Presented below is an aging schedule for Oriole Company at December 31, 2024. Number of Days Past Due Customer Total Not Yet Due Over 1-30 31-60 61-90 90 Aneesh $ 22,900 $8,800 $14,100 Bird 30,600 $30,600 Cope 46,700 5,300 5,300 DeSpears 35,500 $36,100 $35,500 Others 117,500 73,800 31,600 12,100 $253,200 $109,700 $45,700 $26,200 $36,100 $35,500 Estimated percentage 3% 7% 11% 26% 65% uncollectible Total estimated bad debts $41,833 $3,291 $3,199 $2,882 $9,386 $23,075 At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,200. (a1) Journalize the adjusting entry for bad debts at December 31, 2024. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation List of Accounts Debit Crec

Presented below is an aging schedule for Oriole Company at December 31, 2024. Number of Days Past Due Customer Total Not Yet Due Over 1-30 31-60 61-90 90 Aneesh $ 22,900 $8,800 $14,100 Bird 30,600 $30,600 Cope 46,700 5,300 5,300 DeSpears 35,500 $36,100 $35,500 Others 117,500 73,800 31,600 12,100 $253,200 $109,700 $45,700 $26,200 $36,100 $35,500 Estimated percentage 3% 7% 11% 26% 65% uncollectible Total estimated bad debts $41,833 $3,291 $3,199 $2,882 $9,386 $23,075 At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,200. (a1) Journalize the adjusting entry for bad debts at December 31, 2024. (List debit entry before credit entry. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation List of Accounts Debit Crec

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,…
✔ 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
Following is the aging schedule for Lure Corporation: Account Age Amount Outstanding Average Days 0-30 days $75,000 21 31-60 days $50,000 37 over 60 days $27,000 ? If its DSO is 39 days on average, on what day does Lure Corporation collect from customers who take longer than 60 days to pay for thier purchases?
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…
Carson's Bakery operates on a calendar year end and using the Aging Method. The company presents the following information: Total Amount % Estimated Estimated Number of Days Outstanding 0-30 31-60 61-90 91-120 Receivable Uncollectible Uncollectible 172,000 79,000 51,000 43,000 15,000 360,000 1.00% 200% 5.00% 20.00% Over 120 40.00% TOTALS What is the ending balance in the company's Allowance for Doubtful account? (use a numeric value with a comma and no $ sign) Type your answer..
Prepare an aging schedule to determine the total estimated uncollectibles at March 31,2018
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.
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.
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
Subject: a
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2020. 1. An aging schedule of the accounts receivable as of December 31, 2020, is as follows. Age Net Debit Balance % to Be Applied afterCorrection Is Made Under 60 days $172,342 1% 60–90 days 136,490 3% 91–120 days 39,924* 6% Over 120 days 23,644 $3,700 definitely uncollectible;estimated remainderuncollectible is 25% $372,400 *The $3,240 write-off of receivables is related to the 91-to-120 day category. 2. The Accounts Receivable control account has a debit balance of $372,400 on December 31, 2020. 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on December 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $3,240 on November 3, 2020, and a debit to Allowance for Doubtful Accounts because of a bankruptcy. 4. Allowance for Doubtful Accounts is as…
The following information was taken from the accounts receivable records of Pina Colada Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $154,000 0.5% 31 – 60 days outstanding 63,200 2.5% 61 – 90 days outstanding 39,100 4.0% 91 – 120 days outstanding 21,600 6.5% Over 120 days outstanding 5,300 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,170 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 $3,990 prior to…