Part C accounting Journalize the adjusting entry for uncollectibles on December 31, 2027, assuming that the unadjusted balance in Allowance forDoubtful Accounts is a debit of $860 and the aging schedule indicates that total estimated uncollectibles will be $31,200. (Creditaccount titles are automatically indented when amount is entered. Do not indent manually. List debit entry before credit entry.)DateDec. 31Account TitlesDebitCredit Presented below is an aging schedule for Sunland Company at December 31, 2026.Number of Days Past DueCustomerTotalNotYet DueOver 901-3031-6061-90Anders$ 21,900$10,100 $11,800Blake38,500$ 38,500Coulson55,30015,0006,300$34,000Deleon33,100$33,100Others135,10096,80016,60015,1006,600$283,900$150,300$33,000$26,900$34,000$39,700Estimated Percentage Uncollectible1965%13%27%40%Total Estimated Bad Debts$31,710$1,503$1,650$3,497$9,180$15,880At December 31, 2026, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,100.

The ageing schedule indicates total estimated uncollectible allowance = $31,200Unadjusted balance =…

Answered: Journalize the adjusting entry for…

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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The following aging information pertains to ABC Company's accounts receivable at December 31, 2024: Days Outstanding Amount wwwwww 0-30 31-60 61-120 Over 120 Estimated % Uncollectible $420,000 2% 140,000 5% 100,000 10% 120,000 20% During 2024, ABC wrote off $28,000 in receivables and recovered $6,000 that had been written off in prior years. ABC's December 31, 2023, allowance for uncollectible accounts was $70,000. Using the balance sheet approach, what amount of bad debt expense should ABC report at December 31, 2024? a. $6,000 b. $7,000 C. $1,400 ○ d. $6,000
Complete the aging schedule. Number of Days Accounts Outstanding Receivable Estimated % Uncollectible 0-45 days $ $734,000 2% 46-90 days 265,000 5% Over 90 days 106,000 15% Total $1,105,000 +A $ Total Estimated Uncollectible Acco
✔ 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
Aging of Receivables ScheduleJuly 31 Customer Balance NotPast Due 1-30DaysPast Due 31-60DaysPast Due 61-90DaysPast Due Over 90DaysPast Due Subtotals 1,050,000 600,000 220,000 115,000 85,000 30,000 Boyd Industries 36,000 36,000 Hodges Company 11,500 11,500 Kent Creek Inc. 6,600 6,600 Lockwood Company 7,400 7,400 Van Epps Company 13,000 13,000 Totals 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for Doubtful Accounts 106,106 6,074 6,990 14,592 28,950 49,500 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 fill in the blank 2 fill in the blank 3 fill in the blank 5 fill in the blank 6
Requlred Informatlon [The following information applies to the questions displayed below.] The Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $678,00e 1 to 30 $110, eee 3% 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $38, e00 9% $50, 0ee 12% $416,000 $56,000 7% 4% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5.600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for…
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Question 1 of 4 > -/3 At June 30, Canarie Ltd. prepared the following aging schedule: (a) Complete the aging schedule. Number of Days Accounts Estimated % Total Estimated Outstanding Receivable Uncollectible Uncollected Accounts 0-45 days $767,000 $ 2% 46-90 days 226,000 4% Over 90 days 112,000 15% Total $ $1,105,000 eTextbook and Media List of Accounts Save for Later Attempts: 0 of 3 used Submit Answer I!!
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $ 4,500,000 2,880,000 $ 3,600,000 2,020,000 820,000 695,000 380,000 322,000 152,000 142,000 204,000 204,000 56,000 On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $56,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024-9/30/2024 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes $ 420,000 (300,000) (52,000) (22,000) $ 46,000 2023 $520,000 (332,000) (42,000) (22,000) $ 124,000 In addition to the account…
CMN Inc. uses LIFO and has experienced increasing costs since its founding. CMN disclosed that the LIFO reserve (also known as the LIFO allowance) at the end of 2021 was $3 million. The balance sheet showed ending inventory of $17 million at the end of 2021. What would the ending inventory have been if CMN had always used FIFO? Multiple Choice $20 million. S17 milion. $14 milon
Required information Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 670,000 $ 416,000 $ 110,000 $ 56,000 $ 38,000 $ 50,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a…
Current Attempt in Progress At December 31,2022, the following information (in thousands) was available for Swifty Inc: ending inventory $22.200; beginning inventory $21.800; cost of goods sold $180.400, and sales revenue $435,000. Calculate the inventory turnover and days in inventory for Swity. (Round answers to 1 decimal places, e.g. 15.2. Use 365 days for calculation.) times Inventory turnover Days in inventory days
Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $5,250,000 $4,350,000 2,170,000 3,030,000 970,000 845,000 530,000 472,000 167,000 157,000 234,000 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 234,000 116,000 1/1/2024-9/30/2024 $ 570,000 (375,000) (67,000) (37,000) $ 91,000 2023 $ 670,000 (422,000) (57,000) (37,000) $ 154,000 In addition to the…

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