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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 $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: 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 equired: . Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable X Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 X Percent Uncollectible (#.##%) Estimated balance of allowance for uncollectibles Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00 Required information [The following information applies to the questions displayed below.] Age of Accounts Receivable Not yet due On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Estimated Uncollectible Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00

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 $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: 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 equired: . Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable X Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 X Percent Uncollectible (#.##%) Estimated balance of allowance for uncollectibles Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00 Required information [The following information applies to the questions displayed below.] Age of Accounts Receivable Not yet due On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Estimated Uncollectible Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00

FINANCIAL ACCOUNTING
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 [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 $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable 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 Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 View transaction list X X Date December 31 X Percent Uncollectible (#.##%) X Record entry Required information [The following information applies to the questions displayed below.] Note: Enter debits before credits. On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. 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 Journal entry worksheet < 1 Record the estimated bad debts. 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.) Expected Percent = Uncollectible 1.25% 2.00 6.50 32.75 68.00 General Journal Clear entry Estimated Uncollectible Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00 Debit Credit View general journal >
Transcribed Image Text: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 $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable 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 Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles Accounts Receivable $ 880,000 352,000 70, 400 35, 200 14, 080 View transaction list X X Date December 31 X Percent Uncollectible (#.##%) X Record entry Required information [The following information applies to the questions displayed below.] Note: Enter debits before credits. On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,500. Jarden prepares a schedule of its December 31 accounts receivable by age. 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 Journal entry worksheet < 1 Record the estimated bad debts. 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.) Expected Percent = Uncollectible 1.25% 2.00 6.50 32.75 68.00 General Journal Clear entry Estimated Uncollectible Expected Percent Uncollectible 1.25% 2.00 6.50 32.75 68.00 Debit Credit View general journal >
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