Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Customer Subtotals Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Total receivables Percent Uncollectible Percentage uncollectible Allowance for Doubtful Accounts Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule 2% Balance 6 20 30 45 Not Past 1-30 Days 31-60 Days 61-90 Days Over 90 Days Due Past Due Past Due Past Due Past Due 175,800 71,900 798,900 471,400 17,900 20,700 6,700 9,500 26,300 26,300 880,000 497,700 2% 9,500 185,300 6% 6,700 78,600 20% 39,900 20,700 60,600 30% 39,900 17,900 57,800 45%

Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Customer Subtotals Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Total receivables Percent Uncollectible Percentage uncollectible Allowance for Doubtful Accounts Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule 2% Balance 6 20 30 45 Not Past 1-30 Days 31-60 Days 61-90 Days Over 90 Days Due Past Due Past Due Past Due Past Due 175,800 71,900 798,900 471,400 17,900 20,700 6,700 9,500 26,300 26,300 880,000 497,700 2% 9,500 185,300 6% 6,700 78,600 20% 39,900 20,700 60,600 30% 39,900 17,900 57,800 45%

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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Estimating Doubtful Accounts Performance Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate the proper balance of the allowance for doubtful accounts should be as of December 31. Performance Bike Co. Estimation of Uncollectible Accounts December 31 Estimated Uncollectible Age Interval Balance Accounts Percent Not past due $888,000 1/2% 1-30 days past due 97,700 2 31-60 days past due 44,400 7 61-90 days past due 32,000 18 91-180 days past due 23,100 42 Over 180 days past due 16,900 65 Total $1,102,100 Estimated Uncollectible Accounts Amount
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An aging of a company's accounts receivable indicates an estimate of uncollectible accounts of $5,353. If Allowance for Doubtful Accounts has a $1,093 debit balance, the adjustment to journalize the bad debt expense for the period will require a a. debit to Bad Debt Expense for $6,446 b. debit to Bad Debt Expense for $5,353 c. credit to Allowance for Doubtful Accounts for $1,093 d. debit to Bad Debt Expense for $4,260
An aging of a company's accounts receivable indicates that $9700 is estimated to be uncollectible. If Allowance for Doubtful Accounts has a $3010 balance, the adjustment to record bad debts for the period will require a(n)
Bidiyah Co. estimates that RO 6,500 of its accounts receivable to be uncollectible. If Allowance for Doubtful Accounts has a RO 1,200 debit balance, the company should record a: Select one: O a. None of the answers are correct O b. debit to Bad Debt Expense for RO 5,300. O c credit to Allowance for Doubtful Accounts for RO 6,500. Od. debit to Allowance for Doubtful Accounts for RO 5,300. O e. credit to Bad Debt Expense for RO 7,700.
The Garware Company uses allowance method to recognize uncollectible accounts expense. It provides you the following selected information Accounts receivable on December 31 2020 RO 280000 Required balance in Allowance for Doubtful Accounts account on December 31 2020 RO 4000 Existing balance in Allowance for Doubtful Accounts account on December 31 2019 RO 3500 The journal entry to recognize uncollectible accounts expense on December 31 2017 is a. Dr Uncollectible Accounts Expense 4000 and Cr Allowance for Doubtful Accounts 4000 b. Dr Uncollectible Accounts Expense 500 and Cr Allowance for Doubtful Accounts 500 c. Dr Accounts Receivable 3500 Cr Allowance for Uncollectible Accounts Expense 3500 d. Dr Accounts Receivable 3500 Cr Uncollectible Accounts Expense 3500
Allowance for Uncollectible Accounts-Aging Method Sales-R-Us beginning general ledger shows an allowance for doubtful accounts balance of $10,000 credit balance. The year-end trial balance before adjustments, reports gross accounts receivable of $100,000 and allowance for doubtful accounts of $5,000 credit. Be sure to use the proper format for all JEs (Journal Entries). 1. 2. Using the aging method, the company estimates that it will be unable to collect 11% of the total accounts receivable at year end. Write the journal entry for updating their ADA account at year end. After making the required journal entry for bad debts at year end, what is the ending balance in allowance for uncollectible accounts? Allowance For Doubtful Accounts 3- On December 31, how much (in total) is owed to Sales-R-Us by customers? What do they expect to receive (the "net realizable value") from customers? 4. Obviously, during the year, some of the ADA was written off, please show the correct JE that had been…
Estimating Doubtful Accounts Performance Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of the percentage of uncollectible accounts in each age category are as follows: Estimate the proper balance of the allowance for doubtful accounts should be as of December 31. Performance Bike Co. Estimation of Uncollectible Accounts December 31 Age Interval Balance Estimated UncollectibleAccounts Percent Estimated UncollectibleAccounts Amount Not past due $530,000 3/4% $fill in the blank 1 1-30 days past due 58,300 2 fill in the blank 2 31-60 days past due 26,500 6 fill in the blank 3 61-90 days past due 19,100 16 fill in the blank 4 91-180 days past due 13,800 38 fill in the blank 5 Over 180 days past due 10,100 80 fill in the blank 6 Total $657,800 $fill in the blank 7
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts percent for each class.A)Create an aging of accounts receivable schedule similar to Exhibit 9.8 and calculate the estimated balance for the Allowance for Doubtful Accounts.B)Assuming an unadjusted credit balance of $100, record the required adjustment to the Allowance for Doubtful Accounts
Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1% 1-30 days past due 5 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100 18,100 Keystone Company 18,200 18,200 Moxie Creek Inc. 6,600 6,600 Rainbow Company 10,000 10,000 Swanson Company 23,100 23,100 Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful…
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! 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.