Exercise 9-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Days Past Due Total $620,000 1 to 30 $100,000 3% 31 to 60 61 to 90 Over 90 Accounts receivable $406,000 2% $46,000 6% $28,000 $40,000 Percent uncollectible 8% 11% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable 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 $4,600 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 $1,100 debit.

HOMEWORK 8 - CHAPTER 8 Question 9 of 15 -1 Current Attempt in rrogress Assume the following information for Tamarisk Corp. Accounts receivable (beginning balance) $161,000 Allowance for doubtful accounts (beginning balance) ,11,300 Net credit sales ,942,000 Collections 912,000 Write-offs of accounts receivable 5,200 Collections of accounts previously written off 2,200 Uncollectible accounts are expected to be 8% of the ending balance in accounts receivable. (a) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit

Exercise 7-7 Percent of accounts receivable method LO P3 Mazie Supply Co. uses the percent of accounts recelvable method. On December 31, it has outstanding accounts recelvable of $60,500, and it estimates that 3% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,029 credit balance before the adjustment. (b) a $303 debit balance before the adjustment. View transaction list Journal entry worksheet 1 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,029 credit balance before the adjustment. Note: Enter debits before credits. Transaction General Journal Debit Credit (a) MacBook Air

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PE 9-4B Analysis of receivables method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $4,770,000, Allow- ance for Doubtful Accounts has a debit balance of $17,230, and sales for the year total $63,800,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $380,000. Determine (a) the amount of the adjusting entry for uncollectible accounts; (b) the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense; and (c) the net realizable value of accounts receivable.

%24 %24 %24 Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $605,000; Allowance for Doubtful Accounts has a credit balance of $5,500; and sales for the year total $2,720,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $28,600. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.

%24 %24 Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $735,000; Allowance for Doubtful Accounts has a debit balance of $6,500; and sales for the year total $3,310,000. Bad debt expense is estimated at 1/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. $ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful ACcounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.

Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1%      1-30 days past due 5         31-60 days past due 25         61-90 days past due 35         Over 90 days past due 50         Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100         18,100 Keystone Company 18,200       18,200   Moxie Creek Inc. 6,600     6,600     Rainbow Company 10,000   10,000       Swanson Company 23,100 23,100         Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible   1% 5% 25% 35% 50% Allowance for Doubtful…

Cornerstone Exercise 5-28 Aging Method On December 31, 2021, Khalid Inc. has the following balances for accounts receivable and allowance for doubtful accounts: Accounts Receivable Allowance for Doubtful Accounts (a credit balance) During 2022, Khalid had $18,500,000 of credit sales, collected $17.945,000 of accounts receivable, and wrote off $60,000 of accounts receivable as uncollectible. At year-end. Khalid performs an aging of its accounts receivable balance and estimates that $52,000 will be uncollectible. Required: 1. Calculate Khalid's preadjustment balance in accounts receivable on December 31, 2022. $1,280,000 44,000 2. Calculate Khalid's preadjustment balance in allowance for doubtful accounts on December 31, 2022. 3. Prepare the necessary adjusting entry for 2022. Dec. 31 (Record adjusting entry for bad debt expense estimate)

Book Hint Ask Print References Mc Graw Hill % 5 At December 31, Folgeys Coffee Company reports the following results for its calendar year. $908,000 308,000 Cash sales Credit sales Its year-end unadjusted trial balance includes the following items. T Accounts receivable Allowance for doubtful accounts Prepare the adjusting entry to record bad debts expense assuming uncollectibles are estimated to be (1) 3% of credit sales, (2) 1 total sales and (3) 6% of year-end accounts receivable. View transaction list Journal entry worksheet prt sc ← ] delete backspace home num lock