Record entry to write off the $15,000 receivable which is over 75 days outstanding
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| Instructions | |||||||||||||
| 1 | Record entry to write off the $15,000 receivable which is over 75 days outstanding | ||||||||||||
| 2 | Calculate the desired credit balance in the Allowance for Doubtful Account using the chart above | ||||||||||||
| 3 | Assuming prior to any |
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Solved in 4 steps
- Calculate the allowance for doubtful accounts using the accounts receivable aging method using the following information: Beginning Allowance for Doubtful Accounts Balance: $5,000 Probability of Non-Collection 2% 4% 5% 10% 25% Age Group 0-30 days past due 31-60 days past due 61-120 days past duc 121-180 days past due Over 180 days past duc $13,100 $142,500 $5,050 $5,000 Balance $100,000 $20,000 $15,000 $2,500 $5,000Calculate the required Allowance for Doubtful Accounts under the Accounts Receivable Aging Method using the following information: Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due 10,000 $2,650 $3,650 5,000 388 Balance $100,000 $20,000 $10,000 $5,000 $5,000 Probability of Non- collection 1% 2% 5% 10% 25%Problem 4-10 (AICPA Adapted) Rapture Company had the following information for eurrent year relating to accounta receivable: 13000 50000 4.750.000 125.000 Accounts receivable, January 1 Credit eales Collectiona from customers, excluding recovery Accounta written off Collection of accounta written off in prior year. customer credit waa not reestablished Eatimated uncollectible receivables per aging at December 31 25.000 165 000 What is the balance of accounta receivable, before allowane for doubtful accounts, on December 317 a. 1,825,000 b. 1,850,000 c. 1,950,000 d. 1,990,000
- QUESTION 1 2020 Net credit sales Estimate of doubtful debts Allowance account credit balance Gross Accounts receivable $100,000. 2% of net credit sales $1,800 before the estimate was made $40,000. Required: Prepare the adjusting entry to record bad debts expense for 2020 using the percentage of sales method. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). In BIUS Paragraph Arial 10pt k Save and Submit to save and submit. Click Save All Answers to save all answers. !!!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 dollarsThe shodule g8 aing accounts for a com Prny O1 Year 2020 Account rectuble $20,000 $ So00 at the Estimate bag Current 1-30 daysoverdue 3 1- 60 days ovedue more than 6odays overdue (% 5% to % 20% $2500 31 S00 The aliowance was estimeted by using the stheolole accounta. The allowanre count had a'Jebit balance of g400 befere tHe estimate was made Reouired Prefare the adjusting bat to record bad debt expense for 2 entry
- uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work AmountQuestion Content Area Allowance for Doubtful Accounts has a debit balance of $570 at the end of the year (before adjustment), and Bad Debt Expense is estimated at 2% of credit sales. If credit sales are $950,400, the amount of the adjusting entry for uncollectible accounts is a. $19,008 b. $18,438 c. cannot determine without more information d. $19,5781 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?
- Final) Chapters 8-9-10-11 & Ratios A Saved Help Total $ 600,000 1 to 30 $ 96,000 31 to 60 $ 42,000 Over 90 $ 36,000 61 to 90 Accounts receivable Percent uncollectible $ 402,000 $ 24,000 18 28 58 78 108 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $4,200 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 $700 debit. Complete this question by entering your answers in the tabs below. Req A Reg B and C 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 $4,200 credit. c. Prepare the adjusting entry to record…The contra revenue account that represents the reduction in the amount paid by a credit customer if payment is made within a specified period of time is known as which of the following: O Contra revenue account O Sales allowance account O Sales discount account O Allowance for uncollectible accounts ASUS f3 f4 f5 f6 f7 f8 f9 f10 f11 区 ロ/京 %24 & 3 4. 7. 8 9. 01 Y U G H. J K 16 5 图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
