Presented below is an aging schedule for Halleran Company. Number of Days Past Due Customer Total Not Yet Due 1–30 31–60 61–90 Over 90 Anders $ 22,000 $10,000 $12,000 Blake 40,000 $ 40,000 Coulson 57,000 16,000 6,000 $35,000 Deleon 34,000 $34,000 Others 132,000 96,000 16,000 14,000 6,000 $285,000 $152,000 $32,000 $26,000 $35,000 $40,000 Estimated Percentage Uncollectible 3% 6% 13% 25% 50% Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $ 3,380 $ 8,750 $20,000 At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000. (a) Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount Bad Debts Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Adjusting enter a debit amount enter a credit amount enter a balance amount Allowance for Doubtful Accounts Date Explanation Ref. Debit Credit Balance Dec. 31 Balance enter a debit amount enter a credit amount enter a balance amount Dec. 31 Adjusting
Presented below is an aging schedule for Halleran Company. Number of Days Past Due Customer Total Not Yet Due 1–30 31–60 61–90 Over 90 Anders $ 22,000 $10,000 $12,000 Blake 40,000 $ 40,000 Coulson 57,000 16,000 6,000 $35,000 Deleon 34,000 $34,000 Others 132,000 96,000 16,000 14,000 6,000 $285,000 $152,000 $32,000 $26,000 $35,000 $40,000 Estimated Percentage Uncollectible 3% 6% 13% 25% 50% Total Estimated Bad Debts $ 38,610 $ 4,560 $ 1,920 $ 3,380 $ 8,750 $20,000 At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000. (a) Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31 enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount enter an account title for the adjusting entry on December 31 enter a debit amount enter a credit amount Bad Debts Expense Date Explanation Ref. Debit Credit Balance Dec. 31 Adjusting enter a debit amount enter a credit amount enter a balance amount Allowance for Doubtful Accounts Date Explanation Ref. Debit Credit Balance Dec. 31 Balance enter a debit amount enter a credit amount enter a balance amount Dec. 31 Adjusting
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Presented below is an aging schedule for Halleran Company.
At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000.
|
Number of Days Past Due
|
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Customer
|
Total
|
Not
Yet Due |
1–30
|
31–60
|
61–90
|
Over 90
|
||||||
| Anders | $ 22,000 | $10,000 | $12,000 | |||||||||
| Blake | 40,000 | $ 40,000 | ||||||||||
| Coulson | 57,000 | 16,000 | 6,000 | $35,000 | ||||||||
| Deleon | 34,000 | $34,000 | ||||||||||
| Others | 132,000 | 96,000 | 16,000 | 14,000 | 6,000 | |||||||
| $285,000 | $152,000 | $32,000 | $26,000 | $35,000 | $40,000 | |||||||
| Estimated Percentage Uncollectible | 3% | 6% | 13% | 25% | 50% | |||||||
| Total Estimated |
$ 38,610 | $ 4,560 | $ 1,920 | $ 3,380 | $ 8,750 | $20,000 |
At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000.
(a)
Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
|
Date
|
Account Titles
|
Debit
|
Credit
|
|---|---|---|---|
|
Dec. 31
|
enter an account title for the adjusting entry on December 31
|
enter a debit amount
|
enter a credit amount
|
|
enter an account title for the adjusting entry on December 31
|
enter a debit amount
|
enter a credit amount
|
|
Bad Debts Expense
|
|
||||
|---|---|---|---|---|---|
|
Date
|
Explanation
|
Ref.
|
Debit
|
Credit
|
Balance
|
|
Dec. 31
|
Adjusting
|
|
enter a debit amount
|
enter a credit amount
|
enter a balance amount
|
|
Allowance for Doubtful Accounts
|
|
||||
|
Date
|
Explanation
|
Ref.
|
Debit
|
Credit
|
Balance
|
|
Dec. 31
|
Balance
|
|
enter a debit amount
|
enter a credit amount
|
enter a balance amount
|
|
Dec. 31
|
Adjusting
|
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