A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Accounts Receivable Uncollectible Days Outstanding 1-30 days 2% 5% 10% Over 90 days 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1100. Under the aging- receivables method, the Uncollectible-Account Expense at year-end is: 31-60 days 61-90 days $1300. $9390. $65,000 $45,000 $22,000 $7000 $10,490. $8290.

A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: Est. Percent Accounts Receivable Uncollectible Days Outstanding 1-30 days 2% 5% 10% Over 90 days 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1100. Under the aging- receivables method, the Uncollectible-Account Expense at year-end is: 31-60 days 61-90 days $1300. $9390. $65,000 $45,000 $22,000 $7000 $10,490. $8290.

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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Sheffield Corp. had a $300 credit balance in Allowance for Doubtful Accounts at December 31, 2022, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $110,000 1 % 1-30 days past due 18,000 3 % 31-60 days past due 13,500 5 % 61-90 days past due 7,600 17 % Over 90 days past due 9,400 31 % Total Accounts Receivable $158,500 PART A Prepare the adjusting entry on December 31, 2022, to recognize bad debts expense. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense Allowance for Doubtful Accounts PART B I NEED HELP WITH PART B Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $300 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision…
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
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