Daley Company prepared the following aging of receivables analysis at December 31. Y Days Past Due 31 to 60 $ 47,000 7% Accounts receivable Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Not due: 1 to 30: Req B and C 31 to 60: 61 to 90: Over 90: 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 $4,700 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 $1,200 debit. Accounts Receivable x X Total $625,000 $ 407,000 X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. X X X 3% Percent Uncollectible (%) = 1 to 30 $101, 000 4% = = ▸ 61 to 90 $29,000 Estimated Uncollectible 9% Over 90 $ 41,000 12%

Daley Company prepared the following aging of receivables analysis at December 31. Y Days Past Due 31 to 60 $ 47,000 7% Accounts receivable Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Not due: 1 to 30: Req B and C 31 to 60: 61 to 90: Over 90: 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 $4,700 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 $1,200 debit. Accounts Receivable x X Total $625,000 $ 407,000 X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. X X X 3% Percent Uncollectible (%) = 1 to 30 $101, 000 4% = = ▸ 61 to 90 $29,000 Estimated Uncollectible 9% Over 90 $ 41,000 12%

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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Daley Company prepared the following aging of receivables analysis at December 31. Total 0 Accounts receivable Percent uncollectible $ 625,000 $ 407,000 1 to 30 $ 101,000 Days Past Due 31 to 60 $ 47,000 61 to 90 $ 29,000 Over 90 $ 41,000 3% 4% 7% 9% 12% 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 using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,100 debit. Answer is not complete. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company…
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Age Class PercentUncollectible Not past due 2% 1-30 days past due 4 31-60 days past due 18 61-90 days past due 40 Over 90 days past due 75 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not PastDue Days PastDue 1-30 Days PastDue 31-60 Days PastDue 61-90 Days PastDue Over 90 Subtotals $1,050,000 $600,000 $220,000 $115,000 $85,000 $30,000 Conover Industries 30,000 30,000 Keystone Company 18,000 18,000 Moxie Creek Inc. 9,000 9,000 Rainbow Company 26,400 26,400 Swanson Company 46,600 46,600 Total receivables 1,180,000 626,400 266,600 124,000 103,000 60,000 Percentage uncollectible 2% 4% 18% 40% 75%…
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…
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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%
View Policies Current Attempt in Progress Assume the following information for Teal Mountain Corp. Accounts receivable (beginning balance) Allowance for doubtful accounts (beginning balance) Net credit sales Collections Write-offs of accounts receivable Collections of accounts previously written off (a) Account Titles and Explanation Uncollectible accounts are expected to be 6% of the ending balance in accounts receivable. (To record sales on account) (To record collection of accounts receivable) Prepare the entries to record sales and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) eTextbook and Media $143.000 List of Accounts 11,340 Save for Later Using multiple attempts will impact your score. 10% scare reduction after attempt 5 930,000 912.000 6,400 2,200…
d) Golden Music Company uses the allowance method to estimate uncollectible accounts receivable. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $17,000 $1,500 $1,200 $500 $900 $21,100 1% 1-30 days past due 31–60 days past due 61–90 days past due Over 90 days past due Total Accounts Receivable 3% 6% 12% 25% On 31 December 2021, the company has found out that a customer went bankrupt and management agreed that the accounts receivable of $900 included above which is past due for over 90 days can be written off. i) Compute the total estimated uncollectible accounts receivable as at 31 December 2021. ii) Prepare the journal entry year-end to write off the accounts receivable of $900 and the adjusting journal entry to record the bad debts for the year ended 31 December 2021.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $400,000; Allowance for Doubtful Accounts has a debit balance of $3,500; and sales for the year total $1,800,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $15,800. a. Determine the amount of the adjusting entry for uncollectible accounts.$fill in the blank 1 b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $fill in the blank 2 Allowance for Doubtful Accounts $fill in the blank 3 Bad Debt Expense $fill in the blank 4 c. Determine the net realizable value of accounts receivable.
Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 575,000 $ 397,000 $ 91,000 $ 37,000 $ 19,000 $ 31,000 Percent uncollectible 2% 3% 6% 8% 11% Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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. 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. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Accounts Receivable x Percent Uncollectible (%) = Estimated…
Required information Use the following information for the Exercises 13-14 below. (Algo) [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 Accounts receivable $ 635,000 $ 409,000 $ 103,000 $ 49,000 $ 31,000 Percent uncollectible 2% 3% 6% 8% Over 90 $ 43,000 11% Exercise 7-14 (Algo) Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% 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 $13,300 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…
! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 Age of Accounts Receivable Not yet due Expected Percent Uncollectible 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 13,120 61 to 90 days past due Over 90 days past due 33.00 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.