Stine Co. sells Christmas angels. Stine determines that at the end of December, it has the following aging schedule of Accounts Receivable: Customer DV Gannon JJ Joysen NJ Bell JC Werly % uncollectible Total Estimated Uncollectible Amounts Total $500 300 150 200 ? ? 100 200 300 1% Not yet due 1-30 $300 300 5% 31-60 $200 50 250 10 % Number of Days Past Due Over 90 61-90 200 200 20 % P 100 100 50 % ?

The beginning balance in the Allowance for Uncollectible Accounts account is a $3,500 credit. After conducting an aging analysis, management has determined that $11,700 of accounts receivable will be uncollectible. What is the ending balance in the Allowance for Uncollectible Accounts account?   $11,700     $3,500     $15,200     $8,200

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…

AB Co made a credit sale to DE Co for $200,000 on July 19x9. It is known that at the end of 19x9 there was an outstanding receivable of $47,000. Managementestimates that $25,000 will be uncollectible.In July 19x9 the collections department stated that a receivable of $5,000 was written off frombookkeeping because it is impossible to receive payment from DE Co. Unexpectedly monthOctober 19x9 DE Co pays its outstanding debt. Requested:Prepare the adjusting entries and the journals needed to record the above transactions properlythe backup method as well as the direct deletion method!

11. The following aging of Accounts Receivable is for Cook Company at the end of its first year of business: Leticia James Sarah Green Jay Krishnan Luis Hernandez Preeti Shroff Yu Gao Total Overall $ 30,000 Age of Account Less than 30 days 31 to 60 days 61 to 90 days Over 90 days 120,000 36,000 180,000 48,000 75,000 Aging of Accounts Receivable December 31, 20X1 31 days to 60 days 2 Less than 30 days $24,000 93,000 9,000 12 35 80 150,000 30,000 60,000 Percent Ultimately Uncollectible $366,000 12,000 12,000 $489.000 $24,000 Cook Company has collected the following bad debt information from a consultant familiar with Cook's industry: 30,000 18,000 61 days to 90 days $3,000 6,000 $72,000 15,000 Over 90 days $3,000 15,000 9,000 $27,000 Required a. Compute the appropriate allowance for bad debts as of December 31, 20X1. b. What is Cook's NET Accounts Receivable balance as of December 31, 20X1? c. Assume the balance in the Allowance for Doubtful Accounts before any adjusting entries was a…

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

Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y7:     Not Days Past Due     Past           Customer Balance Due 1-30 31-60 61-90 91-120 Over 120 ABC Beauty 21,000   21,000                       Angel Wigs 7,600           7,600                 Zodiac Beauty 3,500       3,500                   Subtotals 1,305,100   746,400   294,000   125,900   43,800   16,400   78,600   The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Visions Hair & Nail, which is due in the next year. Customer Due Date Balance Arcade Beauty   Aug. 17 $4,500   Creative Images   Oct. 30 4,900   Excel Hair Products…

Route Canal Shipping Company has the following schedule for aging of accounts receivable: Age of Receivables April 30, 20X1 (1) (2) (3) (4) Month of Sales Age of Account Amounts Percent of Amount Due April 0–30 $ 283,500 _______ March 31–60 63,000 _______ February 61–90 252,000 _______ January 91–120 31,500 _______ Total receivables $ 630,000 100% Calculate the percentage of amount due for each month.   If the firm had $1,680,000 in credit sales over the four-month period, compute the average collection period. Average daily credit sales should be based on a 120-day period.

Aging of Receivables; Estimating Allowance for Doubtful Accounts Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y1:       Days Past Due Customer Balance Not Past Due 1-30 31-60 61-90 91-120 over 120 Subtotals 646,600 358,900 155,200 71,100 23,900 21,300 16,200 The following accounts were unintentionally omitted from the aging schedule: Customer Due Date Balance Arcade Beauty   May 28, 20Y1 $3,000   Creative Images   Sept. 7, 20Y1 6,200   Excel Hair Products   Oct. 17, 20Y1 800   First Class Hair Care   Oct. 24, 20Y1 2,100   Golden Images   Nov. 23, 20Y1 700   Oh The Hair   Nov. 29, 20Y1 3,600   One Stop Hair Designs   Dec. 2, 20Y1 2,300   Visions Hair and Nail   Jan. 5, 20Y2 7,600   Wig Creations has a past history of…