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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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,…
b.1
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.
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.
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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.
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The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000