!Required informationProblem 9-3A (Algo) 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 balance of $16,000.Jarden prepares a schedule of its December 31 accounts receivable by age.AccountsReceivable$ 840,000336,00067,20033,60013,440Problem 9-3A (Algo) Part 2View transaction listAge of Accounts ReceivableNot yet due1 to 30 days past due31 to 60 days past due61 to 90 days past dueOver 90 days past due2. Prepare the adjusting entry to record bad debts expense at December 31.Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.Journal entry worksheet< 1Record the estimated bad debts.DateDecember31Note: Enter debits before credits.Record entryGeneral JournalExpected PercentClear entryUncollectible1.25%2.006.5032.7568.00DebitCreditView general journal>

The term "Bad debt expense" refers to the projected share of accounts receivable that a company…

Required information Problem 9-3A (Algo) 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 balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Problem 9-3A (Algo) Part 2 View transaction list Age of Accounts Receivable Not yet due 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations. 1 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Journal entry worksheet Record the estimated bad debts. Date December 31 Note: Enter debits before credits. Record entry General Journal Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00 Clear entry Debit Credit View general journal

Required information Problem 9-3A (Algo) 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 balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 Problem 9-3A (Algo) Part 2 View transaction list Age of Accounts Receivable Not yet due 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations. 1 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Journal entry worksheet Record the estimated bad debts. Date December 31 Note: Enter debits before credits. Record entry General Journal Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00 Clear entry Debit Credit View general journal

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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Dr. Cr. Accounts Receivable $ 165,800 Allowance for Doubtful Accounts $ 3,730 Sales Revenue (all on credit) 840,900 Sales Returns and Allowances 52,650 Prepare the journal entry to record bad debt expense assuming Novak Company estimates bad debts at (a) 5% of accounts receivable and (b) 5% of accounts receivable but Allowance for Doubtful Accounts had a $ 1,380 debit balance. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit (a) enter an account title ? ? Allowance for doubtful accounts ? ? (b) enter an account title ? ? enter an account title ? ?
PLEASE ANSWER ASAP Problem No. 3 You are auditing the accounts receivable and the related allowance for bad debts account of AACA Company. The following data are available: General Ledger Accounts Receivable 2022 Dec. 31 381,600 Allowance for Bad Debts 2022 2022 Jul. 31 GJ Write-off 7,200 Jan. 1 Balance 9,000 Dec. 31 GJ - Provision 21,600 Summary of Aging Schedule The summary of the subsidiary ledger balances as of December 31, 2022, is shown below: Debit balances Under one month P 162,000 One to six months 165,600 Over six months 68,400 P 396,000 Credit balances Mark Co. P 3,600 OK; additional billing in Jan. 2023 Lady Co. 6,300 Should have been credited to Ivan Co.* 8,100 Advance on a sales contract P 18,000 *Account is in “one to six months” classification. The…
8 Homework E8-5 (Algo) Determining Financial Statement Effects of Write-Offs and Recoveries [LO 8-2] Prior to recording the following, Elite Electronics, Incorporated, had a credit balance of $3,200 in its Allowance for Doubtful Accounts a. On August 31, a customer balance for $420 from a prior year was determined to be uncollectible and was written off b. On December 15, the customer balance for $420 written off on August 31 was collected in full. Required: For each transaction listed above, indicate the amount and direction (+ or -) of effects on the financial statement accounts and on the overall accounting equation. Hint: On December 15th, first reinstate the Accounts receivable and then record the collection of cash (Enter any decreases to Assets, Liabilities, or Stockholders Equity with a minus sign.) n B. b(1) b(1) b(2) b(2) Assets Help - Liabilities Save & Exit Stockholders' Equity Submit
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! Required information Problem 11-1A (Algo) Short-term notes payable transactions and entries LO P1 [The following information applies to the questions displayed below.] Tyrell Company entered into the following transactions involving short-term liabilities. Year 1 April 20 Purchased $38,000 of merchandise on credit from Locust, terms n/30. May 19 Replaced the April 20 account payable to Locust with a 90-day, 9%, $35,000 note payable along with paying $3,000 in cash. July 8 Borrowed $60,000 cash from NBR Bank by signing a 120-day, 11%, $60,000 note payable. _?____Paid the amount due on the note to Locust at the maturity date. Paid the amount due on the note to NBR Bank at the maturity date. November 28 Borrowed $24,000 cash from Fargo Bank by signing a 60-day, 8%, $24,000 note payable. December 31 Recorded an adjusting entry for accrued interest on the note to Fargo Bank. Year 2 _______ Paid the amount due on the note to Fargo Bank at the maturity date. Problem 11-1A (Algo) Part 3 3.…
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! Required information Problem 7-2A (Static) Estimating and reporting bad debts LO P2, P3 [The following information applies to the questions displayed below.] At December 31, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $ 1,905,000 $ 5,682,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts Problem 7-2A (Static) Part 1 $ 1,270,100 debit $ 16,580 debit Required: 1. Prepare the adjusting entry to record bad debts under each separate assumption. a. Bad debts are estimated to be 1.5% of credit sales. b. Bad debts are estimated to be 1% of total sales. c. An aging analysis estimates that 5% of year-end accounts receivable are uncollectible. Adjusting entries (all dated December 31).