answer correct this time with all work thanks P6-6 Determining Bad Debt Expense Based on Aging Analysis and Interpreting Ratios LO6-4IceKreme Inc. makes ice cream machines for sale to Ice cream parlours. The following events occurred between April 1 and June 30,2020:April 10: Received an order from Peter's Appliances, a wholesaler, for 28 machines.April 30: Sold 42 machines to Yuri Inc. on credit.May 1: The purchasing manager of Peter's Appliances visited IceKreme's factory and purchased 30 machines on credit, instead ofthe 28 machines that were previously ordered.5: Yuri Inc. paid for the machines purchased on April 30.7: Sold 15 machines to Cheng Ltd. on credit.MayMayMay 18: Wrote off $12,080 of accounts receivable that were considered uncollectible. These receivables relate to sales made priorto April 1, 2020.May 15: Peter's Appliances returned three defective machines and paid the amount due.June1: Received $180,000 from Cheng Ltd. on account.June 30: Recovered $3,300 from the receivables that were written off on May 10.Additional Information is as follows:IIceKreme sold all machines at $15,000 per unit.All of IceKreme's sales were on credit with terms 3/10, n/30.IceKreme's records Included the following items and their balances as at March 31, 2020:Accounts receivableAllowance of doubtful accounts (credit balance)Net sales$ 66,00020,400660,000Required:1. Prepare the journal entries to record the transactions that occurred from April 1 to June 30, 2020. (If no entry is required for atransaction/event, select "No Journal entry required" In the first account field.)✔ Answer is complete and correct.No12345678DateApril 10April 30May 01May 05May 07May 10May 15June 01No journal entry requiredGeneral JournalAccounts receivableSales revenueAccounts receivableSales revenueCashSales discountsAccounts receivableAccounts receivableSales revenueAllowance for doubtful accountsAccounts receivableCashSales allowances and returnsAccounts receivableCashAccounts receivable0000 000 0000 000 00Debit630,000450,000611,10018,900225,00012,000405,00045,000180,000Credit630,000450,000630,000225,00012,000450,000180,000 910June 30June 30No1Accounts receivableAllowance for doubtful accountsCashEstimated X uncollectibleAccounts receivableDateJune 302. The company uses the aging of accounts receivable method to determine the amount of bad debt expense. The estimateduncollectible rates for the various age groups are as follows: (Hint: Use a timeline to keep track of accounts receivable in order todetermine the age of these receivables.)Aging of accountsNot yetdue5%Average collection periodreceivable1-30 dayspast due10%℗31-60 dayspast due15%Bad debt expenseAllowance for doubtful accountsa. Determine the amount of receivables that may not be collectible in the future as on June 30, 2020.Answer is complete but not entirely correct.Amount of uncollectible$ 10,800 €✪ Answer is complete but not entirelyGeneral JournalAnswer is complete but not entirely correct.25.5Ⓒ daysb. Prepare the journal entry to record bad debt expense at June 30, 2020, the company's fiscal year-end. (If no entry is required for atransaction/event, select "No Journal entry required" in the first account field.)correct.3,3003,300✔OO•Over 60 dayspast due20%3,3003,300Debit1,350Credit3. IceKreme's net accounts receivable were $180,000 at June 30, 2019. Calculate IceKreme's average collection period for fiscal year2020. (Use 365 days a year. Round intermediate calculations to 2 decimal places. Round the final answer to 1 decimal place.)1,350 €

a) Credit sales made to Yuri and Peter have been sorted before 30th June 2020. So, balance…

2. The company uses the aging of accounts receivable method to determine the amount of bad debt expense. The estimated uncollectible rates for the various age groups are as follows: (Hint: Use a timeline to keep track of accounts receivable in order to determine the age of these receivables.) Estimated X uncollectible Aging of accounts receivable Not yet 1-30 days past due 101 No due 5% a. Determine the amount of receivables that may not be collectible in the future as on June 30, 2020. Answer is complete but not entirely correct. Amount of uncollectible 5 10.800€ Date June 30 b. Prepare the journal entry to record bad debt expense at June 30, 2020, the company's fiscal year-end. (If no entry is required for transaction/event, select "No Journal entry required" In the first account field.) 31-60 days Over 60 days past due 15% past due 20% Answer is complete but not entirely correct. General Journal Bad debt expense Allowance for doubtful accounts 33 Debit 1,350 Credit 1,350

2. The company uses the aging of accounts receivable method to determine the amount of bad debt expense. The estimated uncollectible rates for the various age groups are as follows: (Hint: Use a timeline to keep track of accounts receivable in order to determine the age of these receivables.) Estimated X uncollectible Aging of accounts receivable Not yet 1-30 days past due 101 No due 5% a. Determine the amount of receivables that may not be collectible in the future as on June 30, 2020. Answer is complete but not entirely correct. Amount of uncollectible 5 10.800€ Date June 30 b. Prepare the journal entry to record bad debt expense at June 30, 2020, the company's fiscal year-end. (If no entry is required for transaction/event, select "No Journal entry required" In the first account field.) 31-60 days Over 60 days past due 15% past due 20% Answer is complete but not entirely correct. General Journal Bad debt expense Allowance for doubtful accounts 33 Debit 1,350 Credit 1,350

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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