Following is a list of credit customers along with their amounts owed and the days past due at December 31. Followingthat list are five classifications of accounts receivable and estimated bad debts percent for each class.Days Past Due0Percent uncollectibleTed ReevesJen Steffens1 to 30 31 to 60 61 to 90 Over 901%3%5%CustomerBCC Company $6,000Lannister Company 3,000Mike Properties 7,0001,5004,000Accounts Receivable Days Past Due160102768% 12%421. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above.Calculate the estimated balance for the Allowance for Doubtful Accounts.2. Assuming an unadjusted credit balance of $300, record the required adjustment to the Allowance for DoubtfulAccounts.

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. Percent uncollectible Days Past Due 1 to 30 1% 31 to 60 61 to 90 Over 90 3% 5% 8% 12% Customer BCC Company $6,000 Lannister Company 3,000 Mike Properties 7,000 Ted Reeves 1,500 Jen Steffens 4,000 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Accounts Receivable Days Past Due 16 0 102 76 42

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. Percent uncollectible Days Past Due 1 to 30 1% 31 to 60 61 to 90 Over 90 3% 5% 8% 12% Customer BCC Company $6,000 Lannister Company 3,000 Mike Properties 7,000 Ted Reeves 1,500 Jen Steffens 4,000 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Accounts Receivable Days Past Due 16 0 102 76 42

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 5EB: Olena Mirrors records bad debt using the allowance, income statement method. They recorded $343,160...

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Concept explainers

Bad Debts

At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.

Accounts Receivable

The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.

Question

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.
Days Past Due
0
Percent uncollectible
Ted Reeves
Jen Steffens
1 to 30 31 to 60 61 to 90 Over 90
1%
3%
5%
Customer
BCC Company $6,000
Lannister Company 3,000
Mike Properties 7,000
1,500
4,000
Accounts Receivable Days Past Due
16
0
102
76
8% 12%
42
1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above.
Calculate the estimated balance for the Allowance for Doubtful Accounts.
2. Assuming an unadjusted credit balance of $300, record the required adjustment to the Allowance for Doubtful
Accounts.

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Following is a list of credit customers along with their amounts owed due 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. Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Percent uncollectible 2 % 4 % 6 % 9 % 13 % Customer AccountsReceivable Days PastDue BCC Company $ 5,700 12 Lannister Co. 2,700 0 Mike Properties 6,700 103 Ted Reeves 1,500 76 Jen Steffens 3,700 40 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $270, record the required adjustment to the Allowance for Doubtful Accounts.
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible 0 1 to 30 1% 3% Days Past Due 31 to 60 5% 61 to 90 8% Over 90 12% Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $ 4,500 13 1,500 0 5,500 116 750 2,500 70 37 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $150, record the required adjustment to the Allowance for Doubtful Accounts.
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent for each class. Percent uncollectible. Days Past Due 0 2% 1 to 30 31 to 60 61 to 90 4% 6% 9% Over 90 13% Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $ 5,500 12 2,500 0 6,500 105 1,200 3,500 82 45 1. Create an aging of accounts receivable schedule of accounts receivable by age similar to the table given above. Calculate the estimated balance for the Allowance for Doubtful Accounts. 2. Assuming an unadjusted credit balance of $250, record the required adjustment to the Allowance for Doubtful Accounts. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below.
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please dont give images in solutions thank you
Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
Kings Company has the following data relating to accounts receivable for the year ended December 31, 2023: Accounts Receivable, January 1 P 325,000Allowance for Bad Debts, January 1 18,400Sales during the year, all on account, terms: 5/10, 3/15, n/30 2,800,000Cash received from customers during the year 2,260,000Accounts written off during the year 17,500Sales returns and allowances 14,280 An analysis of cash received from customers during the year revealed that P1,140,000 was received from customers availing the 10-day discount period, P873,000 was received from customers availing the 15-day discount period, P12,000 represented recovery of accounts written off, and the balance…
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The answer is D, explain process to getting there using T accounts
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
(c) What is the balance of accounts receivable on it December 31 balance sheet? Estimating Uncollectible Accounts and Reporting Accounts ReceivableLaFond Company analyzes its accounts receivable at December 31, and arrives at the age categories below along with the percentages that are estimated as uncollectible. Age Group Accounts Receivable Estimated Loss % 0-30 days past due $ 180,000 1% 31-60 days past due 40,000 2 61-120 days past due 22,000 5 121-180 12,000 10 Over 180 days past due 8,000 25 Total accounts receivable $ 262,000