Calculate the total estimated bad debts based on the information below. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $489,000 $318,000 $91,000 $45,000 $23,000 $12,000 % uncollectible 1% 4% 5% 9% 11% Estimated bad debts $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars eTextbook and Media List of Accounts Attempts: 1 of 15 used (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $3,700 debit. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title for the adjusting entry to record the bad debts enter a debit amount enter a credit amount enter an account title for the adjusting entry to record the bad debts enter a debit amount enter a credit amount SWV_P08_01_Part_B eTextbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (c) Of the above accounts, $5,300 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title for the journal entry to write off the uncollectible account enter a debit amount enter a credit amount enter an account title for the journal entry to write off the uncollectible account enter a debit amount enter a credit amount eTextbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (d) The company collects $5,300 subsequently on a specific account that had previously been determined to be uncollectible in part (c). Prepare the journal entries necessary to (1) restore the account and (2) record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount

Calculate the total estimated bad debts based on the information below. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $489,000 $318,000 $91,000 $45,000 $23,000 $12,000 % uncollectible 1% 4% 5% 9% 11% Estimated bad debts $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars $enter estimated bad debts in dollars eTextbook and Media List of Accounts Attempts: 1 of 15 used (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $3,700 debit. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title for the adjusting entry to record the bad debts enter a debit amount enter a credit amount enter an account title for the adjusting entry to record the bad debts enter a debit amount enter a credit amount SWV_P08_01_Part_B eTextbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (c) Of the above accounts, $5,300 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit enter an account title for the journal entry to write off the uncollectible account enter a debit amount enter a credit amount enter an account title for the journal entry to write off the uncollectible account enter a debit amount enter a credit amount eTextbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer (d) The company collects $5,300 subsequently on a specific account that had previously been determined to be uncollectible in part (c). Prepare the journal entries necessary to (1) restore the account and (2) record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. enter an account title to record the first transaction enter a debit amount enter a credit amount enter an account title to record the first transaction enter a debit amount enter a credit amount 2. enter an account title to record the second transaction enter a debit amount enter a credit amount enter an account title to record the second transaction enter a debit amount enter a credit amount

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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eTextbook and Media

List of Accounts

Attempts: 1 of 15 used

(b)

Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined above. Assume the unadjusted balance in Allowance for Doubtful Accounts is a $3,700 debit. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title for the adjusting entry to record the bad debts	enter a debit amount	enter a credit amount
enter an account title for the adjusting entry to record the bad debts	enter a debit amount	enter a credit amount

SWV_P08_01_Part_B

eTextbook and Media

List of Accounts

Save for Later

Attempts: 0 of 15 used

Submit Answer

(c)

Of the above accounts, $5,300 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title for the journal entry to write off the uncollectible account	enter a debit amount	enter a credit amount
enter an account title for the journal entry to write off the uncollectible account	enter a debit amount	enter a credit amount

eTextbook and Media

List of Accounts

Save for Later

Attempts: 0 of 15 used

Submit Answer

(d)

The company collects $5,300 subsequently on a specific account that had previously been determined to be uncollectible in part (c). Prepare the journal entries necessary to (1) restore the account and (2) record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.	Account Titles and Explanation	Debit	Credit
1.	enter an account title to record the first transaction	enter a debit amount	enter a credit amount
	enter an account title to record the first transaction	enter a debit amount	enter a credit amount
2.	enter an account title to record the second transaction	enter a debit amount	enter a credit amount
	enter an account title to record the second transaction	enter a debit amount	enter a credit amount

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		Number of Days Outstanding
	Total	0–30	31–60	61–90	91–120	Over 120
Accounts receivable	$489,000	$318,000	$91,000	$45,000	$23,000	$12,000

% uncollectible		1%	4%	5%	9%	11%

Estimated bad debts	$enter estimated bad debts in dollars	$enter estimated bad debts in dollars	$enter estimated bad debts in dollars	$enter estimated bad debts in dollars	$enter estimated bad debts in dollars	$enter estimated bad debts in dollars