CCT 1100 Financial Accounting 1 1/422 Summ 202 Homework: Ch 6 HW 2 Question 8, EF9-21 (similar to) Part 1 of 4 HW Score: 0%, 0 of 8 points O Points: 0 of 1 Sa At December 31, 2024, the Accounts Receivable balance of Advanced Automotive Technology is $155,000. The Allowance for Bad Debts account has a $15,360 debit balance. Advanced Automotive Technology prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2024. Begin by determining the target balance of Allowance for Bad Debts by using the age of each account. ว Accounts Receivable о Estimated percent uncollectible Estimated total uncollectible Help me solve this Etext Age of Accounts 1-30 31-60 61-90 Over 90 Total Days S 55,000 $ 45,000 $ 25,000 02% Days Days Days Balance $ 30,000 30% 9.0 % 46.0 Requirements 1. Journalize the year end adjusting entry for bad debts on the basis of the ad schedule. Show the T-account for the Allowance for Bad Debts at Decemb 31, 2024. 2. Show how Advanced Automotive Technology will report its net accounts. receivable on its December 31, 2024, balance sheet Data table 1-30 Days Accounts Receivable $ 55,000 $ Estimated percent uncollectible 0.2% SE Age of Accounts 31-60 Days 45,000 $ 3.0% 61-90 Days 25,000 $ 9.0% Print Done Over 90 Days 30,000 46.0% Clear all Check answer
CCT 1100 Financial Accounting 1 1/422 Summ 202 Homework: Ch 6 HW 2 Question 8, EF9-21 (similar to) Part 1 of 4 HW Score: 0%, 0 of 8 points O Points: 0 of 1 Sa At December 31, 2024, the Accounts Receivable balance of Advanced Automotive Technology is $155,000. The Allowance for Bad Debts account has a $15,360 debit balance. Advanced Automotive Technology prepares the following aging schedule for its accounts receivable: (Click the icon to view the aging schedule.) Read the requirements Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2024. Begin by determining the target balance of Allowance for Bad Debts by using the age of each account. ว Accounts Receivable о Estimated percent uncollectible Estimated total uncollectible Help me solve this Etext Age of Accounts 1-30 31-60 61-90 Over 90 Total Days S 55,000 $ 45,000 $ 25,000 02% Days Days Days Balance $ 30,000 30% 9.0 % 46.0 Requirements 1. Journalize the year end adjusting entry for bad debts on the basis of the ad schedule. Show the T-account for the Allowance for Bad Debts at Decemb 31, 2024. 2. Show how Advanced Automotive Technology will report its net accounts. receivable on its December 31, 2024, balance sheet Data table 1-30 Days Accounts Receivable $ 55,000 $ Estimated percent uncollectible 0.2% SE Age of Accounts 31-60 Days 45,000 $ 3.0% 61-90 Days 25,000 $ 9.0% Print Done Over 90 Days 30,000 46.0% Clear all Check answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:CCT 1100 Financial Accounting 1 1/422 Summ 202
Homework: Ch 6 HW 2
Question 8, EF9-21 (similar to)
Part 1 of 4
HW Score: 0%, 0 of 8 points
O Points: 0 of 1
Sa
At December 31, 2024, the Accounts Receivable balance of Advanced Automotive Technology is $155,000. The Allowance for Bad Debts account has a $15,360 debit balance. Advanced Automotive Technology prepares the following aging
schedule for its accounts receivable:
(Click the icon to view the aging schedule.)
Read the requirements
Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2024.
Begin by determining the target balance of Allowance for Bad Debts by using the age of each account.
ว
Accounts Receivable
о
Estimated percent uncollectible
Estimated total uncollectible
Help me solve this Etext
Age of Accounts
1-30
31-60
61-90
Over 90
Total
Days
S 55,000 $ 45,000 $ 25,000
02%
Days
Days
Days
Balance
$
30,000
30%
9.0 %
46.0
Requirements
1. Journalize the year end adjusting entry for bad debts on the basis of the ad
schedule. Show the T-account for the Allowance for Bad Debts at Decemb
31, 2024.
2. Show how Advanced Automotive Technology will report its net accounts.
receivable on its December 31, 2024, balance sheet
Data table
1-30 Days
Accounts Receivable
$
55,000 $
Estimated percent uncollectible
0.2%
SE
Age of Accounts
31-60 Days
45,000 $
3.0%
61-90 Days
25,000 $
9.0%
Print
Done
Over 90 Days
30,000
46.0%
Clear all
Check answer
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