Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (3) Amounts (1) Month of Sales April March February January Total receivables Month of Sales a. Calculate the percentage of amount due for each month. April March February January (2) Age of Account 0-30 31-60 61-98 91-120 Total receivables Percent of Amount Due Average collection period $ 131,250 93,750 112,500. 37,500 $ 375,000 % 96 % 96 100 % (4) Percent of Amount Due b. If the firm had $1,500,000 in credit sales over the four-month period, compute the average collection period. Average dally credit sales should be based on a 120-day period. days 100%

The ADA has the below table regarding its account receivable:   Age of Accounts Balance, June 30 Estimated Percentage Uncollectible 1-30 days $130,000 2.00% 31-60 days 70,000 5.00% 61-90 days 32,500 20.00% Over 90 days 3,000 50.00% If the opening balance of Allowance for Doubtful accounts is $7,050, the entries to record estimated uncollectible receivables this year will be: Select one: a. Bad debt expense $7,050                         Allowance for doubtful accounts $7,050 b. Allowance for doubtful accounts $14,100                         Account receivable $14,100 c. Bad debt expense $14,100                         Allowance for doubtful accounts $14,100 d. Account receivable $7,100                         Bad debt expense $7,100

Selected data for the Erdin Corporation for the year ended Decmeber 31, 20x5 is provided below: Credit sales Accounts receivable written off Recoveries of previously written of accounts receivable Allowance for doubtful accounts balance, January 1, 20x5 Accounts receivable, December 31, 20x5 Erdin estimates that 0.8% of sales will be uncollectible. Required - $4,500,000 36,500 1,800 33,000 cr. 625,000 Write the journal entries to record the accounts receivable written off, the recoveries and the bad debt expense. Calculate the ending balance in the allowance for doubtful account at December 31, 20x5. Note that the accounts receivable and recoveries have been accounted for in the ending Accounts Receivable balance.

Daley Company prepared the following aging of receivables analysis at December 31. Total 0 Accounts receivable Percent uncollectible $ 625,000 $ 407,000 1 to 30 $ 101,000 Days Past Due 31 to 60 $ 47,000 61 to 90 $ 29,000 Over 90 $ 41,000 3% 4% 7% 9% 12% 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 using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,100 debit. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company…

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…

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.

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. 5,100   5,100                   Ascent Company 3,800       3,800                 Zoot Company 7,000           7,000           Subtotals 805,800   486,600   177,300   77,400   40,300   24,200   The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer     Balance Due Date Conover Industries $11,300   July 11 Keystone Company 8,100   September 19 Moxie Creek Inc. 16,100   October 17 Rainbow Company 9,700   November 4 Swanson Company 21,800   December 21 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,…

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

Estimating Uncollectible Accounts and Reporting Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Accounts Estimated Receivable Loss % $ 90,000 20,000 11,000 6,000 Over 180 days past due 4,000 Total accounts receivable $ 131,000 Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 296 4 The balance of the allowance for uncollectible accounts is $520 on December 31, before any adjustments. Transaction Record bad debts expense 5 10 25 (a) What amount of bad debts expense will LaFond report in its income statement for the year? $0 Cash Asset (b) Use the financial statement effects template to record LaFond's bad debts expense for the year. Use negative signs with your answers, when appropriate. Noncash Assets Balance Sheet Liabilities Contributed Capital (c) What is the balance of accounts receivable on it December 31 balance…