24 Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts owed tally friendly dragon treats (free-range sheep). and the days past due as of December 31, 20x6. Accounts receivable Percent uncollectible Reg 1 Reg 2 Not due: 1 to 45 46 to 90: Total $136,000 1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of December 31, 20x6. 2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the Allowance for Doubtful Accounts has a credit balance of $1,600 on the unadjusted trial balance? Complete this question by entering your answers in the tabs below. Accounts receivable $86,000 Using the information from the aging schedule, estimate Daenerys' ending balance for her Allowance for Doubtful Accounts as of December 31, 20x6. Percent uncollectible (%) 91 to 120 Over 120: Estimated balance of allowance for uncollectibles IN Days Past Due 1 to 4545 to 90 91 to 120 over 120 $24,000 $10,000 $7,000 $9,000 39 118 58 81 Reg 1 Req 2 >
24 Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts owed tally friendly dragon treats (free-range sheep). and the days past due as of December 31, 20x6. Accounts receivable Percent uncollectible Reg 1 Reg 2 Not due: 1 to 45 46 to 90: Total $136,000 1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of December 31, 20x6. 2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the Allowance for Doubtful Accounts has a credit balance of $1,600 on the unadjusted trial balance? Complete this question by entering your answers in the tabs below. Accounts receivable $86,000 Using the information from the aging schedule, estimate Daenerys' ending balance for her Allowance for Doubtful Accounts as of December 31, 20x6. Percent uncollectible (%) 91 to 120 Over 120: Estimated balance of allowance for uncollectibles IN Days Past Due 1 to 4545 to 90 91 to 120 over 120 $24,000 $10,000 $7,000 $9,000 39 118 58 81 Reg 1 Req 2 >
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
Sh1
Transcribed Image Text:37
0155.24
Daenerys Targaryen is the CEO of Snow Dragon, Inc, a wholesaler of environmentally friendly dragon treats (free-range sheep).
Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts owed
and the days past due as of December 31, 20x6.
Accounts receivable
Percent uncollectible
Req 1
Reg 2
Not due:
1 to 45:
46 to 90:
Total
$136,000
1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of
December 31, 20x6.
2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the
Allowance for Doubtful Accounts has a credit balance of $1,600 on the unadjusted trial balance?
Complete this question by entering your answers in the tabs below.
Accounts
receivable
0
$86,000
X
Using the information from the aging schedule, estimate Daenerys' ending balance for her Allowance for Doubtful Accounts as
of December 31, 20x6.
Percent
uncollectible (%)
91 to 120
Over 120:
Estimated balance of allowance for uncollectibles
IN
<Rogl
W
Days Pant Due
1 to 4545 to 90 91 to 120 Over 120
$24,000 $10,000 $7,000 $9,000
218
M
=
=
SE
Req 2 >
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