On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 328,000 65,600 32,800 13, 120 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due X X Percent Uncollectible (#.##%) = Expected Percent Uncollectible 1.20% 1.95 6.45 = 32.50 67.00 Estimated Uncollectible

On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 328,000 65,600 32,800 13, 120 Accounts Receivable Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31. X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due X X Percent Uncollectible (#.##%) = Expected Percent Uncollectible 1.20% 1.95 6.45 = 32.50 67.00 Estimated Uncollectible

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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Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $ 24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0–30 days $ 735,000 1% 31–60 days 290,000 2 61–90 days 111,000 15 91–120 days 70,000 30 More than 120 days 94,000 60 Total receivables $1,300,000 A. Journalize the write-offs under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the…
Required information. [The following information applies to the questions displayed below] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.15% 1.90 6.40 View transaction list View journal entry worksheet 32.25 67.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts asbelow. Ignore GST. On 01/06 Accounts Receivable = 849555 Allowance for doubtful debt =12100 During June, the following transactions occurred:1. Revenue earned on credit, $1,195,000.2. Sales returns, $24,100.3. Accounts receivable collected, $1,400,000.4. Accounts written off as uncollectable, $15,851.Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance forDoubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June.Ignore GST.Required:(a) Prepare general journal entries to record the four transactions and to adjust the Allowance forDoubtful Debts account.(b) Show how accounts receivable and the allowance for doubtful debts would appear on the balancesheet at 30 June. (c) On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid itsaccount in full. Prepare journal entries to record…
Company I had the following balances at the end of the year: Accounts receivable: $50,000 Allowance for doubtful accounts: $2,000 (credit balance) The company estimates that 2% of accounts receivable will be uncollectible. Record the journal entry to adjust 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. 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
The following information is available for Market, Incorporated and Supply, Incorporated at December 31. Accounts Market, Incorporated Supply, Incorporated Accounts receivable $59,800 $77,800 Allowance for doubtful accounts 2,548 2,956 Sales revenue 616,960 907,100 Required What is the accounts receivable turnover for each of the companies? What is the average days to collect the receivables? Assuming both companies use the percent of receivables allowance method, what is the estimated percentage of uncollectible accounts for each company? What is the accounts receivable turnover for each of the companies? (Round your answers to 1 decimal place.) Company Accounts Receivable Turnover Market times Supply times What is the average days to collect the receivables? (Use 365 days in a year. Do not round intermediate calculations. Round your answers to the nearest whole number.)…
! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 Age of Accounts Receivable Not yet due Expected Percent Uncollectible 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 13,120 61 to 90 days past due Over 90 days past due 33.00 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 View transaction list
Required information Skip to question [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable Age of Accounts Receivable Expected Percent Uncollectible $ 820,000 Not yet due 1.25% 328,000 1 to 30 days past due 2.00 65,600 31 to 60 days past due 6.50 32,800 61 to 90 days past due 32.75 13,120 Over 90 days past due 68.00 Required:1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable.
Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 61 to 90 Over 90 $45,000 $27,000 $39,000 10% Accounts receivable Percent uncollectible Req A Req B and C a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,500 credit. Complete this question by entering your answers in the tabs below. Accounts Receivable c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,000 debit. 0 Total $615,000 $405,000 X Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles X X Complete the below table to calculate the estimated balance of Allowance for…
Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 830,000 Age of Accounts Receivable Not yet due 1 to 30 days past due Expected Percent Uncollectible 1.25% 254,000 2.00 86,000 31 to 60 days past due 6.50 38,000 12,000 61 to 90 days past due Over 90 days past due 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Affects Jarden's net income