journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. veb-08.000.SI (c) If Allowance for Doubtful Accounts has a debit balance of $500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. 33 E8-5 Godfreid Company has accounts receivebie of 395,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,100 credit balance in Allowance for Doubtful Accounts prior to adjustment. The corpany uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Determin prepare t (LO 2), AF d ok) storyand p o teersl2la lgtantg boviooo Balance, March 31 Exp Estimated Percentage Age of Accounts 2017 2016 Uncollectible $65,000 12,900 u 8,000 10,100 7,400 Current $75,000 2% 1-30 days past due Fii 31-90 days past due Over 90 days past due Jes 30 h ni) 2stoM brus 0812 2oldevisoot 2,400 1,100 a $95,400E $86,500 os ection 130 2110 Instructions (a) Determine the total estimated uncollectibles. (b) Prepare the adjusting entry at March 31, 2017, to record bad debt expense. (c) Discuss the implications of the changes in the aging schedule from 2016 to 2017.on तजज हतात saillo2 E8-6 On December 31, 2016, when its Allowance for Doubtful Accounts had a debit
journalize the adjusting entry at December 31, assuming Macarty determines that Matisse's $900 balance is uncollectible. (b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 10% of accounts receivable. veb-08.000.SI (c) If Allowance for Doubtful Accounts has a debit balance of $500 in the trial balance, journalize the adjusting entry at December 31, assuming bad debts are expected to be 8% of accounts receivable. 33 E8-5 Godfreid Company has accounts receivebie of 395,400 at March 31, 2017. Credit terms are 2/10, n/30. At March 31, 2017, there is a $2,100 credit balance in Allowance for Doubtful Accounts prior to adjustment. The corpany uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Determin prepare t (LO 2), AF d ok) storyand p o teersl2la lgtantg boviooo Balance, March 31 Exp Estimated Percentage Age of Accounts 2017 2016 Uncollectible $65,000 12,900 u 8,000 10,100 7,400 Current $75,000 2% 1-30 days past due Fii 31-90 days past due Over 90 days past due Jes 30 h ni) 2stoM brus 0812 2oldevisoot 2,400 1,100 a $95,400E $86,500 os ection 130 2110 Instructions (a) Determine the total estimated uncollectibles. (b) Prepare the adjusting entry at March 31, 2017, to record bad debt expense. (c) Discuss the implications of the changes in the aging schedule from 2016 to 2017.on तजज हतात saillo2 E8-6 On December 31, 2016, when its Allowance for Doubtful Accounts had a debit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:journalize the adjusting entry at December 31, assuming Macarty determines that
Matisse's $900 balance is uncollectible.
(b) If Allowance for Doubtful Accounts has a credit balance of $1,100 in the trial balance,
journalize the adjusting entry at December 31, assuming bad debts are expected to be
10% of accounts receivable.
veb-08.000.SI
(c) If Allowance for Doubtful Accounts has a debit balance of $500 in the trial balance,
journalize the adjusting entry at December 31, assuming bad debts are expected to be
8% of accounts receivable.
33
E8-5 Godfreid Company has accounts receivebie of 395,400 at March 31, 2017. Credit
terms are 2/10, n/30. At March 31, 2017, there is a $2,100 credit balance in Allowance for
Doubtful Accounts prior to adjustment. The corpany uses the percentage-of-receivables
basis for estimating uncollectible accounts. The company's estimates of bad debts are as
shown below.
Determin
prepare t
(LO 2), AF
d ok) storyand
p
o teersl2la lgtantg boviooo
Balance, March 31
Exp
Estimated Percentage
Age of Accounts
2017
2016
Uncollectible
$65,000
12,900 u 8,000
10,100
7,400
Current
$75,000
2%
1-30 days past due
Fii 31-90 days past due
Over 90 days past due
Jes
30
h
ni)
2stoM brus 0812 2oldevisoot
2,400
1,100 a
$95,400E $86,500 os
ection
130
2110
Instructions
(a) Determine the total estimated uncollectibles.
(b) Prepare the adjusting entry at March 31, 2017, to record bad debt expense.
(c) Discuss the implications of the changes in the aging schedule from 2016 to 2017.on
तजज हतात
saillo2
E8-6 On December 31, 2016, when its Allowance for Doubtful Accounts had a debit
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