McGrawHillDaley Company prepared the following aging of receivables analysis at December 31.Days Past Due31 to 60$ 37,000Accounts receivablePercent uncollectibleReq AReq B and CComplete this question by entering your answers in the tabs below.AccountsReceivableXa. Complete the table below 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 $3,700 credit.Total0$575,000 $ 397,000c. 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 $200 debit.XNot due:1 to 30:31 to 60:61 to 90:Over 90:Estimated balance of allowance for uncollectiblesXXXComplete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.XPercentUncollectible (%)===2%==< Reg A1 to 30$ 91,000EstimatedUncollectible$3%06%61 to 90$ 19,0008%Reg B and C >Over 90$ 31,00011% McGrawHillReq Ab. 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 $3,700 credit.Req B and Cc. 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 $200 debit.1View transaction listRecord estimated bad debts assuming that Allowance forDoubtful Accounts has a $3,700 credit balance.2 Record estimated bad debts assuming that Allowance forDoubtful Accounts has a $200 debit balance.Note := journal entry has been enteredEX:countsCredit>Show less A

Journal entries are the recording of the transactions which are reported in the books in order to…

Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 37,000 6% Accounts receivable Percent uncollectible Total 0 $ 575,000 $ 397,000 28 1 to 30 $ 91,000 38 61 to 90 $ 19,000 8% Complete this question by entering your answers in the tabs below. Over 90 $ 31,000 118 a. Complete the table below 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 $3,700 credit. 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 $200 debit.

Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 37,000 6% Accounts receivable Percent uncollectible Total 0 $ 575,000 $ 397,000 28 1 to 30 $ 91,000 38 61 to 90 $ 19,000 8% Complete this question by entering your answers in the tabs below. Over 90 $ 31,000 118 a. Complete the table below 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 $3,700 credit. 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 $200 debit.

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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Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 625,000 $ 407,000 $ 101,000 $ 47,000 $ 29,000 $ 41,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.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 $13,100 credit.c. Prepare the adjusting entry to record bad debts expense…
Needed in 20 minutes 6. Q Company has the following information on December 31, 20x1 before any year-end adjustments:Accounts receivable, beginning balance, 100,000Net credit sales, 290,000Collections from customers (excluding recoveries), 160,000Allowance for doubtful accounts, beginning balance, 30,000Write-offs, 15,000Recoveries, 3,000Percentage of receivables, 10%Compute the net realizable value of accounts receivable
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Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. 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 $14,000 credit. 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 $3,000 debit. Estimated balance of allowance for uncollectibles 4%
A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 days $40,000 0.5 61-90 days 15,000 1.5 91-120 days 2,000 15.0 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer. Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.
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The following information is available for Monty's Best Corporation about the age of its receivables at December 31, its year end: Number of days outstanding Accounts Receivable Estimated percentage uncollectible (a) 0-30 $410,000 3% Total Estimated Uncollectible Accounts $ tA 31-60 $250,000 5% 61-90 $210,000 10% Over 90 $90,000 Using the above aging schedule, determine the total estimated uncollectible accounts. 15%
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