b.1 Presented below is an aging schedule for Oriole Company at December 31, 2024.Number of Days Past DueCustomerTotalNot YetDueOver1-3031-6061-9090Aneesh$ 22,900$8,800 $14,100Bird30,600$30,600Cope46,7005,3005,300DeSpears35,500$36,100$35,500Others117,50073,80031,60012,100$253,200$109,700 $45,700$26,200$36,100$35,500Estimated percentage3%7%11%26%65%uncollectibleTotal estimated bad debts$41,833$3,291$3,199$2,882$9,386$23,075At 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. Donot indent manually.)DateAccount Titles and ExplanationList of AccountsDebitCrec

Not Yet Due:Total Amount = $41,833Percentage Uncollectible = 3%Estimated Uncollectible Amount ;=…

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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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.
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,…
Compute the DO for Tokyo Corporation which has the following aging schedule (No decimal point, use whole number):
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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 schedule of aging accounts for a Cormpany at the end of the year 2020, appears below Accounts Recebvable $40,000 10,000 5,500 1.800 5Z.300 Estimate % of Bad Detts Current 1:30 days overdue 31-60 days overdue More than 60 days overdue Total 1% 5% 10% 20% The allowance was estimated by using the schedule of ageing accounts. The allowance acoount had a debit balance of $000, before the estimate was made Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) ALTAENAEI0/Mari
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.

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