(a) Complete the aging schedule. Number of Days Accounts Estimated % Total Estimated Outstanding Receivable Uncollectible Uncollected Accounts 0-45 days $767,000 2% 46-90 days 226,000 4% Over 90 days 112,000 15% Total $ $1,105,000 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer %24 %24

(a) Complete the aging schedule. Number of Days Accounts Estimated % Total Estimated Outstanding Receivable Uncollectible Uncollected Accounts 0-45 days $767,000 2% 46-90 days 226,000 4% Over 90 days 112,000 15% Total $ $1,105,000 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer %24 %24

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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✔ Your answer is correct. Prepare an aging schedule to determine the total estimated uncollectibles at March 31. (b) Age of Accounts Amount Estimated Uncollectible S 0-30 days 5400 $270,000 2% 31-60 days 48.400 10% 9180 61-90 days 30.600 30% Over 90 days 23.100 50% eTextbook and Media List of Accounts Your answer is partially correct. 30970 Attempts: 2 of 2 used Prepare the adjusting entry at March 31 to record the credit losses for the period. (List debit entry before credit entry. Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Mar. 31 Credit Losses Allowance for Expected Credit Losses Debit Credit
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A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 70,000 0.5 61–90 days 27,000 1.0 91–120 days 4,000 10.0 Over 120 days 1,100 50.0 The allowance for uncollectible accounts had a balance of $1,500 on January 1, 2024. During the year, bad debts of $850 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 53,000 0.5 61–90 days 18,500 1.0 91–120 days 2,300 10.0 Over 120 days 1,200 50.0 The allowance for uncollectible accounts had a balance of $1,330 on January 1, 2024. During the year, bad debts of $680 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts.
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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 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 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 $14,000 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 $3,000 debit. Estimated balance of allowance for uncollectibles 4%
Required information Use the following information for the Exercises 13-14 below. (Algo) [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 0 1 to 30 31 to 60 61 to 90 Accounts receivable $ 635,000 $ 409,000 $ 103,000 $ 49,000 $ 31,000 Percent uncollectible 2% 3% 6% 8% Over 90 $ 43,000 11% Exercise 7-14 (Algo) Percent of receivables method LO P3 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. 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 $13,300 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…
Required information Use the following information for the Exercises 14-15 below. (Algo) Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 655,000 $ 413,000 $ 107,000 $ 53,000 $ 35,000 $ 47,000 Percent uncollectible 3% 4% 7% 9% 12% Exercise 9-14 (Algo) Aging of receivables method LO P3 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 $5,300 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 $1,800 debit.
Required information [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 Total $ 630,000 0 $ 408,000 1% 1 to 30 $ 102,000 2% Days Past Due 31 to 60 $ 48,000 5% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% 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 $4,800 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 $1,300 debit.
AGING ACCOUNT RECEIVABLE ALLOWANCE FOR UNCOLLECTIBLE SCHEDULE AMOUNT UNCOLLECTIBLE AMOUNT 1-30 days $22,000 1% 31-60 days $6,500 2% 61-90 days $300 5% Total Uncollectible Balance Using the aging schedule above, which of the following is the total uncollectible O $500 O $365 O $284.35 $302
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 31 to 60 $ 48,000 5% Accounts receivable Percent uncollectible Total $630,000 0 $ 408,000 1% 1 to 30 $ 102,000 2% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% 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 $13,200 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 $2,200 debit.
Use the following information for the Exercises 14-15 below. (Algo) Skip to question [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 1 to 30 31 to 60 Accounts receivable $ 580,000 $398,000 Percent uncollectible 3% 0 61 to 90 Over 90 $92,000 $ 38,000 $ 20,000 $ 32,000 4% 7% 9% 12% Exercise 7-14 (Algo) Aging of receivables method LO P3 1. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 2. 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 $3,800 credit. 3. 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 $300 debit.