Only photo 2b question. Thanks! Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,300.Required:a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows.ExpectedDecember 31, 2020Age of AccountsPercentageUncollectibleAccounts ReceivableReceivable$155,00045,000Not due (under 30 days)1%1 to 30 days past due31 to 68 days past dueOver 60 days past due4%18,50010%2,50060%View transaction listJournal entry worksheetRecord the estimate for uncollectible accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31,2020 b. During 2021, credit sales were $1,457,000; sales discounts taken were $27,000; accounts recelvable collected were $1,220,000;and accounts written off during the year totalled $29,000. Prepare the adjusting entry required on December 31, 2021, to estimateuncollectible recelvables assuming it is based on the following aging analysis.ExpectedDecember 31, 2021Age of AccountsPercentageAccounts ReceivableReceivableUncollectible$ 290, 00098, 00025,00016,000Not due (under 30 days)1 to 30 days past due31 to 68 days past dueOver 60 days past due1%4%10%6e%View transaction listJournal entry worksheet1<>Record the estimate for uncollectible accounts.Note: Enter debits before credits.DateGeneral JournalDebitCreditDecember 31,2021

The journal entries are prepared to keep the record of day to day transactions of the business.

ed: bare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follo Expected Percentage Age of Accounts Receivable ember 31, 2828 unts Receivable $155,800 45,800 Uncollectible Not due (under 30 days) 1 to 30 days past due 31 to 68 days past due Over 60 days past due 1% 4% 1e,see 18% 2, see 60% w transaction list purnal entry worksheet

ed: bare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follo Expected Percentage Age of Accounts Receivable ember 31, 2828 unts Receivable $155,800 45,800 Uncollectible Not due (under 30 days) 1 to 30 days past due 31 to 68 days past due Over 60 days past due 1% 4% 1e,see 18% 2, see 60% w transaction list purnal entry worksheet

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 6MC: Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts...

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Outpost Designs uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Outpost Designs decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. Complete the following. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Explain how the new total uncollectible amount affects net income and accounts receivable.
Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Universal considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between totals uncollectible. C. Describe the categories change effect on net income and accounts receivable.
AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Johnson Company as of December 31, 20--, reveals the following: REQUIRED 1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible. 2. Assuming that Allowance for Doubtful Accounts had a credit balance of 620 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for uncollectible accounts.
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell 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. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. To manage earnings more favorably, Elegant Linens considers changing the past-due categories as follows. A. Complete each table by filling in the blanks. B. Determine the difference between total uncollectible. C. Complete the following 2019 comparative income statements for 2019, showing net income changes as a result of the changes to the balance sheet aging method categories. D. Describe the categories change effect on net income and accounts receivable.
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2020, of $2,300. Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows. Expected December 31, 2020 Age of Accounts Percentage Uncollectible Accounts Receivable Receivable $155,000 45,000 Not due (under 30 days) 1% 1 to 30 days past due 31 to 68 days past due Over 60 days past due 4% 18,500 10% 2,500 60% View transaction list Journal entry worksheet Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2020
c. On December 31, 2019, an aging-of-receivables, indicates that $41 million of the total receivables of $444 million is uncollectible at year-end. Record doubtful-account expense at December 31, 2019. Post this amount to Allowance for Doubtful Accounts, and show its adjusted balance at December 31, 2019. Begin by preparing the journal entry. Date C. Journal Entry Accounts Doubtful-Account Expense Allowance for Doubtful Accounts ▼ Debit Credit Choose from any list or enter any number in the input fields and then click Check Answer. i Data Table Accounts receivable Allowance for doubtful accounts Print Done (In millions) $ 381 (52) x
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $126,500 2% 1-30 days past due 89,200 12% 31-60 days past due 53,600 18% Over 60 days past due 31,800 35% Required: Part a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Part b. Johnston Supplies, Inc. writes off $3,081 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Part c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.
Winfrey Designs had an unadjusted credit balance in its Allowance for Doubtful Accounts at December 31, 2023, of $2,200 Required: a. Prepare the adjusting entry assuming that Winfrey estimates uncollectible accounts based on an aging analysis as follows. December 31, 2023 Accounts Receivable $148,000 43,000 10,000 2,400 View transaction list Journal entry worksheet < 1 Age of Accounts Receivable Not due (under 30 days) 1 to 30 days past due 31 to 60 days past due Over 60 days past due Record the estimate for uncollectible accounts. Note: Enter debits before credits. Date December 31, 3332 General Journal Expected Percentage Debit Uncollectible 1% 4% 10% 60% Credit ☆
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $ 126,600 3 % 1-30 days past due 89,300 13 % 31-60 days past due 53,700 19 % Over 60 days past due 31,900 36 % Required: The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,977 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Johnston Supplies, Inc. writes off $3,091 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019
FDNACCT Co. has the following balances on December 31, 2021 before any adjustments: Accounts Receivable = P890,000 Allowance for Doubtful Accounts = P3,250 Total credit sales = P3,000,000 Provision for doubtful accounts is estimated at 5% of Accounts Receivable. How much should be credited to the Allowance for Doubtful Accounts as adjustment?