vi.3answer must be in table work or i will give down vote Presented below is an aging schedule for Ayayai Company at December 31, 2021.Number of Days Past DueNotOver 90CustomerTotalYet Due1-3031-6061-90Anders$23,600$10,300$13,300Blake39.500$39,500Coulson57,30015,7006,100$35,500Deleon34,400$34,400Others132,90096,60016,00013,3007,000$287,700$151,800$32,400 $26,600$35,500$41,400Estimated Percentage Uncollectible1%6%13%24%48%Total Estimated Bad Debts$35,312$1,518$ 1,944$3,458$8,520$19,872At 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.)DateAccount TitlesDebitCreditDec. 31Bad Debts ExpenseDateExplanationRef.DebitCreditBalanceDec. 31 AdjustingAllowance for Doubtful AccountsDateExplanationDec. 31 BalanceDec. 31 AdjustingRef.DebitCreditBalance

To adjust the Allowance for Doubtful Accounts balance for the increase in estimated bad…

Answered: Presented below is an aging schedule…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Presented below is an aging schedule for Splish Brothers Inc. at December 31, 2021. Number of Days Past Due Customer Total NotYet Due 1–30 31–60 61–90 Over 90 Aneesh $ 22,700 $10,700 $12,000 Bird 36,600 $ 36,600 Cope 55,600 5,000 6,500 $44,100 DeSpears 34,200 $34,200 Others 127,000 96,000 16,500 14,500 $276,100 $137,600 $33,700 $26,500 $44,100 $34,200 Estimated percentage uncollectible 3% 7% 12% 24% 60% Total estimated uncollectibles $ 40,771 $ 4,128 $ 2,359 $ 3,180 $ 10,584 $20,520 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,400. (a) Journalize the adjusting entry for bad debts at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,…
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 $ 70,000 0.5 61–90 days 27,000 1.0 91–120 days 4,000 10.0 Over 120 days 1,100 50.0 The allowance for uncollectible accounts had a balance of $1,500 on January 1, 2024. During the year, bad debts of $850 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
Compute the DO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number):
Compute the DSO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number): Account Age Amount Outstanding Average Days 0-30 days P55,000 24 31-60 days 30,000 42 Over 60 days 5,000 66
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Presented below is an aging schedule for Kingbird Company at December 31, 2021. Anders Blake Coulson Deleon Others Customer Estimated Percentage Uncollectible Total Estimated Bad Debts Total $ 24,100 40,100 56,100 33,600 130,600 $284,500 $ 34,385 Not Yet Due $ 40,100 16,300 96,600 $153,000 3% $4,590 1-30 $10,200 5,000 15,100 Number of Days Past Due 5% 31-60 $13,900 13,400 $30,300 $27,300 $34,800 13% 61-90 $1,515 $3,549 $34,800 25% $8,700 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,800. Over 90 $33,600 5,500 $39,100 41% $16,031 Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is enter Date Dec. 31 ad Debts Expense Date Explanation Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Dec. 31 Balance Account Titles Dec. 31 Adjusting Ref. Ref. Debit Debit Debit Credit Credit Credit Balance Balance
The following information was taken from the accounts receivable records of Monty Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $156,000 0.5% 31 – 60 days outstanding 65,400 2.5% 61 – 90 days outstanding 40,000 4.0% 91 – 120 days outstanding 20,800 6.5% Over 120 days outstanding 5,100 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,280 prior to the adjustment. (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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $4,010 prior to the…
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.
The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
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.
Prepare an aging schedule to determine the total estimated uncollectibles at March 31,2018
Princeton's detailed age analysis of trade receivables at 31 December 2020 shows the following:Customer nameTotal outstandingCredit limit0-30days31-60days61-90daysOver 90 days£ £ £ £ £ £A Ames 16 200 15 000 2 000 8 700 2 500 3 000B Bristow 18 300 25 000 18 300C Chen 4 700 4 800 2 000 2 700TOTAL 39 200 - 20 300 10 700 5 200 3 000Notes:• The company offers 30 days credit to its customers.• The credit is offered to the customers based on words of mouth• Ames is disputing the quality of some of the goods and refusing to pay, no decision hasbeen made yet (£3,000 over 90 days)• Chen has just put in an order for £5,000, he is a good friend of the directorRequired:What are the key points arising from the credit controller's review in respect of each trade receivable balance and what suggestions can be made to improve the aged analysis report

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