Daenerys Targaryen is the CEO of Snow Dragon, Inc., a wholesaler of environmentally friendly dragon treats (free-range sheep) Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts ower and the days past due as of December 31, 20x6. Accounts receivable Percent uncollectible He Days Past Due Total 1 to 45 46 to 90 91 to 120 Over 120 $167,500 $95,000 $33,000 $14,500 $11,500 $13,500 18 24 (1 100 1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of December 31, 20x6. 2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the Allowance for Doubtful Accounts has a credit balance of $2,500 on the unadjusted trial balance?

Daenerys Targaryen is the CEO of Snow Dragon, Inc., a wholesaler of environmentally friendly dragon treats (free-range sheep) Daenerys is reviewing her accounts at the end of 20x6, and has created the following aging schedule that displays the amounts ower and the days past due as of December 31, 20x6. Accounts receivable Percent uncollectible He Days Past Due Total 1 to 45 46 to 90 91 to 120 Over 120 $167,500 $95,000 $33,000 $14,500 $11,500 $13,500 18 24 (1 100 1. Use the information that Daenerys has provided above to estimate the balance of the Allowance for Doubtful Accounts as of December 31, 20x6. 2. What is Daenerys' required adjusting journal entry to record bad debts expense on December 31, 20x6 presuming that the Allowance for Doubtful Accounts has a credit balance of $2,500 on the unadjusted trial balance?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 12%. Complete the following account activity table for Kathy. Round your answers to the nearest cent. Previous Purchases New Balance Month's Finance and Cash Payments End of Month Balance Charge Advances and Credits Month May $540.00 $177.53 $585.00
Please read the questions carefully the First question is asking for journal entry.
Archie makes plumbing fittings. He is currently preparing accounts for the year ended 31 December 2021, but his sales book was destroyed in a flood. He has a separate list of the moneys owing by customers at 31 December 2021, which amounted to £41,000 in total. Generally, Archie allows his customers 30 days credit. Archie estimated his sales for the year ended 31 December 2021 at:a) £14,235,000b) £1,170,000c) £488,500d) None of the above
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Previous Finance Purchases New Balance End of Month Month's and Cash Advances Payments and Credits Month Charge (in $) Balance (in $) (in $) April $642.17 $14.45 $39.45 $85.00 $611.07 May $ $ $289.33 $145.00 $
The activity on Denise Hellings' Sears account for one billing period is shown below. Find the average daily balance and the finance charge if the billing period is March 1 through March 31, the previous balance was $152.72, and the annual simple interest rate is 21%. (Round your answers to the nearest cent.) March 5 payment $20.00 March 17 tools $35.43 average daily balance $ finance charge $
Kathy Hansen has a revolving credit account. The finance charge is calculated on the previous month's balance, and the annual percentage rate is 27%. Complete the account activity table for Kathy. (Round your answers to the nearest cent.) Month PreviousMonth'sBalance(in $) FinanceCharge(in $) Purchasesand CashAdvances Paymentsand Credits New BalanceEnd of Month(in $) April $643.17 $14.47 $32.45 $95.00 $595.09 May $ $ $283.33 $125.00 $
i need the answer quickly
i need the answer quickly
Linda Co. sells Christmas angels. Linda determines that at the end of December, they have the following aging schedule of Accounts Receivable: Customer K. Brant D. Eaton S Klein C. Sheen % Uncollectible Total Number of Days Past Due Not yet due $900 300 180 600 ? 200 600 800 1 % 1-30 $300 Total estimated uncollectible accounts 300 5 % 31-60 $600 50 650 10 % 61-90 100 100 25 % Over 90 130 130 50 % Compute the total estimated uncollectible accounts based on the above information at the end of December.
Required: Below is a payroll sheet for Riverbed Imports for the month of September 2025. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Name B.D. Williams D. Raye K. Baker F. Lopez A. Daniels B. Kingston Earnings to Aug.31 $6,900 6,700 7,600 14,800 130,000 135,000 September Income Tax Earnings Withholding $900 800 1,100 1,800 13,900 16,500 FICA Unemployment Tax State Federal 1. Complete the payroll sheet in Excel and make the necessary entry to record the payment of the payroll. 2. Make the entry to record the payroll tax expenses of Riverbed Imports. 3. Make the entry to record the payment of the payroll liabilities created in parts a and b.…
How to adjust this on adjusting entries and how to write it in general journal On October 4,2020, Joy received 50,000 12% Note receivable from a costumer. The note was dated October 1,2020 and will mature in ten months
Baghiben