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 $ 37,000 6% Accounts receivable Percent uncollectible Total $ 575,000 $ 397,000 2% 1 to 30 $ 91,000 Req A Complete this question by entering your answers in the tabs below. Req B and C 3% 61 to 90 $ 19,000 8% Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts ceivable. Over 90 $ 31,000 Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the owance for Doubtful Accounts is a $3,700 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the owance for Doubtful Accounts is a $200 debit. 11%
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 $ 37,000 6% Accounts receivable Percent uncollectible Total $ 575,000 $ 397,000 2% 1 to 30 $ 91,000 Req A Complete this question by entering your answers in the tabs below. Req B and C 3% 61 to 90 $ 19,000 8% Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts ceivable. Over 90 $ 31,000 Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the owance for Doubtful Accounts is a $3,700 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the owance for Doubtful Accounts is a $200 debit. 11%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
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.
Question
Please Correct solution with Explanation And Do Not Give solution in image format
![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
$ 37,000
Accounts receivable
Percent uncollectible
Req A
Complete this question by entering your answers in the tabs below.
Req B and C
View transaction list
<
a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
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 $3,700 credit.
Total
$575,000
c. 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 $200 debit.
Journal entry worksheet
1
2
Date
December
31
0
$ 397,000
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 $3,700 credit.
Note: Enter debits before credits.
c. 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 $200 debit.
2%
Record entry
1 to 30
$ 91,000
Record estimated bad debts assuming that Allowance for Doubtful Accounts
has a $3,700 credit balance.
General Journal
Clear entry
3%
< Req A
Debit
6%
61 to 90
$ 19,000
8%
Credit
Over 90
$ 31,000
11%
View general journal
Req B and C >
Show less](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faaae2147-9264-47d1-984e-b2380e2f6ae6%2F5d9ec6ce-0468-4335-80f4-bc31c360d14a%2F1pznpti_processed.png&w=3840&q=75)
Transcribed Image Text: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
$ 37,000
Accounts receivable
Percent uncollectible
Req A
Complete this question by entering your answers in the tabs below.
Req B and C
View transaction list
<
a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
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 $3,700 credit.
Total
$575,000
c. 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 $200 debit.
Journal entry worksheet
1
2
Date
December
31
0
$ 397,000
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 $3,700 credit.
Note: Enter debits before credits.
c. 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 $200 debit.
2%
Record entry
1 to 30
$ 91,000
Record estimated bad debts assuming that Allowance for Doubtful Accounts
has a $3,700 credit balance.
General Journal
Clear entry
3%
< Req A
Debit
6%
61 to 90
$ 19,000
8%
Credit
Over 90
$ 31,000
11%
View general journal
Req B and C >
Show less
![!
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
$ 37,000
Accounts receivable
Percent uncollectible
Req A
Req B and C
Complete this question by entering your answers in the tabs below.
Accounts
Receivable
Total
$575,000
$
575,000 X
X
X
a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
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 $3,700 credit.
X
c. 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 $200 debit.
Not due:
1 to 30:
31 to 60:
61 to 90:
Over 90:
Estimated balance of allowance for uncollectibles
X
Percent
Uncollectible (%)
=
0
$ 397,000
Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
=
=
2%
=
=
1 to 30
$91,000
Estimated
Uncollectible
$
3%
6%
0
61 to 90
$ 19,000
8%
Over 90
$ 31,000
11%
Ch](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Faaae2147-9264-47d1-984e-b2380e2f6ae6%2F5d9ec6ce-0468-4335-80f4-bc31c360d14a%2Faf7x0y5_processed.png&w=3840&q=75)
Transcribed Image Text:!
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
$ 37,000
Accounts receivable
Percent uncollectible
Req A
Req B and C
Complete this question by entering your answers in the tabs below.
Accounts
Receivable
Total
$575,000
$
575,000 X
X
X
a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
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 $3,700 credit.
X
c. 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 $200 debit.
Not due:
1 to 30:
31 to 60:
61 to 90:
Over 90:
Estimated balance of allowance for uncollectibles
X
Percent
Uncollectible (%)
=
0
$ 397,000
Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts
receivable.
=
=
2%
=
=
1 to 30
$91,000
Estimated
Uncollectible
$
3%
6%
0
61 to 90
$ 19,000
8%
Over 90
$ 31,000
11%
Ch
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