A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the:estimáted percent uncollectible for each age group:Age Group0-69 days61-98 days01 123 daysDver 128 daysAmount$55,00019,5002,5001, 0000.51.010.050.0The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. writtenof:Required:Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required faina transaction/event, select "No journat entry requirEG" in the first account fielld.)w transaCtion istJournal entry worksheetRecord the entry to write-off specific accounts. View transaction listJournal entry worksheet2Record the entry to adjust allowance for uncollectible accounts at the year-end.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal< Prev63 of 87Next >

Calculation of total uncollectible amount : Age group Amount ($) % Uncollectible amount ($)…

A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimated percent uncollectible for each age group: Age Group 60 days 61 98 đays 01 126 đays Over 126 days Amount $55,008 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance for uncollectible accounts had a balance of $1,350 on January 1, 2021. During the year, bad debts of $700 were. written Required Prepare all joumal entries fer 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is requtred for a transaction/event, select "No journal entry tequired" in the first acCount field.) w transaciion list Journal entry worksheet the entry to write-off specific accounts.

A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimated percent uncollectible for each age group: Age Group 60 days 61 98 đays 01 126 đays Over 126 days Amount $55,008 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance for uncollectible accounts had a balance of $1,350 on January 1, 2021. During the year, bad debts of $700 were. written Required Prepare all joumal entries fer 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is requtred for a transaction/event, select "No journal entry tequired" in the first acCount field.) w transaciion list Journal entry worksheet the entry to write-off specific accounts.

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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HP Inc. uses the allowance method to estimate uncollectible accounts and has the following information for 2020, prior to any adjusting entries: Net Credit Sales: $110,000 Accounts Receivable: $13,000 Allowance for Uncollectible Accounts: $600 Assume the company uses the aging method and estimates uncollectible accounts to be $4,000. The adjusting entry to estimate uncollectible accounts at year-end debits Uncollectible Account Expense $4,000 and credits Accounts Receivable $4,000. True False
8) On December 31, 2020, James Company has an accounts receivable balance of $324,000 before any year-end adjustments. The Allowance for Doubtful Accounts has a $1,100 credit balance. The company prepares the following aging schedule for accounts receivable: Total Balance 1-30 days 31-60 days |$157,000 $89,000 $51,000 2% 61-90 days over 90 days $324,000 Percent uncollectible |$27,000 1% 4% 21% What is the Uncollectible-Account Expense at December 31, 20207 B) $1,570 A) $9,960 C) $11,060 D) $12,160
! 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 Req A Req B and C Complete this question by entering your answers in the tabs below. Accounts Receivable X Total $575,000 X 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 $3,700 credit. XX 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 $200 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Percent Uncollectible (%) 0 $397,000 Complete the table below…
If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400
12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. Yolandi’s management has estimated that 1.5% of sales will be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense Allowance for doubtful accounts For the end of 2020, what is the company’s net realizable value?
For the year ended, December 31, 2020, GERBERA Company estimated its allowance for uncollectible accounts using the year-end aging of accounts receivable. The following data are available: Allowance for uncollectible accounts, 1/1/20 -₱56,000; Provision for uncollectible accounts during 2020 ( 2% on credit sales of ₱2,000,000) -₱40,000; Uncollectible accounts written off, 11/30/20 -₱46,000; Estimated uncollectible account per aging, 12/31/20 -₱69,000. After the year-end adjustment, the uncollectible accounts expense for 2020 should be?
Ivanhoe Company uses the allowance method in accounting for uncollectible accounts. Past experience indicates that 8% of receivables will eventually be uncollectible. Selected account balances at December 31, 2019, and December 31, 2020, appear below: Net Credit Sales Accounts Receivable Allowance for Doubtful Accounts (a) Nov. 15 Date Aug. 10 Record the following events in 2020. The given balance in the Accounts Receivable account at December 31, 2020 reflects the 2020 transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Sept. 12 12/31/19 $324,000 Aug. 10 Determined that the account of L. Young for $648 is uncollectible. Sept. 12 Determined that the account of J. E. Ford for $3,672 is uncollectible. Oct. 10 Received a check for $432 as payment on account from L. Young, whose account had previously been written off…
At January 1, 2024, Betty DeRose, Inc. had an allowance for doubtful accounts with a $4,390 credit balance. During 2024, Betty recorded $9,560 of write-offs and recorded $2,750 of recoveries of accounts receivable that had been written off in prior years. At December 31, 2024, Betty prepared the following aging schedule: Accounts Receivable not past due $150,000 $ 64,000 1-30 days past due 31-60 days past due $ 39,000 61-90 days past due $ 47,000 over 90 days past due $ 11,000 Calculate Betty's bad debt expense for 2024. % Uncollectible 2% 6% 9% 16% 34%
A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Days Outstanding 1-30 days 31-60 days 61-90 days Over 90 days Accounts Est. Percent Receivable Uncollectible $65,000 3% $43,000 5% $25,000 10% $6,000 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $700. Under the aging-of-receivables method, the balance in the Allowance for Uncollectible Accounts will be after the adjusting entry is made. OA. $9,020 OB. $1,250 OC. $10,420 OD. $9,720
Wallace Inc. had a net realizable value of receivables of $700,000 when they prepared an aging of the accounts receivable as of Dec 31,2020. Additional information is available as follows: What would be the uncollectible accounts expense for 2020? $32,000 $28,000 $18,000 $50,000
The ADA has the below table regarding its account receivable: Age of Accounts Balance, June 30 Estimated Percentage Uncollectible 1-30 days $130,000 2.00% 31-60 days 70,000 5.00% 61-90 days 32,500 20.00% Over 90 days 3,000 50.00% If the opening balance of Allowance for Doubtful accounts is $7,050, the entries to record estimated uncollectible receivables this year will be: Select one: a. Bad debt expense $7,050 Allowance for doubtful accounts $7,050 b. Allowance for doubtful accounts $14,100 Account receivable $14,100 c. Bad debt expense $14,100 Allowance for doubtful accounts $14,100 d. Account receivable $7,100 Bad debt expense $7,100
The following financial information pertains to SPACE Limited: Accounts receivable at December 31, 2018 $ 900,000 Credit sales for 2019 6,800,000 Cash collection on credit sales during 2019 6,540,000 Allowance for Impairment at December 31, 2018 45,000 Accounts receivable written off on August 31, 2019 60,000 Previously written off accounts receivable was received on September 25, 2019 10,000 An aging analysis estimates uncollectible receivables at December 31, 2019 to be $80,000. Required: (Explanation for each journal entry is NOT required) a. Prepare the journal entry for the accounts receivable written off during 2019. b. Prepare the journal entry for the event occurring on September 25, 2019 c. Prepare the year-end adjusting entry required to record the impairment loss of receivable. Assume the statement of financial position approach is used. d. Explain how the transaction in (c) affects the accounting equation. e. What is the net realizable value of accounts receivable to be…