Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:     Not Days Past Due     Past       Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 5,500   5,500                   Ascent Company 3,100       3,100                 Zoot Company 7,700           7,700           Subtotals 886,200   535,200   195,000   85,100   44,300   26,600   The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer     Balance Due Date Conover Industries $12,400   July 9 Keystone Company 8,900   September 19 Moxie Creek Inc. 17,700   October 17 Rainbow Company 10,600   November 5 Swanson Company 23,900   December 21 Question Content Area a.  Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due, enter 0. Customer Due Date Number of Days Past Due Conover Industries July 9 fill in the blank 2028570b7fbb07b_1 days Keystone Company September 19 fill in the blank 2028570b7fbb07b_2 days Moxie Creek Inc. October 17 fill in the blank 2028570b7fbb07b_3 days Rainbow Company November 5 fill in the blank 2028570b7fbb07b_4 days Swanson Company December 21 fill in the blank 2028570b7fbb07b_5 days   Feedback Area     Feedback   a. Do not include the due date in your count. Remember that not all months have an equal number of days. Question Content Area b.  Complete the aging-of-receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount box does not require an entry, leave it blank. Kirchhoff IndustriesAging of Receivables ScheduleNovember 30 Customer Balance Not Past Due Days Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Academy Industries Inc. 5,500 5,500 fill in the blank b31db007704cfc8_1 fill in the blank b31db007704cfc8_2 fill in the blank b31db007704cfc8_3 fill in the blank b31db007704cfc8_4 Ascent Company 3,100 fill in the blank b31db007704cfc8_5 3,100 fill in the blank b31db007704cfc8_6 fill in the blank b31db007704cfc8_7 fill in the blank b31db007704cfc8_8 Zoot Company 7,700 fill in the blank b31db007704cfc8_9 fill in the blank b31db007704cfc8_10 7,700 fill in the blank b31db007704cfc8_11 fill in the blank b31db007704cfc8_12 Subtotals 886,200 535,200 195,000 85,100 44,300 26,600 Conover Industries fill in the blank b31db007704cfc8_13 fill in the blank b31db007704cfc8_14 fill in the blank b31db007704cfc8_15 fill in the blank b31db007704cfc8_16 fill in the blank b31db007704cfc8_17 fill in the blank b31db007704cfc8_18 Keystone Company fill in the blank b31db007704cfc8_19 fill in the blank b31db007704cfc8_20 fill in the blank b31db007704cfc8_21 fill in the blank b31db007704cfc8_22 fill in the blank b31db007704cfc8_23 fill in the blank b31db007704cfc8_24 Moxie Creek Inc. fill in the blank b31db007704cfc8_25 fill in the blank b31db007704cfc8_26 fill in the blank b31db007704cfc8_27 fill in the blank b31db007704cfc8_28 fill in the blank b31db007704cfc8_29 fill in the blank b31db007704cfc8_30 Rainbow Company fill in the blank b31db007704cfc8_31 fill in the blank b31db007704cfc8_32 fill in the blank b31db007704cfc8_33 fill in the blank b31db007704cfc8_34 fill in the blank b31db007704cfc8_35 fill in the blank b31db007704cfc8_36 Swanson Company fill in the blank b31db007704cfc8_37 fill in the blank b31db007704cfc8_38 fill in the blank b31db007704cfc8_39 fill in the blank b31db007704cfc8_40 fill in the blank b31db007704cfc8_41 fill in the blank b31db007704cfc8_42 Totals fill in the blank b31db007704cfc8_43 fill in the blank b31db007704cfc8_44 fill in the blank b31db007704cfc8_45 fill in the blank b31db007704cfc8_46 fill in the blank b31db007704cfc8_47 fill in the blank b31db007704cfc8_48

Required information Use the following information for the Exercises below. Skip to question   [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31.      Days Past Due             Total   0 1 to 30 31 to 60 61 to 90 Over 90   Accounts receivable $ 625,000   $ 407,000     $ 101,000     $ 47,000     $ 29,000     $ 41,000     Percent uncollectible         3 %     4 %     7 %     9 %     12 %       Exercise 9-9 Percent of receivables method LO P3  a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.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 $13,100 credit.c. Prepare the adjusting entry to record bad debts expense…

Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $21,550   Lee Drake 33,925   Jenny Green 27,565   Mike Lamb 19,460     Total $102,500     The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days   $715,000   1%   31-60 days   310,000   2      61-90 days   102,000   15      91-120 days   76,000   30      More than 120 days   97,000   60          Total receivables   $1,300,000         a.  Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank.                                         b.  Journalize the write-offs and the year-end…

Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. 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 $14,000 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 $3,000 debit. Estimated balance of allowance for uncollectibles 4%

A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group                  Amount                    % 0-60 days                    $40,000                  0.5 61-90 days                    15,000                  1.5 91-120 days                    2,000                15.0 Over 120 days                   800                80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer.   Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.

Domino Company ages its accounts receivable to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $44,010 and $3,440, respectively. During Year 2, the company wrote off $2,620 in uncollectible accounts. In preparation for the company's estimate of uncollectible accounts expense for Year 2, Domino prepared the following aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total Multiple Choice $4,296 What amount will be reported as uncollectible accounts expense on the Year 2 income statement? $1,676 $2,620 Receivables Amount $70,000 $5,116 26,700 6,760 3,420 3,100 $ 109,980 % Likely to be Uncollectible 1% 5% 10% 25% 50%

Prepare an aging schedule to determine the total estimated uncollectibles at March 31,2018

Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 283,500 _______ March 31–60 63,000 _______ February 61–90 252,000 _______ January 91–120 31,500 _______ Total receivables $ 630,000 100% Calculate the percentage of amount due for each month.   If the firm had $1,680,000 in credit sales over the four-month period, compute the average collection period. Average daily credit sales should be based on a 120-day period.

Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7: Not Days Past Due Past Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 АВС Веauty 19,000 19,000 Angel Wigs 7,100 7,100 Zodiac Beauty 3,500 3,500 Subtotals 1,316,900 752,700 299,000 128,300 39,800 16,400 80,700 The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty Aug. 17 $5,300 Creative Images Oct. 30 4,700 Excel Hair Products July 3 8,500 First Class Hair Care Sept. 8 6,700 Golden Images Nov. 23 3,300 Ob That Eair Nov 2O

Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are given below. Estimated Uncollectible Estimated Uncollectible Age Interval Balance Accounts Percent Accounts Amount Not past due $500,000 3/4 % $3,750 1-30 days past due 55,000 4 2,200 31-60 days past due 25,000 6 1,500 61-90 days past due 18,000 14 2,520 91-180 days past due 13,000 42 5,460 Over 180 days past due 9,500 70 6,650 Total $620,500 $22,080 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $3,975 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31.