Req Ab. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $5,200 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $1,700 debit.Req B and CView transaction listJournal entry worksheet<12Record estimated bad debts assuming that Allowance for Doubtful Accountshas a $5,200 credit balance.DateDecember31Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journalShow less ▲ Required information[The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31.Days Past Due31 to 60$ 52,000Accounts receivablePercent uncollectibleReq AReq B and CComplete this question by entering your answers in the tabs below.AccountsReceivablea. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.XTotal0$ 650,000 $ 412,000b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $5,200 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $1,700 debit.XNot due:1 to 30:31 to 60:61 to 90:Over 90:Estimated balance of allowance for uncollectiblesXXXComplete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.XPercentUncollectible (%)2%=1 to 30$ 106,000==3%=6%61 to 90$ 34,000EstimatedUncollectible8%Over 90$ 46,00011%

The allowance for doubtful account represents the estimated uncollectible accounts for the period.…

[The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Req B and C Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Accounts Receivable Total 0 $ 650,000 $ 412,000 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. FIL 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 $5,200 credit. X 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 $1,700 debit. X X X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Percent Uncollectible (%) 11 2% = = 1 to 30 $ 106,000 = = 3% = Days Past Due 31 to 60 $ 52,000 6% Estimated Uncollectible 61 to 90 $ 34,000 8% Over 90 $ 46,000 11%

[The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Req B and C Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Accounts Receivable Total 0 $ 650,000 $ 412,000 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. FIL 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 $5,200 credit. X 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 $1,700 debit. X X X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Percent Uncollectible (%) 11 2% = = 1 to 30 $ 106,000 = = 3% = Days Past Due 31 to 60 $ 52,000 6% Estimated Uncollectible 61 to 90 $ 34,000 8% Over 90 $ 46,000 11%

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 42,000 Accounts receivable Percent uncollectible Total $ 600,000 0 $ 402,000 Req A 1% Req B and C 1 to 30 $ 96,000 Complete this question by entering your answers in the tabs below. 2% 5% 61 to 90 Exercise 7-15 (Algo) Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% 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 $12,600 credit. $ 24,000 7% 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 $1,600 debit. Over 90 $ 36,000 10% Estimate the balance of the Allowance for Doubtful…
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 52,000 Accounts receivable Percent uncollectible Total 0 $ 650,000 $ 412,000 Req A Req B and C 2% Complete this question by entering your answers in the tabs below. 1 to 30 $ 106,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles 3% 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 $13,600 credit.
a. Estimate the balance of the 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 $3,600 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 $100 debit.
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 Total $570,000 1 to 30 $90,000 Over 90 $30,000 10% 31 to 60 61 to 90 Accounts receivable $396,000 $36,000 $18,000 7% 1% 2 % 5% Percent uncollectible a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4.5% 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 $12,000 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 $1,000 debit. Complete this question by entering your answers in the tabs below.
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. Credit balance of $390 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,010. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $390 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $841,000 for the year. Amount added fill in the blank Ending balance
To record estimated uncollectible accounts using the allowance method, the adjusting entry would be a A. debit to Accounts Receivable and a credit to Allowance for Doubtful Accounts. O B. debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts. O C. debit to Allowance for Doubtful Accounts and a credit to Accounts Receivable. O D. debit to Loss on Credit Sales and a credit to Accounts Receivable.
Mc Graw Hill Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 37,000 Accounts receivable Percent uncollectible Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X 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 $3,700 credit. Total 0 $575,000 $ 397,000 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 $200 debit. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using…
Instructions: fill in the missing information. 1- The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to ...blank... of ...blank... and a credit entry to allowance for doubtful accounts 2. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to ...blank... and a credit to ...blank... of 51000 1. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to allowance for doubtful accounts and a credit to…
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. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,040. Amount added Ending balance b. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,009,000 for the year. Amount added Ending balance
b. Prepare the year-end adjusting entry to record the bad debts using the aged uncollectible accounts receivable in (a). Assume the current balance in Allowance for Doubtful Accounts is a Y8,000 debit
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) Credit balance of $470 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $8,210. Amount added 7,350 x Ending balance 7,810 X (b) Credit balance of $470 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 1% of credit sales, which totaled $1,158,000 for the year. Amount added $ 11,200 X Ending balance 11,660 X
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. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,470. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $976,000 for the year. Amount added $fill in the blank 3 Ending balance $fill in the blank 4