Balance, March 31 Month of Sale 2025 2024 March (current) $65,200 $75,900 February (1-30 days past due) 11,500 8,000 December and January (31 - 90 days past due) 10,800 2,300 (over 90 days past due) 6,800 1,100 $94,300 $87,300 Credit terms are n/30. At March 31, 2025, there is an unadjusted $2,300 credit balance in Allowance for Expected Credit Losses. The company uses the percentage of receivables by age category for estimating uncollectible accounts Beca's estimates of credit losses are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Accounts Receivable Amount % Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts $ $ $ Estimated Uncollectible Prepare the adjusting entry at March 31, 2025, to record credit losses. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit Credit

Balance, March 31 Month of Sale 2025 2024 March (current) $65,200 $75,900 February (1-30 days past due) 11,500 8,000 December and January (31 - 90 days past due) 10,800 2,300 (over 90 days past due) 6,800 1,100 $94,300 $87,300 Credit terms are n/30. At March 31, 2025, there is an unadjusted $2,300 credit balance in Allowance for Expected Credit Losses. The company uses the percentage of receivables by age category for estimating uncollectible accounts Beca's estimates of credit losses are as shown below. Estimated Percentage Age of Accounts Uncollectible Current 2% 1-30 days past due 5% 31-90 days past due 30% Over 90 days past due 50% Accounts Receivable Amount % Current 1-30 days past due 31-90 days past due Over 90 days past due List of Accounts $ $ $ Estimated Uncollectible Prepare the adjusting entry at March 31, 2025, to record credit losses. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter14: Financing Liabilities: Bonds And Long-term Notes Payable

Section: Chapter Questions

Problem 12E: On October 1, 2019, Ball Company issued 9% bonds dated October 1, 2019, with a face amount of...

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On October 1, 2019, Ball Company issued 9% bonds dated October 1, 2019, with a face amount of 200,000. The bonds mature in 10 years. Interest is paid semiannually on March 31 and September 30. The proceeds from the bond issuance were 205,294.53 to yield 8.6%. Ball Company has a December 31 fiscal year-end and does not use reversing entries. Required: 1. Prepare journal entries to record the issuance of the bonds and the interest payments for 2019 and 2020 using the effective interest method. 2. Prepare journal entries to record the issuance of the bonds and the interest payments for 2019 and 2020 using the straight-line method.
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A partial amortization schedule for a 5-year note payable that Mabry Company issued on January 1, 2018, is shown as follows. AccountingPeriod PrincipalBalance January 1 CashPayment Applied toInterest Applied toPrincipal 2018 $ 123,000 $ 31,622 $ 11,070 $ 20,552 2019 102,448 31,622 9,220 22,402 2020 80,046 31,622 7,204 24,418 What is the amount of interest expense on this loan for 2021?
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