Function: SUM; Formula: Subtract, Multiply; Cell Referencing Using Excel to Create an Aging Schedule and Record Credit Losses PROBLEM Mendez Imports prepared the following aging Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area and this work area as indicated. schedule at December 31 Number of Days Outstanding 0-30 days 31-60 days Accounts Receivable $ 368,000 Estimated Percentage Uncollectible 1% a Complete the Total Estimated Uncollectible Accounts column on the aging schedule 120.000 4% 61-90 days 72,000 10% Number of Days Over 90 days 40,000 20% Outstanding $ 600,000 0-30 days 31-60 days 61-90 days Over 90 days $ Total Estimated Uncollectible Accounts $ 3.680 4,800 7,200 8,000 23,680 b. Prepare the adjusting journal entry at December 31 to record credit losses, assuming that the allowance account has the following balance before adjustment. Credit balance before adjustment Bad Debt Expense Allowance for Doubtful Accounts $3,600 Debit Credit 20,080 20,080 c. Prepare the adjusting journal entry at December 31 to record credit losses, assuming that the allowance account has the following balance before adjustment. Debit balence before adjustment $5,400 Bad Debt Expense 18,280 Allowance for Doubtful Accounts 18,280
Function: SUM; Formula: Subtract, Multiply; Cell Referencing Using Excel to Create an Aging Schedule and Record Credit Losses PROBLEM Mendez Imports prepared the following aging Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem area and this work area as indicated. schedule at December 31 Number of Days Outstanding 0-30 days 31-60 days Accounts Receivable $ 368,000 Estimated Percentage Uncollectible 1% a Complete the Total Estimated Uncollectible Accounts column on the aging schedule 120.000 4% 61-90 days 72,000 10% Number of Days Over 90 days 40,000 20% Outstanding $ 600,000 0-30 days 31-60 days 61-90 days Over 90 days $ Total Estimated Uncollectible Accounts $ 3.680 4,800 7,200 8,000 23,680 b. Prepare the adjusting journal entry at December 31 to record credit losses, assuming that the allowance account has the following balance before adjustment. Credit balance before adjustment Bad Debt Expense Allowance for Doubtful Accounts $3,600 Debit Credit 20,080 20,080 c. Prepare the adjusting journal entry at December 31 to record credit losses, assuming that the allowance account has the following balance before adjustment. Debit balence before adjustment $5,400 Bad Debt Expense 18,280 Allowance for Doubtful Accounts 18,280
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Function: SUM; Formula: Subtract, Multiply; Cell Referencing
Using Excel to Create an Aging Schedule and
Record Credit Losses
PROBLEM
Mendez Imports prepared the following aging
Student Work Area
Required: Provide input into cells shaded in yellow in this template.
Use mathematical formulas with cell references to the Problem area
and this work area as indicated.
schedule at December 31
Number of
Days
Outstanding
0-30 days
31-60 days
Accounts
Receivable
$ 368,000
Estimated
Percentage
Uncollectible
1%
a Complete the Total Estimated Uncollectible Accounts column on
the aging schedule
120.000
4%
61-90 days
72,000
10%
Number of Days
Over 90 days
40,000
20%
Outstanding
$ 600,000
0-30 days
31-60 days
61-90 days
Over 90 days
$
Total Estimated
Uncollectible
Accounts
$
3.680
4,800
7,200
8,000
23,680
b. Prepare the adjusting journal entry at December 31 to record credit
losses, assuming that the allowance account has the following
balance before adjustment.
Credit balance before adjustment
Bad Debt Expense
Allowance for Doubtful Accounts
$3,600
Debit
Credit
20,080
20,080
c. Prepare the adjusting journal entry at December 31 to record credit
losses, assuming that the allowance account has the following
balance before adjustment.
Debit balence before adjustment
$5,400
Bad Debt Expense
18,280
Allowance for Doubtful Accounts
18,280
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