4. With the aging of receivables schedule below, estimate the bad debt expense for Kirchofff Industries' accounting year ended December 31, 20Y5. Prepare the journal entry to record the expense. Round answers to the nearest cent. Days Past Due Not 181- over Customer Balance Past Due 1-30 31-60 61 - 90 91– 80 365 365 Total 2,349,000 1,70,300 467,100 392,100 178,400 51,500 52,400 37,200 Percent Uncollectible 1.5% 6% 10% 17% 33% 65% 85%

4. With the aging of receivables schedule below, estimate the bad debt expense for Kirchofff Industries' accounting year ended December 31, 20Y5. Prepare the journal entry to record the expense. Round answers to the nearest cent. Days Past Due Not 181- over Customer Balance Past Due 1-30 31-60 61 - 90 91– 80 365 365 Total 2,349,000 1,70,300 467,100 392,100 178,400 51,500 52,400 37,200 Percent Uncollectible 1.5% 6% 10% 17% 33% 65% 85%

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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The following accounts receivable information pertains to Marshall Inc. Past-DueCategory AccountsReceivable Total PercentageUncollectible 0–30 days $94,550 8% 31–90 days 35,230 16% Over 90 days 27,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. $fill in the blank 0abd6e0cbf90fa3_1 Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31 fill in the blank fill in the blank fill in the blank fill in the blank
At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $301,000 and in Allowance for Uncollectible Accounts of $890 (credit) before adjustment. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 1% of accounts receivable. Bad debt expense for the year should be: Multiple Choice $2,120 $2,621 $3,900 $3,010 Deas 020 # Mout
a. Calculate the total estimated bad debts based on the above information.
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Historical & Uncollectible Number of Days Unpaid Q Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Complete this question by entering your answers in the tabs below. Required A Beginning Balance Ending Balance Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Required B…
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What is the Allowance for Uncollectible Accounts at December 31 of the current year after adjustments? attached in ss below thansk rgwiohwj ohwt hw
Credit Losses Based on Accounts ReceivableMiller, Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible:Age GroupBalanceProbability of Noncollection0 - 30 days past due$99, 0002 % 31 - 60 days past due29, 0005 % 61 - 120 days past due 20,00010 % 121-180 days past due 15,00012% Over 180 days past due 13,00024% $176,000The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $1,420 on December 31, before any adjustments. Prepare the adjusting entry for estimated credit losses on December 31. Prepare the journal entry to write off the Lyons Company's account on April 10 of the following year in the amount of $1,325
Entries for bad debt expense under the direct write-off and allowance methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Kim Abel Lee Drake Jenny Green Mike Lamb Total Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) 0-30 days 31-60 days 61-90 days 91-120 days More than 120 days Total receivables Bad Debt Expense Accounts Receivable-Kim Abel Accounts Receivable-Lee Drake Accounts Receivable-Jenny Green Accounts Receivable-Mike Lamb Allowance for Doubtful Accounts Accounts Receivable-Kim Abel Accounts Receivable-Lee Drake Accounts Receivable-Jenny Green Accounts Receivable-Mike Lamb Bad Debt Expense Amount $24,200 34,150 29,700 17,600 $105,650 Allowance for Doubtful Accounts Feedback Receivables Balance on…
Starlight, a Broadway media firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end an aging of the accounts receivable produced the following classification: Not yet due.... $500,000 1-30 days past due... 110,000 31-60 days past due.. 50,000 61-90 days past due.. 30,000 Over 90 days past due.. 60,000 Total.. $750,000 On the basis of past experience, the company estimated the percentages probably uncollectible for the above five age groups to be as follows: Group 1, 1%; Group 2, 3%; Group 3, 10%; Group 4, 20%; and Group 5, 50%. The Allowance for Doubtful Accounts before adjustments at December 31 showed a credit balance of $4,700. What is the estimated amount of uncollectible accounts based on the above classification by age groups and the amount of the adjustment needed to bring the Allowance for Doubtful Accounts to the proper amount? A. $49,300 and $44,600 B. $44,600 and $4,700 C. $52,300 and $44,600 D. $49,300 and $54,000
Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. The balance in Glencoe’s allowance for doubtful accounts at the beginning of the year was$58,620 (credit). During the year, accounts in the total amount of $62,400 were written off.Required:1. Determine bad debt expense.2. Prepare the journal entry to record bad debt expense.3. If Glencoe had written off $90,000 of receivables as uncollectible during the year, how muchwould bad debt expense reported on the income statement have changed?
Use the following information for the next two questions: ABC Co. has the following information on December 31, 20x1 before any year-end adjustments. Net credit sales Accounts receivable, December Allowance for doubtful accounts, Dec. 31 (before any necessary year-end adjustments) Percentage of credit sales The aging of receivables is shown below: Days outstanding 0 - 60 61 - 120 Over 120 Total accounts receivables a. 12,600 b. 18,900 c. 19,200 d. 23,400 Receivable balances 378,000 283,500 315,000 976,500 a. 123,300 b. 128,700 c. 143,300 d. 132,300 6,300,000 976,500 53,550 2% Additional information: ABC Co. uses the percentage of credit sales in determining bad debts in monthly financial reports and the aging of receivables for its annual financial statements. Accounts written-off during the year amounted to P119,700 and accounts recovered amounted to P28,350. As of December 31, ABC Co. determined that P63,000 accounts receivable from a certain customer included in the "61-120 days…
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