Provide the required balance Star Electronics has aging accounts receivableas follows: Current ($50,000), 1-30 days($30,000), 31-60 days ($20,000), and over 60days ($10,000). Using estimated uncollectiblerates of 1%, 5%, 10%, and 20% respectively,Provide the required balance in the allowancefor doubtful accounts.

Step 1:Allowance for doubtful debt is calculated on the basis of estimated percentage of bed debts…

Answered: Star Electronics has aging accounts…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter9: Receivables

Section: Chapter Questions

Problem 9E: Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the...

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Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
Sequoia, Inc. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current $27,000 2% uncollectible 31 - 60 days 61- 90 days 6,000 5% uncollectible 3,000 15% uncollectible 91 and up 1.800 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $144 debit. O A. $54,000 O B. $1,722 O C. $1,578 O D. $1,434
From aging its Accounts Receivable, Marlon De Guzman Company estimates that 18,750 of it's accounts will be uncollectible. At this time, Allowance for Doubtful Accounts has an 8,400 credit balance. The adjusting entry is. A. Debit allowance for doubtful accounts, 18,750; credit accounts receivable, 18,750. B. Debit doubtful accounts expense, 10,350; credit allowance for doubtful accounts, 10,350 C. Debit doubtful accounts expense, 18,750; credit accounts receivable 18,750 D. Debit allowance for doubtful accounts, 10,350; credit doubtful accounts expense, 10,350 (Which one is correct)
Total doubtful accounts at the end of the year are estimated to be $33,500 based on an aging of accounts receivable. If the balance in the Allowance for Doubtful Accounts is a $12,100 debit before adjustment, what is current year's Bad Debt Expense? Multiple Choice $12,100. $33,500. $21,400. $45,600.
The aging of accounts receivable shows the following data: 0-60 days due: balance is $74,500 with a 3% estimated uncollectible Over 60 days past due: balance is $4,000 with a 24% estimated uncollectible The current balance of Allowance for Bad Debits is a $500 CR Using the aging of receivables method, what is the balance of Allowance for Bad Debt? $3,195 DR $3,195 CR $3,695 CR $2,695 CR
At the of fiscal year before the accounts are adjusted, accounts receivable has a balance of $200000 and allowance for doubtful accounts has a credit balance of $2500. if the estimate of uncollectible accounts determined by aging the receivable is $8500, the amount of bad debt expense is?
An aging of a company's accounts receivable indicates the estimate of uncollectible receivables totals $4,459. If Allowance for Doubtful Accounts has a $1,125 credit balance, the adjustment to record the bad debt expense for the period will require a:
Tanning Company analyzes its receivables to estimate uncollectible accounts. The accounts receivable balance is $368,000 and credit sales are $1,000,000. An aging of accounts receivable estimates that $29,440 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? a. Account Debit Credit Bad Debt Expense 29,440 Allowance for Doubtful Accounts 29,440 b. Account Debit Credit Bad Debt Expense 27,440 Allowance for Doubtful Accounts 27,440 c. Account Debit Credit Bad Debt Expense 94,320 Allowance for Doubtful Accounts 94,320 d. Account Debit Credit Bad Debt Expense 31,440 Allowance for Doubtful Accounts 31,440
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases AND indicate the ending balance in each case. (a) Debit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $10,000. (b) Credit balance of $1000 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, Total sales were $1,800,000 of which $400,000 were cash sales.
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases AND indicate the ending balance in each case. (a) Debit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $10,000. (b) Credit balance of $1000 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, Total sales were $1,800,000 of which $400,000 were cash sales. View keyboard shortcuts EditViewInsertFormatToolsTable 12pt Paragraph
Blossom Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Calculate the total estimated uncollectibles based on the below information. Accounts receivable % uncollectible Estimated Bad debts $ Total $216,800 0-30 $81,000 2% 31-60 $50,000 5% Number of Days Outstanding $ 61-90 $42,100 6% $ 91-120 $25,700 9% Over 120 $18,000 21%
Assume that accounts receivable and the allowance for doubtful accounts (AFDA) ending balances were OMR500,000 debit and OMR5000 credit balances respectively at December 31, and the uncollectible accounts are estimated to be 5% of accounts receivable. Find out the ending balance of ADFA from the above given information . a . None of the given options b . OMR 30000 C. OMR 25000 d . OMR 20000

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Star Electronics has aging accounts receivable as follows: Current ($50,000), 1-30 days ($30,000), 31-60 days ($20,000), and over 60 days ($10,000). Using estimated uncollectible rates of 1%, 5%, 10%, and 20% respectively, Provide the required balance in the allowance for doubtful accounts.