Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'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. Expected Percent Uncollectible 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 Accounts Receivable $ 880,000 352,000 70,400 35,200 14,080 1.35% 2.10 6.60 33.25 69.00 Eequired: . Compute the required balance of the Allowance for Doubtful Accounts at December 31. Accounts Percent Estimated Receivable Uncollectible (#.##%) Uncollectible Not due: 1 to 30: 31 to 60: 61 to 90: %3D Over 90: X Estimated balance of allowance for uncollectibles

Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'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. Expected Percent Uncollectible 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 Accounts Receivable $ 880,000 352,000 70,400 35,200 14,080 1.35% 2.10 6.60 33.25 69.00 Eequired: . Compute the required balance of the Allowance for Doubtful Accounts at December 31. Accounts Percent Estimated Receivable Uncollectible (#.##%) Uncollectible Not due: 1 to 30: 31 to 60: 61 to 90: %3D Over 90: X Estimated balance of allowance for uncollectibles

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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Empire Bridal Boutique has a credit balance of $620 in Its Allowance for Doubtful Accounts account as of December 31, 20--. An analysts of the accounts recelvable of Empire Bridal Boutique as of the same date, reveals the following: Est. Percentage Age Interval Balance Uncollectible Not due $63,000 2% 1-30 days past due 7,100 5% 31-60 days past due 6,300 11% Over 60 days past due 2,900 40% $79,300 Required: 1. Prepare an aging schedule as of December 31, 20-. Est. Amount Age Interval Uncollectible Not due 1-30 days past due 31-60 days past due Over 60 days past due 2. Prepare the adjusting entry to record the Bad Debt Expense at the end of the year. If an amount box does not require an entry, leave it blank. Page: 1 POST. DEBIT DATE DESCRIPTION CREDIT REF. 1 Dec. 31 3. Determine the net accounts recelvables at December 31, 20--. Net accounts recelvable $
On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected Percent Uncollectible Receivable $ 800,000 320,000 64, 000 32,000 12,800 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 1.30% 2.05 6.55 33.00 69.00 Problem 7-3A (Algo) Part 3 3. On June 30 of the next year, Jarden concludes that a customer's $5,000 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jarden's net income?
Casper Company uses its receivables in estimating uncollectible accounts (Bad Debt) expense. The company prepares an adjusting entry to recognize this expense at theend of the month. The beginning credit balance in the Allowance for Doubtful Accounts at July 1 was $64,000. During the month of July, the company wrote of 9,000 in Accounts Receivable but also collected a receivable of 3,000 that had been written off back in April. An aging analysis at July 31 indicated that the new credit balance in the Allowance for Doubful Accounts should be $69,000. On the adjusting entry on July 31, the debt to the Bad Debt Expense would be:
On 1 June, Mason and Boyce had Accounts Receivable and Allowance for Doubtful Debts accounts as below. Ignore GST. During June, the following transactions occurred: 1. Revenue earned on credit, $1,195,000. 2. Sales returns, $24,100. 3. Accounts receivable collected, $1,400,000. 4. Accounts written off as uncollectable, $15,851. Based on an ageing of accounts receivable on 30 June, the firm determined that the Allowance for Doubtful Debts account should have a credit balance of $13,500 on the balance sheet as at 30 June. Ignore GST. need to be solve. (a) Prepare general journal entries to record the four transactions and to adjust the Allowance for Doubtful Debts account. (b) Show how accounts receivable and the allowance for doubtful debts would appear on the balance sheet at 30 June. (c) On 29 June, Kim Ltd, whose $2,400 account had been written off as uncollectable in June, paid its account in full. Prepare journal entries to record the collection.
Required information [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 $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 Uncollectible 1.258 2.00 6.50 32.75 68.00 3. On June 30 of the next year, Jarden concludes that a customer's $4,750 receivable is uncollectible and the account is written off. Does this write-off directly affect Jarden's net income? Does this write-off directly affect Jarden's net income?
Entries for Bad Debt Expense Under the Direct Write-Off and Allowance Methods Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $21,550 Lee Drake 33,925 Jenny Green 27,565 Mike Lamb 19,460 Total $102,500 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $715,000 1% 31-60 days 310,000 2 61-90 days 102,000 15 91-120 days 76,000 30 More than 120 days 97,000 60 Total receivables $1,300,000 a. Journalize the write-offs under the direct write-off method. If an amount box does not require an entry, leave it blank. b. Journalize the write-offs and the year-end…
The company estimates future uncollectible accounts. The company determines $16,000 of accounts receivable on January 31 are past due, and 30% of these accounts are estimated to be uncollectible. The remaining accounts receivable on January 31 are not past due, and 4% of these accounts are estimated to be uncollectible. (Hint: Use the January 31 accounts receivable balance calculated in the general ledger.)
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At December 31, Gill Co. reported accounts receivable of $236,000 and an allowance for uncollectible accounts of $1,450 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. The amount of the adjustment for uncollectible accounts would be: Multiple Choice $1,450 $4.980 $3,270. $4,720
Domino Company ages its accounts receivable to estimate uncollectible accounts expense. Domino began Year 2 with balances in Accounts Receivable and Allowance for Doubtful Accounts of $44,010 and $3,440, respectively. During Year 2, the company wrote off $2,620 in uncollectible accounts. In preparation for the company's estimate of uncollectible accounts expense for Year 2, Domino prepared the following aging schedule: Number of Days Past Due Current 0-30 31-60 61-90 Over 90 Total Multiple Choice $4,296 What amount will be reported as uncollectible accounts expense on the Year 2 income statement? $1,676 $2,620 Receivables Amount $70,000 $5,116 26,700 6,760 3,420 3,100 $ 109,980 % Likely to be Uncollectible 1% 5% 10% 25% 50%
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
In 2015 Chara incurred a loan to pay for qualified higher education expenses for her 20-year-old granddaughter, who was a dependent. In 2019 her granddaughter graduated from college, moved away to start a new job, and ceased to be a dependent on Chara’s tax return. Chara started making payments on the loan in 2019. Without regard to any modified AGI limitations, is Chara permitted to deduct interest on the loan?