Daley Company prepared the following aging of receivables analysis at December 31.Days Past Due31 to 60 61 to 90 Over 90$45,000 $27,000 $39,00010%Accounts receivablePercent uncollectibleReq AReq B and Ca. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $4,500 credit.Complete this question by entering your answers in the tabs below.AccountsReceivablec. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $1,000 debit.0Total$615,000 $405,000XNot due:1 to 30:31 to 60:61 to 90:Over 90:Estimated balance of allowance for uncollectiblesXXComplete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.XXPercentUncollectible (%)=1%=1 to 30$99,000=2%==5%7%

Allowance for doubtful accounts - Allowance for doubtful accounts is the provision made by the…

Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Req A Req B and C Accounts Receivable Complete this question by entering your answers in the tabs below. Total 0 1 to 30 $615,000 $405,000 $99,000 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,500 credit. X c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X X X Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Percent Uncollectible (%) 1% = Days Past Due = 2% = 31 to 60 61 to 90 $45,000 $27,000 = 5% 7% Over 90 $39,000 10%

Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Req A Req B and C Accounts Receivable Complete this question by entering your answers in the tabs below. Total 0 1 to 30 $615,000 $405,000 $99,000 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,500 credit. X c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit. Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X X X Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Percent Uncollectible (%) 1% = Days Past Due = 2% = 31 to 60 61 to 90 $45,000 $27,000 = 5% 7% Over 90 $39,000 10%

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PA: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The...

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Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
Estimating allowance for doubtful accounts Evers Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 8-8.
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Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. The balance in Glencoes allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: 1. Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. 3. If Glencoe had written off $90,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed?
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The following accounts receivable information pertains to Marshall Inc. Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method, and record the year-end adjusting journal entry for bad debt.
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