S9-8. Thank you 518 chapter 9Requirements1. Journalize Surf and Sun's entry to record bad debts expense for 2018 using theaging-of-receivables method.2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts. S9-8 Applying the allowance method (aging-of-receivables) to account foruncollectiblesLearning Objective 3Surf and Sun had the following balances at December 31, 2018, before theadjustments:year-endAccounts ReceivableAllowance for Bad Debts81,0002,063The aging of accounts receivable yields the following data:Age of Accounts Receivable0-60 DaysOver 60 DaysTotal Receivables$ 81,000$ 78,000x 2%$ 3,000x 23%Accounts ReceivableEstimated percent uncollectibleFlla Mae

Bad debts means those portion of account receivables which will not be collected from the debtors.…

Requirements 1. Journalize Surf and Sun's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts.

Requirements 1. Journalize Surf and Sun's entry to record bad debts expense for 2018 using the aging-of-receivables method. 2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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S9-8. Thank you

518 chapter 9
Requirements
1. Journalize Surf and Sun's entry to record bad debts expense for 2018 using the
aging-of-receivables method.
2. Prepare a T-account to compute the ending balance of Allowance for Bad Debts.

S9-8 Applying the allowance method (aging-of-receivables) to account for
uncollectibles
Learning Objective 3
Surf and Sun had the following balances at December 31, 2018, before the
adjustments:
year-end
Accounts Receivable
Allowance for Bad Debts
81,000
2,063
The aging of accounts receivable yields the following data:
Age of Accounts Receivable
0-60 Days
Over 60 Days
Total Receivables
$ 81,000
$ 78,000
x 2%
$ 3,000
x 23%
Accounts Receivable
Estimated percent uncollectible
Flla Mae

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