Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Customer Total Not Yet Due Number of Days Past Due 1–30 31–60 61–90 Over 90 Aneesh $ 23,700 $ 8,700 $15,000 Bird 27,900 $ 27,900 Cope 53,500 4,900 4,900 $43,700 DeSpears 38,500
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Customer Total Not Yet Due Number of Days Past Due 1–30 31–60 61–90 Over 90 Aneesh $ 23,700 $ 8,700 $15,000 Bird 27,900 $ 27,900 Cope 53,500 4,900 4,900 $43,700 DeSpears 38,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021.
| Customer | Total | Not Yet Due |
Number of Days Past Due
|
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1–30 | 31–60 | 61–90 | Over 90 |
|||||||||
|
Aneesh
|
$ 23,700 | $ 8,700 | $15,000 | |||||||||
|
Bird
|
27,900 | $ 27,900 | ||||||||||
|
Cope
|
53,500 | 4,900 | 4,900 | $43,700 | ||||||||
|
DeSpears
|
38,500 | $38,500 | ||||||||||
|
Others
|
126,300
|
77,500
|
36,600
|
12,200
|
|
|
||||||
|
$269,900
|
$110,300
|
$50,200
|
$27,200
|
$43,700
|
$38,500
|
|||||||
|
Estimated percentage
uncollectible |
|
3%
|
8%
|
12%
|
24%
|
61%
|
||||||
|
Total estimated
|
$ 44,562
|
$ 3,309
|
$4,016
|
$3,264
|
$ 10,488
|
$23,485
|
At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,900.
-Journalize the
-
- Journalize the 2022 transactions:
- Post to the allowance account these 2022 events
- Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $37,400.
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