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Business
Accounting
B 20 21 Number of Days Unpaid 22 Customer 0-30 31-60 61-90 Over 90 Total 23 Fitness Mania $0 $0 $0 $2,500 $2,500 24 Health for Life 2,000 2,000 25 Holistic Health Options 26 Image Reimaging 27 Today's Gym World 12,750 12,750 7,000 7,000 4,600 15,900 4,600 28 Whole Life Fitness Center 15,900 29 Workouts Unlimited 3,800 16,550 | $ 3,800 48,550 30 Total Accounts Receivable 9,000 | $ 20,500 $ 2,500 | $ 31 Estimated Uncollectible( %) 2% 10% 20% 40% 32 Estimated Uncollectible ($) 180 | $ 2,050 | $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense 6,290 39 Allowance for Uncollectible Accounts 6,290 B 29 Workouts Unlimited 3,800 3,800 30 Total Accounts Receivable 9,000 $ 20,500 | $ 16,550 | $ 2,500 $ 48,550 Estimated Uncollectible( %) 32 Estimated Uncollectible ($) 31 2% 10% 20% 40% 180 | $ 2,050 $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense $ 6,290 39 Allowance for Uncollectible Accounts 6,290 40 41 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 43 Allowance for Doubtful Accounts $100 debit balance 44 45 Bad Debt Expense 46 Allowance for Uncollectible Accounts 47 48

B 20 21 Number of Days Unpaid 22 Customer 0-30 31-60 61-90 Over 90 Total 23 Fitness Mania $0 $0 $0 $2,500 $2,500 24 Health for Life 2,000 2,000 25 Holistic Health Options 26 Image Reimaging 27 Today's Gym World 12,750 12,750 7,000 7,000 4,600 15,900 4,600 28 Whole Life Fitness Center 15,900 29 Workouts Unlimited 3,800 16,550 | $ 3,800 48,550 30 Total Accounts Receivable 9,000 | $ 20,500 $ 2,500 | $ 31 Estimated Uncollectible( %) 2% 10% 20% 40% 32 Estimated Uncollectible ($) 180 | $ 2,050 | $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense 6,290 39 Allowance for Uncollectible Accounts 6,290 B 29 Workouts Unlimited 3,800 3,800 30 Total Accounts Receivable 9,000 $ 20,500 | $ 16,550 | $ 2,500 $ 48,550 Estimated Uncollectible( %) 32 Estimated Uncollectible ($) 31 2% 10% 20% 40% 180 | $ 2,050 $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense $ 6,290 39 Allowance for Uncollectible Accounts 6,290 40 41 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 43 Allowance for Doubtful Accounts $100 debit balance 44 45 Bad Debt Expense 46 Allowance for Uncollectible Accounts 47 48

FINANCIAL ACCOUNTING
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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B 20 21 Number of Days Unpaid 22 Customer 0-30 31-60 61-90 Over 90 Total 23 Fitness Mania $0 $0 $0 $2,500 $2,500 24 Health for Life 2,000 2,000 25 Holistic Health Options 26 Image Reimaging 27 Today's Gym World 12,750 12,750 7,000 7,000 4,600 15,900 4,600 28 Whole Life Fitness Center 15,900 29 Workouts Unlimited 3,800 16,550 | $ 3,800 48,550 30 Total Accounts Receivable 9,000 | $ 20,500 $ 2,500 | $ 31 Estimated Uncollectible( %) 2% 10% 20% 40% 32 Estimated Uncollectible ($) 180 | $ 2,050 | $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense 6,290 39 Allowance for Uncollectible Accounts 6,290
Transcribed Image Text:B 20 21 Number of Days Unpaid 22 Customer 0-30 31-60 61-90 Over 90 Total 23 Fitness Mania $0 $0 $0 $2,500 $2,500 24 Health for Life 2,000 2,000 25 Holistic Health Options 26 Image Reimaging 27 Today's Gym World 12,750 12,750 7,000 7,000 4,600 15,900 4,600 28 Whole Life Fitness Center 15,900 29 Workouts Unlimited 3,800 16,550 | $ 3,800 48,550 30 Total Accounts Receivable 9,000 | $ 20,500 $ 2,500 | $ 31 Estimated Uncollectible( %) 2% 10% 20% 40% 32 Estimated Uncollectible ($) 180 | $ 2,050 | $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense 6,290 39 Allowance for Uncollectible Accounts 6,290
B 29 Workouts Unlimited 3,800 3,800 30 Total Accounts Receivable 9,000 $ 20,500 | $ 16,550 | $ 2,500 $ 48,550 Estimated Uncollectible( %) 32 Estimated Uncollectible ($) 31 2% 10% 20% 40% 180 | $ 2,050 $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense $ 6,290 39 Allowance for Uncollectible Accounts 6,290 40 41 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 43 Allowance for Doubtful Accounts $100 debit balance 44 45 Bad Debt Expense 46 Allowance for Uncollectible Accounts 47 48
Transcribed Image Text:B 29 Workouts Unlimited 3,800 3,800 30 Total Accounts Receivable 9,000 $ 20,500 | $ 16,550 | $ 2,500 $ 48,550 Estimated Uncollectible( %) 32 Estimated Uncollectible ($) 31 2% 10% 20% 40% 180 | $ 2,050 $ 3,310 | $ 1,000 $ 6,540 33 34 3) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 35 had the following unadjusted balance: 36 Allowance for Doubtful Accounts $250 credit balance 37 38 Bad Debt Expense $ 6,290 39 Allowance for Uncollectible Accounts 6,290 40 41 4) Prepare the adjusting journal entry for recording bad debt expense if the Allowance for Doubtful Accounts 42 had the following unadjusted balance: 43 Allowance for Doubtful Accounts $100 debit balance 44 45 Bad Debt Expense 46 Allowance for Uncollectible Accounts 47 48
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