Presented below is an aging schedule for Ayayai Company at December 31, 2021. Number of Days Past Due Not Over 90 Customer Total Yet Due 1-30 31-60 61-90 Anders $23,600 $10,300 $13,300 Blake 39.500 $39,500 Coulson 57,300 15,700 6,100 $35,500 Deleon 34,400 $34,400 Others 132,900 96,600 16,000 13,300 7,000 $287,700 $151,800 $32,400 $26,600 $35,500 $41,400 Estimated Percentage Uncollectible 1% 6% 13% 24% 48% Total Estimated Bad Debts $35,312 $1,518 $ 1,944 $3,458 $8,520 $19,872 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,500. (a) Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 Bad Debts Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Dec. 31 Balance Dec. 31 Adjusting Ref. Debit Credit Balance

Presented below is an aging schedule for Ayayai Company at December 31, 2021. Number of Days Past Due Not Over 90 Customer Total Yet Due 1-30 31-60 61-90 Anders $23,600 $10,300 $13,300 Blake 39.500 $39,500 Coulson 57,300 15,700 6,100 $35,500 Deleon 34,400 $34,400 Others 132,900 96,600 16,000 13,300 7,000 $287,700 $151,800 $32,400 $26,600 $35,500 $41,400 Estimated Percentage Uncollectible 1% 6% 13% 24% 48% Total Estimated Bad Debts $35,312 $1,518 $ 1,944 $3,458 $8,520 $19,872 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,500. (a) Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 Bad Debts Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Dec. 31 Balance Dec. 31 Adjusting Ref. Debit Credit Balance

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 3RE: Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry...

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A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 53,000 0.5 61–90 days 18,500 1.0 91–120 days 2,300 10.0 Over 120 days 1,200 50.0 The allowance for uncollectible accounts had a balance of $1,330 on January 1, 2024. During the year, bad debts of $680 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts.
Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 days $40,000 0.5 61-90 days 15,000 1.5 91-120 days 2,000 15.0 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer. Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.
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Dean Company's balances as at December 31,2021, before year-end adjustment follow: Debit Credit Accounts receivable P300,000 Adjustments P3,000 Merchandise inventory 400,000 Net sales 1,000,000 Cost of sales 800,000 Additional information and data for adjustments follow: 1) The company sells at a markup of 20%based on sales. All customers are within a four-day delivery area. 2) On December 27,2021, dean authorized a customer to return, for full credit, goods shipped and billed at P30,000 on December 14,2021. The returned goods were received by dean on January 4,2022, and a P30,000 credit memo was issued on the same date. The goods were not included in the ending of inventory. 3) A P40,000 shipment of goods to a customer on December 31,2021, terms FOB shipping point, 2/10, n/30 was not recorded as a sale in 2021. The goods were excluded in the ending inventory in 2021. 4) A P50,000 shipment of goods to a customer on December 30,2021, terms FOB destination, 5/10, n/30 was recorded as a…
✔ Your answer is correct. Prepare an aging schedule to determine the total estimated uncollectibles at March 31. (b) Age of Accounts Amount Estimated Uncollectible S 0-30 days 5400 $270,000 2% 31-60 days 48.400 10% 9180 61-90 days 30.600 30% Over 90 days 23.100 50% eTextbook and Media List of Accounts Your answer is partially correct. 30970 Attempts: 2 of 2 used Prepare the adjusting entry at March 31 to record the credit losses for the period. (List debit entry before credit entry. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Mar. 31 Credit Losses Allowance for Expected Credit Losses Debit Credit
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