Presented below is an aging schedule for Kingbird Company at December 31, 2021.AndersBlakeCoulsonDeleonOthersCustomerEstimated Percentage UncollectibleTotal Estimated Bad DebtsTotal$ 24,10040,10056,10033,600130,600$284,500$ 34,385NotYet Due$ 40,10016,30096,600$153,0003%$4,5901-30$10,2005,00015,100Number of Days Past Due5%31-60$13,90013,400$30,300 $27,300 $34,80013%61-90$1,515 $3,549$34,80025%$8,700At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,800.Over 90$33,6005,500$39,10041%$16,031Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is enterDateDec. 31ad Debts ExpenseDate ExplanationDec. 31 AdjustingAllowance for Doubtful AccountsDate ExplanationDec. 31 BalanceAccount TitlesDec. 31 AdjustingRef.Ref.DebitDebitDebitCreditCreditCreditBalanceBalance

resented below is an aging schedule for Kingbird Company at December 31, 2021. Anders Blake Coulson Deleon Others Customer Estimated Percentage Uncollectible Total Estimated Bad Debts Total $24,100 40,100 Not Yet Due $34,385 $40,100 16,300 56,100 33,600 130,600 $284,500 $153,000 96,600 3% $4,590 1-30 31-60 $10,200 $13,900 5,000 Number of Days Past Due 5% 61-90 15,100 13,400 $30,300 $27,300 $34,800 13% $34,800 25% $1,515 $3,549 $8,700 Over 90 $33,600 5,500 $39,100 41% $16,031 Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is Date Dec. 31 ad Debts Expense Date Explanation Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Dec. 31 Balance Account Titles Dec. 31 Adjusting Ref. Ref. Debit Debit Debit Credit Credit Credit Balance Balance

resented below is an aging schedule for Kingbird Company at December 31, 2021. Anders Blake Coulson Deleon Others Customer Estimated Percentage Uncollectible Total Estimated Bad Debts Total $24,100 40,100 Not Yet Due $34,385 $40,100 16,300 56,100 33,600 130,600 $284,500 $153,000 96,600 3% $4,590 1-30 31-60 $10,200 $13,900 5,000 Number of Days Past Due 5% 61-90 15,100 13,400 $30,300 $27,300 $34,800 13% $34,800 25% $1,515 $3,549 $8,700 Over 90 $33,600 5,500 $39,100 41% $16,031 Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is Date Dec. 31 ad Debts Expense Date Explanation Dec. 31 Adjusting Allowance for Doubtful Accounts Date Explanation Dec. 31 Balance Account Titles Dec. 31 Adjusting Ref. Ref. Debit Debit Debit Credit Credit Credit Balance Balance

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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Following is the aging schedule for Lure Corporation: Account Age Amount Outstanding Average Days 0-30 days $75,000 21 31-60 days $50,000 37 over 60 days $27,000 ? If its DSO is 39 days on average, on what day does Lure Corporation collect from customers who take longer than 60 days to pay for thier purchases?
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ts The Tz Corp. estimates bad debt expense at 0.30 % of credit sales . The company reported accounts receivable and allowance for uncollectible accounts of 490,000 and 1,610 respectively December 31 2023. During 2024 , Tzs credit sales and cash collections were $327,000 and respectively , and $1,890 in accounts receivable were written off 2024 bad debt expense is $ 981 . $ 1,660 $ 1,056 . None of the options listed . $987
12/31/2020: During 2020, $10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. XYZ’s management has estimated that 1.5% of sales will be uncollectible. For the end of 2020, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense: Allowance for doubtful accounts: For the end of 2020, what is the company's net realizable value?
Chapter 5: Receivables and Sales A company reports the following amounts at 12/31/YR2 (before any year-end adjustment). Management estimates 8% of the receivables will not be collectible. The company uses the percent-of-receivables method to determine bad debt expense. Credit sales for the year 1,000,000 Accounts receiyable (A/R) 90,000 Allowance for uncollectible accounts ("AUA") 1,800 Credit Bal. Estimated percent uncollectible. 6.0% Create T accounts for A/R, AUA and Bad debt expense to help with the following questions. Accounts Receivable AUA Bad Debt Expense How much of the Accounts Receivable does management not expect to collect? What amount will the company record as bad debt expense for the YR2? What amount will be shown on the 12/31 balance sheet for Net Accounts Receivable? 1 2 3 On January 5, YR3, the company writes off an A/R they determined is uncollectible. After the write off, what is the balance in AUA? The 4 amount of the write-off is: 200 After the write off, what…
P8-3B Presented below is an aging schedule for Harper Company. Journalize transactions related to bad debts. Number of Days Past Due Not Yet (LO 2, 3), AP Total Due 1-30 31-60 61-90 Over 90 Customer $12,000 $ 6,000 $ 18,000 24,000 40,000 $ 25,000 52,000 196,000 Allen XLS $24,000 Brian 15,000 Charles Dwight Others $52,000 60,000 $330,000 $122,000 | $87,000 $45,000 $24,000 $52,000 97,000 39,000 Estimated percentage uncollectible 1% 3% 9% 20% 40% Total estimated uncollectible accounts $ 33,480 $ 1,220 $ 2,610 $ 4,050 $ 4,800 $20,800 At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $9,000. Problems: Set B 437 Instructions (a) Journalize and post the adjusting entry for bad debts at December 31, 2013. (Use T-accounts.) (b) Journalize and post to the allowance account these 2014 events and transactions: 1. February 1, a $900 customer balance originating in 2013 is judged uncollectible. 2. July 1, a check for $900 is received from the customer…
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SCENARIO #2 12/31/2019: At the end of the first year of operations, Yolandi Company had $900,000 in sales and accounts receivable of $350,000. Yolandi's management has estimated that $9,000 in accounts receivable would be uncollectible (use the aging method). For the end of 2019, after the adjusting entry for bad debts was journalized, what is the balance in the following accounts: Bad debt expense Allowance for doubtful accounts For the end of 2019, what is the company's net realizable value? 12/31/2020: During 2020, S10,000 in accounts receivable were written off. At the end of the second year of operations, Yolandi Company had $1,000,000 in sales and accounts receivable of $400,000. Yolandi's management has estimated that S17,000 in accounts receivable would be uncollectible (use the aging method). Bad debt expense Allowance for doubtful accounts For the end of 2020, what is the company's net realizable value?
Estimating and Recording Bad Debt Estimates and Write-offs; Reporting of Accounts Receivable At December 31, 2020, its annual year-end, the accounts of Sun Systems Inc. show the following. 1. Sales revenue for 2020, $468,000, of which one-sixth was on account. 2. Allowance for doubtful accounts, balance December 31, 2019, $2,340 credit. 3. Accounts receivable, balance December 31, 2020 (prior to any write-offs of uncollectible accounts during 2020), $46,930. 4. Uncollectible accounts to be written off, December 31, 2020, $2,730. 5. Aging schedule at December 31, 2020, showing the following breakdown of total accounts receivable, excluding amounts to be written off. Status Amount Not past due Remainder Past due 1–60 days $10,400 Past due over 60 days 7,800 Required a. Prepare the 2020 entry to write off the uncollectible accounts. b. Prepare the 2020 adjusting entry to record bad debt expense for each of the following separate assumptions concerning expected bad…
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