollectible Estimated Bad debts Total $307,100 $ 0-30 $100,200 1% $ 31-60 $65,900 4% Number of Days Outstanding $ 61-90 $59,800 5% 91-120 $44,600 8% $ Over 120 $36.600 20%
Calculate the total estimated bad debts based on the information below. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $489,000 $318,000 $91,000 $45,000 $23,000 $12,000 % uncollectible 1% 4% 5% 9% 11% Estimated bad debts $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars eTextbook and Media List of Accounts Attempts: 1 of 15 used (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts…
What is the amount of write offs during Year 2 based on the following financial information? Balance Sheet Excerpts As At Year Year 2 Year 1 End(000s) Gross Accts Receivable Allowance for Doubtful Accounts Net Accts Receivable Provision for Bad Debt O $15 $20 $37 $52 $456 $20 $437 $25 $321 $32 $294 $40
QUESTION 5 Information about Calbee Company is provided below: Ending Accounts Receivable: $100,000 Total Credit Sales: $250,000 Beginning Allowance for Doubtful Accounts: $15,000 (Debit) Total Write-offs: $5.000 Calbee uses the percent of receivables method. It estimates that 3% of receivables will ultimately be uncollectible. What is the amount of Bad Debt Expense? I I
By the percentage-of-receivables method for recording bad debt expense, estimated uncollectible accounts are $12,000. If the balance of the Allowance for Doubtful Accounts is $2,500 credit before adjustment, what is the amount of bad debt expense for that period? Select one: a. $9,500 b. The answer does not exist C. $14,500 d. $2,500 e. $12,000 Previous page Next page
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
I NEED HELP FINDING THE DOLLAR AMOUNT Vaughn Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable 331,400 104,000 70,800 65,400 49,100 $42,100 % uncollectible 2% 5% 6% 9% 21% Estimated Bad debts $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount
Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage is 3.5%. What is the estimated balance uncollectible using the income statement method? A. $13,650 B. $2,992.50 C. $136,500 D. $29,925
Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of $134,000. Conner uses the balance sheet method to report bad debt estimation. The estimation percentage is 4.6%. What is the estimated balance uncollectible using the balance sheet method? A. $26,082 B. $6,164 C. $260,820 D. $61,640
Balloons Plus computes bad debt based on the allowance method. They determine their current years balance estimation to be a credit of $84,000. The previous period had a credit balance in Allowance for Doubtful Accounts of $26,000. What should be the reported figure in the adjusting entry for the current period? A. $84,000 B. $58,000 C. $26,000 D. $110,000

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		Number of Days Outstanding
	Total	0–30	31–60	61–90	91–120	Over 120
Accounts receivable	$400,900	$227,000	$95,800	$38,700	$22,900	$16,500
% uncollectible		1%	4%	5%	8%	10%
Estimated uncollectibles	$enter the total estimated bad debts amount in dollars	$enter the estimated bad debts amount in dollars	$enter the estimated bad debts amount in dollars	$enter the estimated bad debts amount in dollars	$enter the estimated bad debts amount in dollars	$enter the estimated bad debts amount in dollars