In-Class Question 5 Presented below is an aging schedule for Bosworth Company. Customer Total Not Yet Due Number of Days Past Due 0-30 Aneesh $24,000 $9,000 31-60 $15,000 61-90 Over 90 Bird $30,000 $30,000 Cope $50,000 $5,000 $5,000 $40,000 DeSpears $38,000 $38,000 Others $120.000 $262.000 $72.000 $107,000 $13,000 $35.000 $28,000 $49.000 $40,000 $38.000 Estimated percentage 3% 7% 12% 24% 60% uncollectible Total estimated bad $42.400 $3.210 $3.430 $3,360 $9,600 $22,800 debts At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000. (a) Journalize the adjusting entry for bad debts at December 31, 2021. (b) Journalize these 2022 events and transactions: March 1, a $600 customer balance originating in 2019 is judged uncollectible. May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1. (c) Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates that total estimated bad debts will be $36,700.

In-Class Question 5 Presented below is an aging schedule for Bosworth Company. Customer Total Not Yet Due Number of Days Past Due 0-30 Aneesh $24,000 $9,000 31-60 $15,000 61-90 Over 90 Bird $30,000 $30,000 Cope $50,000 $5,000 $5,000 $40,000 DeSpears $38,000 $38,000 Others $120.000 $262.000 $72.000 $107,000 $13,000 $35.000 $28,000 $49.000 $40,000 $38.000 Estimated percentage 3% 7% 12% 24% 60% uncollectible Total estimated bad $42.400 $3.210 $3.430 $3,360 $9,600 $22,800 debts At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000. (a) Journalize the adjusting entry for bad debts at December 31, 2021. (b) Journalize these 2022 events and transactions: March 1, a $600 customer balance originating in 2019 is judged uncollectible. May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1. (c) Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule indicates that total estimated bad debts will be $36,700.

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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