(c)Journalize the adjusting entry for uncollectibles at December 31, 2022, assuming that the unadjusted balance in Allowance forDoubtful Accounts is a debit of $870 and the aging schedule indicates that total estimated uncollectibles will be $29,100. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for theaccount titles and enter O for the amounts.)DateAccount TitlesDebitCredit AneeshBirdCopeDeSpearsOthersEstimated percentage uncollectibleTotal estimated uncollectibles(a)Customer(b)No.Total(1)$ 23,40036,10056,00035,000DateNotYet Due$ 41,518$36,1005,100125,10094,600$275,600 $135,8003%$ 4,0741-30$10,600 $12,8005,50015,500Account Titles and ExplanationNumber of Days Past Due7%$2,21231-6015,000$31,600 $27,800 $45,400At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,500.61-9012%$45,40024%$3,336 $ 10,896Journalize the following events and transactions in the year 2022. (Credit account titles are automatically indented when amount isentered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.)Over 90(1) March 1, a $1,100 customer balance originating in 2021 is judged uncollectible.(2)May 1, a check for $1,100 is received from the customer whose account was written off as uncollectible on March 1.$35,000Debit$35,00060%$21,000C

Accounts receivables are those customer accounts to whom credit sales has been made, but amount has…

Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated uncollectibles (a) (b) Customer No. Total $ 23,400 (1) 36,100 56,000 35,000 125,100 $275,600 Not Yet Due Date $36,100 5,100 3% 1-30 31-60 $10,600 $12,800 5,500 Number of Days Past Due 15,500 7% Account Titles and Explanation 94,600 $135,800 $31,600 $27,800 $45,400 $35,000 60% $21,000 15,000 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,500. 61-90 12% $45,400 24% $ 41,518 $ 4,074 $2,212 $3,336 $ 10,896 Journalize the following events and transactions in the year 2022. (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.) (1) March 1, a $1,100 customer balance originating in 2021 is judged uncollectible. (2) May 1, a check for $1,100 is received from the customer whose account was written off as uncollectible on March 1. Over 90 $35,000 Debit

Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated uncollectibles (a) (b) Customer No. Total $ 23,400 (1) 36,100 56,000 35,000 125,100 $275,600 Not Yet Due Date $36,100 5,100 3% 1-30 31-60 $10,600 $12,800 5,500 Number of Days Past Due 15,500 7% Account Titles and Explanation 94,600 $135,800 $31,600 $27,800 $45,400 $35,000 60% $21,000 15,000 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,500. 61-90 12% $45,400 24% $ 41,518 $ 4,074 $2,212 $3,336 $ 10,896 Journalize the following events and transactions in the year 2022. (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.) (1) March 1, a $1,100 customer balance originating in 2021 is judged uncollectible. (2) May 1, a check for $1,100 is received from the customer whose account was written off as uncollectible on March 1. Over 90 $35,000 Debit

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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JOURNAL Page 43 DATE DESCRIPTION POST. REF. DEBIT CREDIT 20-- Nov. 6 Payroll Cash 12 12,296.97 Cash 11 12,296.97 6 Administrative Salaries 51 2,307.69 Office Salaries 52 4,677.85 Sales Salaries 53 3,600.00 Plant Wages 54 4,898.00 FICA Taxes Payable - OASDI 20.1 959.99 FICA Taxes Payable - HI 20.2 224.53 Employees FIT Payable 24 902.00 Employees SIT Payable 25 475.37 Employees SUTA Payable 25.1 9.27 Employees CIT Payable 26 599.41 Union Dues Payable 28 16.00 Payroll Cash 12 12,296.97 6 Payroll Taxes 56 1,362.30 FICA Taxes Payable - OASDI 20.1 959.98 FICA Taxes Payable - HI 20.2 224.51 SUTA Taxes Payable - Employer 22 177.81 13 Payroll Cash 12 1,570.27 Cash 11 1,570.27 1. What is the total gross…
Can I please get help with this question 7.8 On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 61 to 90 days past due 33.00 13,120 Over 90 days past due 69.00
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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
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Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6
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QUESTION 2: | Accounts Receivable 100,000 2,000 Allowance for Uncollectible Accounts The company uses the "aging method" for determining its Doubtful accounts. The adjustment is made only once a year at the end of December. The aging analysis is as follows: Aging Category Not yet due 30 days past due 60 days past due Over 90 days past due Estimated Doubtful % Amount $40,000 $30,000 $20,000 $10,000 2% 3% 4% 5% Required: a) Prepare the adjustment in journal entry format. b) Show the balances of the accounts that will be reported in the balance sheet.
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible