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(22) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging the following percentages will not be collected: (Credit account tites are automatically indented when the amount is entered De not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35.500 46.500 13,100 8.900 Percentage Stimated to De Uncollectible 18 5% 12% 18%

(22) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging the following percentages will not be collected: (Credit account tites are automatically indented when the amount is entered De not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35.500 46.500 13,100 8.900 Percentage Stimated to De Uncollectible 18 5% 12% 18%

FINANCIAL ACCOUNTING
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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(a2) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging the following percentages will not be collected: (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35.500 46.500 13,100 8,900 Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts Percentage Estimated to Be Uncollectible 1% 5% 12% 18% Debit Credit
Transcribed Image Text:(a2) Prepare the entry for bad debt expense for the current year assuming historical records show that, based on accounts receivable aging the following percentages will not be collected: (Credit account titles are automatically indented when the amount is entered Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) 0-30 days outstanding 31-60 days outstanding 61-90 days outstanding Over 90 days outstanding Balance $35.500 46.500 13,100 8,900 Account Titles and Explanation Bad Debt Expense Allowance for Doubtful Accounts Percentage Estimated to Be Uncollectible 1% 5% 12% 18% Debit Credit
O (a1) ✓ Your answer is correct (a1) Account Titles and Explanation Bad Debe Expense Prepare the entry for bad debt expense for the current year assuming the allowance should be 4% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) Allowance for Doubtful Accounts eTextbook and Media G List of Accounts Accounts receivable Allowance for doubtful accounts Sales revenue (all on credit) Sales returns and allowances ✓ Show Transcribed Text 28,400 C Debit Credit $652,000 300 6155 The trial balance before adjustment of Marin Inc., reporting under ASPE, includes the following balances: Debit $104,000 1.995 Credit 6155
Transcribed Image Text:O (a1) ✓ Your answer is correct (a1) Account Titles and Explanation Bad Debe Expense Prepare the entry for bad debt expense for the current year assuming the allowance should be 4% of gross accounts receivable (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter O for the amounts List debit entry before credit entry) Allowance for Doubtful Accounts eTextbook and Media G List of Accounts Accounts receivable Allowance for doubtful accounts Sales revenue (all on credit) Sales returns and allowances ✓ Show Transcribed Text 28,400 C Debit Credit $652,000 300 6155 The trial balance before adjustment of Marin Inc., reporting under ASPE, includes the following balances: Debit $104,000 1.995 Credit 6155
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