DO not give answer in image Presented below is an aging schedule for Sheridan Company at December 31, 2024.CustomerAneeshBirdCopeDeSpearsOthersEstimated percentageuncollectibleTotal estimated bad debtsTotal$24,10032,60053,50034.300121,500$266,000$41,728Not YetDue$32,6004,90072.500$110.0003%$3,3001-3031-60$9.100 $15,0005,30035,100Number of Days Past Due$49,50013,90061-9012%$43,300$28.900 $43,30026%Over90$34.300$34,300At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7.800.59%$3,465 53,468 $11.258 $20.237!!.. (a2)Post the adjusting entry for bad debts at December 31, 2024. (Post entries in the order of journal entries presented in the previouspart.)eTextbook and MediaBad Debt ExpenseAllowance for Doubtful Accounts

Bad debt expense :— It is the amount of receivable that are no longer collectible from customer.…

Presented below is an aging schedule for Sheridan Company at December 31, 2024. Customer Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated bad debts Not Yet Due $41,728 Total $24,100 32,600 53,500 34.300 121,500 72.500 $266,000 $110.000 $49,500 $28.900 $43,300 $32.600 4,900 3% $3,300 1-30 $9.100 5,300 35,100 Number of Days Past Due $3,465 31-60 $15,000 13,900 12% 61-90 $43,300 26% Over 90 $34.300 $34,300 At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7.800 U.O 59% 53,468 $11.258 $20.237 !! ..

Presented below is an aging schedule for Sheridan Company at December 31, 2024. Customer Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated bad debts Not Yet Due $41,728 Total $24,100 32,600 53,500 34.300 121,500 72.500 $266,000 $110.000 $49,500 $28.900 $43,300 $32.600 4,900 3% $3,300 1-30 $9.100 5,300 35,100 Number of Days Past Due $3,465 31-60 $15,000 13,900 12% 61-90 $43,300 26% Over 90 $34.300 $34,300 At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7.800 U.O 59% 53,468 $11.258 $20.237 !! ..

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The Hog Penny is a bar and restaurant, serving many communities in Saskatchewan. The December 31, 2021 and 2020 balance sheet and income statement is shown below. ASSETS Cash Accounts recervable Merchandise inventory Equipment Accumulated depreciation Total Assets 2021 $ 35,000 52, 800 117,000 375,000 (82 000) $497 800 2020 $ 15,000 40,000 101 500 350,000 (75.000) $431 500 LIABILITIES AND SHAREHOLDERS' EQUITY Accounts payable Salanes payable Bonds payable Long-term notes payable Common shares Retaned earnings Total Liabilities and Equity $54,000 20,000 110,000 65 000 115,000 133 800 S497 800 $46,700 25,000 135,000 110.000 114 800 $431 500 The 2021 Income Statement was as follows: $664,000 Sales Expenses Cost of goods Wages expense Rent expense Supplies expense Depreciation Total expenses $350,000 125,000 80,000 27,000 10.000 592 000 72,000 Operating income Loss on retirement of bonds Gain on sale of plant (15,000) asset Profit 12.000 $69.000 ADDITIONAL INFORMATION: 1. Gain on sale of…
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