Please dont give solution image based thanx Bad Debt Expense: Aging MethodGlencoe Supply had the following accounts receivable aging schedule at the end of a recent year.Proportion Expectedto Default0.0050.010.130.200.250.60AccountsReceivable AgeCurrent1-30 days past due31-45 days past due46-90 days past due91-135 days past dueOver 135 days past due1. Determine bad debt expense.2,752 XAmount$310,500$1,5534753,2502,5601,5252,520$11,883The balance in Glencoe allowance for doubtful accounts at the beginning of the year was $48,480 (credit). During the year, accounts in the total amount of $51,232 werewritten off.Required:FeedbackAllowanceRequired47,50025,00012,8006,1004,200Check My Work1. The aging method attempts to estimate the ending balance in the Allowance for Doubtful Accounts.CO

ALLOWANCE FOR DOUBTFUL DEBT ACCOUNT Allowance for Doubtful Debt Account is Considered as Contra…

Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Proportion Expected to Default 0.005 0.01 0.13 0.20 0.25 0.60 Accounts Receivable Age Allowance Required $1,553 475 3,250 2,560 1,525 2,520 $11,883 The balance in Glencoe allowance for doubtful accounts at the beginning of the year was $48,480 (credit). During the year, accounts in the total amount of $51,232 were written off. Required: Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due 1. Determine bad debt expense. 2,752 X Feedback Amount $310,500 47,500 25,000 12,800 6,100 4,200 Check My Work 1. The aging method attempts to estimate the ending balance in the Allowance for Doubtful Accounts. CO

Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Proportion Expected to Default 0.005 0.01 0.13 0.20 0.25 0.60 Accounts Receivable Age Allowance Required $1,553 475 3,250 2,560 1,525 2,520 $11,883 The balance in Glencoe allowance for doubtful accounts at the beginning of the year was $48,480 (credit). During the year, accounts in the total amount of $51,232 were written off. Required: Current 1-30 days past due 31-45 days past due 46-90 days past due 91-135 days past due Over 135 days past due 1. Determine bad debt expense. 2,752 X Feedback Amount $310,500 47,500 25,000 12,800 6,100 4,200 Check My Work 1. The aging method attempts to estimate the ending balance in the Allowance for Doubtful Accounts. CO

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 68E: Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule...

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Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. The balance in Glencoes allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: 1. Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. 3. If Glencoe had written off $90,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed?
AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Johnson Company as of December 31, 20--, reveals the following: REQUIRED 1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible. 2. Assuming that Allowance for Doubtful Accounts had a credit balance of 620 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for uncollectible accounts.
Tines Commerce computes bad debt based on the allowance method. They determine their current years balance estimation to be a credit of $45,000. The previous period had a credit balance in Allowance for Doubtful Accounts of $12,000. What should be the reported figure in the adjusting entry for the current period? A. $12,000 B. $45,000 C. $33,000 D. $57,000
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Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. Accounts Receivable AgeAmount Proportion Expectedto Default AllowanceRequired Current $310,500 0.005 $1,553 1–30 days past due 47,500 0.01 475 31–45 days past due 25,000 0.13 3,250 46–90 days past due 12,800 0.20 2,560 91–135 days past due 6,100 0.25 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 The balance in Glencoe's allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: 1. Determine bad debt expense.$ 2. Prepare the journal entry to record bad debt expense. (Record adjusting entry for bad debt expense estimate) 3. By how much would bad debt expense reported on the statement of earnings have changed if Glencoe…
Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. AccountsReceivable Age Amount Proportion Expectedto Default AllowanceRequired Current $310,500 0.005 $1,553 1–30 days past due 47,500 0.01 475 31–45 days past due 25,000 0.13 3,250 46–90 days past due 12,800 0.20 2,560 91–135 days past due 6,100 0.25 1,525 Over 135 days past due 4,200 0.60 2,520 $11,883 The balance in Glencoe's allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: 1. Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - (Record adjusting entry for bad debt expense estimate) 3.…
Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year.
Total doubtful accounts at the end of the year are estimated to be $27,000 based on an aging of accounts receivable. If the balance in the Allowance for Doubtful Accounts is a $8,200 debit before adjustment, what is current year's Bad Debt Expense? Multiple Choice $35,200. $18,800. $8,200. $27,000.
Recording and Reporting a Bad Debt Estimate Using Aging Analysis E14-13 Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $295,000; (2) up to 120 days past due, $55,000; and (3) more than 120 days past due, $18,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2.5 percent, (2) 11 percent, and (3) 30 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $100 (credit) before the end-of-period adjusting entry is made. Required: Prepare the appropriate bad debt expense adjusting entry for the current year. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet.