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 Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $5,400 11 2,400 6,400 Days Past Due 1 to 30 31 to 60 61 to 90 30 54 BA 1,200 3,400 0 106 80 42 Over 90 129 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 $240, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.
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 Customer BCC Company Lannister Company Mike Properties Ted Reeves Jen Steffens Accounts Receivable Days Past Due $5,400 11 2,400 6,400 Days Past Due 1 to 30 31 to 60 61 to 90 30 54 BA 1,200 3,400 0 106 80 42 Over 90 129 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 $240, record the required adjustment to the Allowance for Doubtful Accounts. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
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Transcribed Image Text:Required 1 Required 2
Assuming an unadjusted credit balance of $240, record the required adjustment to the Allowance for Doubtful Accounts.
View transaction list
Journal entry worksheet
Assuming an unadjusted credit balance of $240, record the required
adjustment to the Allowance for Doubtful Accounts.
Note: Enter debits before credits.
Date
December
31
General Journal
Debit
Credit
Transcribed Image Text: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
Customer
BCC Company
Lannister Company
Mike Properties
Ted Reeves
Jen Steffens
0
1 to 30
30
Accounts
Receivable Days Past Due
11
$5,400
2,400
0
6,400
106
1,200
80
3,400
42
Days Past Due
31 to 60
58
61 to 90
84
Over 90
128
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 $240, record the required adjustment to the Allowance for Doubtful Accounts.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
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.
Estimated balance for Allowance for Doubtful Accounts
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