Required information[The following information applies to the questions displayed below]Daley Company prepared the following aging of receivables analysis at December 31.Days Past DueTotal$570,000Over 90$30,00010%1 to 3031 to 6061 to 90Accounts receivable$396,0001%$90,0002 %$36,000$18,000Percent uncollectible5%7%a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $3,600 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $100 debit.Complete this question by entering your answers in the tabs below. Req B and CReq AComplete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.AccountsPercentuncollectible (%)receivableNot due:X1 to 30:X31 to 60:X61 to 90:XOver 90:XEstimated balance of allowance for uncollectibles

a. Compute estimated balance of allowance for doubtful accounts using aging of accounts receivable…

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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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QS 17-4 (Algo) Horizontal analysis LO P1 Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) Short-term investments Accounts receivable Notes payable Percent Change: = Short-term investments Accounts receivable Notes payable $ Current Year Prior Year $ 377,232 99,828 0 $ 236,026 103,326 90,624 Horizontal Analysis - Calculation of Percent Change Numerator: Current Year 377,232 $ 99,828 0 Prior Year 236,026 103,326 90,624 Denominator: Dollar Change Percent Change % % %
ok D Int = Print Compute the annual dollar changes and percent changes for each of the following accounts. (Decreases should be indicated with a minus sign. Round percent change to one decimal place.) 0 ferences # Short-term investments Accounts receivable Notes payable Percent Change = Short-term investments Accounts receivable Notes payable Type here to search Esc fo F1 1 X F2 $ Current Year $ 378,252 100,583 @ 2 0 Horizontal Analysis - Calculation of Percent Change Numerator: 1 Current Year F3 20 #m Prior Year $ 236,897 104,503 91,702 3 378,252 $ 100,583 F4 0 S4 Prior Year $ 236,897 104,503 91,702 F5 $ % 5 Denominator: Dollar Change F6 111,355 (3,920) (91,702) DELL F7 A Percent Change 29.4 % (26.7) % (100.0) % 6 F8 & 7 0 F9 * a 8 F10 9
Match the term with its definition. Allowance Method Cash Factoring Net Realizable Value Percentage-of-Receivables Method Restricted Cash A procedure that records unc [Choose ] Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 18 Hours, 38 Minutes, 32 Seconds The amount of the accounts receivable balance that the company actually expects to receive. Correct Answer A procedure that records uncollectible accounts by recording the bad debt expense on an estimated basis in the accounting period in which the sale on accout takes place. C A method of selling accounts receivable where the seller guarantees payment to the purchaser in the event the debtor fails to pay. Correct Answer short term investments with a maturity date of three months or less Generated through transactions from customers for goods bought or services rendered. Correct Answer When material, is required to be segregated and shown as either a current or long term asset on the balance sheet depending on it's expected…
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category ? Total uncollectible ? To manage earnings more efficiently, Mirror Mart decided to change past-due categories as follows. 0-60 days 61-120 days Over 120 days past due past due past due Accounts receivable Amount $84,000 $11,000 $7,000 Percent uncollectible 8% 15% 30% Total per category ? ? ? Total uncollectible ? Complete the following. A. Complete each table by filling in the blanks. 0-30 days 31-90 days Over 90 days past due past due past due Accounts receivable amount $55,000 $33,000 $17,000 Percent uncollectible 8% 15% 30% Total per category Total uncollectible
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Question 3 of 8 > -/2 View Policies Current Attempt in Progress What is the journal entry to record an uncollectible accounts receivable? Bad Debt Expense XXX Allowance for Doubtful Accounts XXX Bad Debt Expenses XXX Accounts Receivable XXX Accounts Receivable XXX Allowance for Doubtful Accounts XXX Allowance for Doubtful Accounts XXX Accounts Receivable XXX Save for Later Attempts: 0 of 1 used Submit Ans
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
Question 15 An auditor is required to confirm accounts receivable if the accounts receivable balances are: Older than one year Material to the financial statements Smaller than expected Subject to valuation estimated
MULTIPLE CHOICE What is the effect of the following situations on the cost of accounts receivable financing? (A) A more thorough credit check is undertaken. (B) Receivables are sold without recourse. A. (A) Increase; (B) DecreaseB. (A) Decrease; (B) IncreaseC. (A) Decrease; (B) DecreaseD. (A) Increase; (B) IncreaseE. (A) Increase; (B) No effect
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