Req AReq B and CComplete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.AccountsReceivableXNot due:1 to 30:31 to 60:61 to 90:Over 90:Estimated balance of allowance for uncollectiblesXXXXPercentUncollectible (%)X=====< Req AEstimatedUncollectibleReq B and C > Required information[The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31.Accounts receivablePercent uncollectibleTotal$ 630,0000$ 408,0001%1 to 30$ 102,0002%Days Past Due31 to 60$ 48,0005%61 to 90$ 30,0007%Over 90$ 42,00010%a. Complete the table below 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 $4,800 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 $1,300 debit.

The allowance for doubtful accounts has the normal credit balance. Using allowance method based on…

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 Due 31 to 60 $ 48,000 Accounts receivable. Percent uncollectible Total $ 630,000 e $ 408,000 1% 1 to 30 $ 102,000 2% 5% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts eceivable. . Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $4,800 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $1,300 debit.

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 Due 31 to 60 $ 48,000 Accounts receivable. Percent uncollectible Total $ 630,000 e $ 408,000 1% 1 to 30 $ 102,000 2% 5% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts eceivable. . Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $4,800 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $1,300 debit.

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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Required information Use the following information for the Exercises below. 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 $ 590,000 $ 400,000 $ 94,000 $ 40,000 $ 22,000 $ 34,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% 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 $12,400 credit.c. Prepare the adjusting entry to record bad debts expense…
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Credit Losses Based on Accounts ReceivableMiller, Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible:Age GroupBalanceProbability of Noncollection0 - 30 days past due$99, 0002 % 31 - 60 days past due29, 0005 % 61 - 120 days past due 20,00010 % 121-180 days past due 15,00012% Over 180 days past due 13,00024% $176,000The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $1,420 on December 31, before any adjustments. Prepare the adjusting entry for estimated credit losses on December 31. Prepare the journal entry to write off the Lyons Company's account on April 10 of the following year in the amount of $1,325
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Aging of Accounts ReceivableThe Miller Company's accounts receivable reveal the following balances by age category: Age of Account Receivable Balance 0-30 days $320,000 31-60 days 72,000 61-90 days 32,000 91-120 days 16,000 $440,000 The allowance for uncollectible accounts has an existing positive balance of $13,680. The company's internal auditors suggest that the following percentages be used to estimate the amount of outstanding receivables that will eventually prove to be uncollectible. 0-30 days 0.50% 31-60 days 1.00% 61-90 days 10.00% 91-120 days 70.00% RequiredCalculate the projected new balance for (a) the allowance for uncollectible accounts and (b) the bad debts expense. (a) Allowance for uncollectible accounts Answer (b) Bad debt expense Answer
A partial aging of accounts receivable for a cleaning service is given in the accompanying table. Fill in the missing parts of the following aging schedule for the cleaning service. (Round value of account answers to the nearest whole dollar, e.g. 5,275 and % of total account answers to 1 decimal place, e.g. 12.1%.) Age of Accounts (in days) Value of Account % of Total Account 10 $262,000 % 30 $131,000 % 45 $ % 60 $57,000 % 75 $27,000 % Total $670,000 100.0% Determine the firm’s effective days’ sales outstanding. (Round answer to 1 decimal place, e.g. 12.2.) effective days' sales outstanding is ______ days. How does it compare with the industry average of 36 days? The firm is_____________efficient than other firms in the industry.
The following aging information pertains to Jacobsen Company's accounts receivable at December 31, 2024: Days Outstanding Amount Estimated % Uncollectible 0-30 $ 420,000 2% 31-60 140,000 5% 61-120 100,000 10% Over 120 120,000 20% During 2024, Jacobsen wrote off $18,000 in receivables and recovered $6,000 that had been written off in prior years. Jacobsen's December 31, 2023, allowance for uncollectible accounts was $40,000. Using the balance sheet approach, what amount of allowance for uncollectible accounts should Jacobsen report at December 31, 2024?
Required information [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 $ 340,000 $ 850,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable. Allowance for doubtful accounts Current assets: $765,000 debit $ 6,100 debit 3. An aging analysis estimates that 4% of year-end accounts receivable are uncollectible. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31 balance sheet. $ 0
Maxwell Inc., analyzed its accounts receivable balances at December 31, and arrived at the aged balances listed below, along with the percentage that is estimated to be uncollectible: % Considered Age Group Balance Uncollectible 0-30 days past due $300,000 1% 31-60 days past due 54,000 3% 61-120 days past due 60,000 6% 121-180 days past due 21,000 10% Over 180 days past due 6,000 20% $441,000 The company handles credit losses using the allowance method. The credit balance of the Allowance for Doubtful Accounts is $2,520 on December 31, before any adjustments. a. Determine the amount of the adjustment for estimated credit losses on December 31. b. Determine the financial statement effect of a write off of Porter Company's account on the following May 12, in the amount of $1,440. Use negative signs with answers, when appropriate. If a transaction increases and decreases the same Balance Sheet category, enter the increase amount in the first row and the decrease amount directly below (in…