Required information Problem 7-3A (Static) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balances $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Accounts Receivable $ 830,000 254,000 86,000 38,000 12,000 Age of Accounts Receivable. Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Problem 7-3A (Static) Part 1 Uncollectible 1.25% 2.00 6.50 32.75 68.00
Required information Problem 7-3A (Static) Aging accounts receivable and accounting for bad debts LO P2, P3 [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balances $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Accounts Receivable $ 830,000 254,000 86,000 38,000 12,000 Age of Accounts Receivable. Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Problem 7-3A (Static) Part 1 Uncollectible 1.25% 2.00 6.50 32.75 68.00
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
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Problem 7-3A (Static) Part 1
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7 Homework
Accounts
Receivable
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Required:
1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of ac
Not due:
1 to 30:
31 to 60:
61 to 90:
Over 90:
Estimated balance of allowance for uncollectibles
Required information
x
Note: Enter debits before credits.
Date
December 31
x
X
x
X
Record the estimated bad debts.
x
Percent
Uncollectible (#.##%)
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Debit
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Required information
Problem 7-3A (Static) Aging accounts receivable and accounting for bad debts LO P2, P3
[The following information applies to the questions displayed below.]
Accounts
Receivable
$ 830,000
254,000
86,000
38,000
12,000
Saved
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of
$14,500. Jarden prepares a schedule of its December 31 accounts receivable by age.
Expected Percent
Age of Accounts Receivable.
Not yet due
1 to 30 days past due
31 to 60 days past due
61 to 90 days past due
Over 90 days past due
Problem 7-3A (Static) Part 1
< Prev
53
Uncollectible
1.258
2.00
6.50
32.75
68.00
S
5 6 7
of 10
D
Help Save & Exit
Next >
RO
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Transcribed Image Text:make Opera your everyday browser? How do I do that?
mework i
Required information
Problem 7-3A (Static) Aging accounts receivable and accounting for bad debts LO P2, P3
[The following information applies to the questions displayed below.]
Accounts
Receivable
$ 830,000
254,000
86,000
38,000
12,000
Saved
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of
$14,500. Jarden prepares a schedule of its December 31 accounts receivable by age.
Expected Percent
Age of Accounts Receivable.
Not yet due
1 to 30 days past due
31 to 60 days past due
61 to 90 days past due
Over 90 days past due
Problem 7-3A (Static) Part 1
< Prev
53
Uncollectible
1.258
2.00
6.50
32.75
68.00
S
5 6 7
of 10
D
Help Save & Exit
Next >
RO
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