Final) Chapters 8-9-10-11 & Ratios ASavedHelpTotal$ 600,0001 to 30$ 96,00031 to 60$ 42,000Over 90$ 36,00061 to 90Accounts receivablePercent uncollectible$ 402,000$ 24,00018285878108a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $4,200 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $700 debit.Complete this question by entering your answers in the tabs below.Req AReg B and Cb. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $4,200 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $700 debit.Show less AView transaction listJournal entry worksheet2>Record estimated bad debts assuming that Allowance for Doubtful Accountshas a $4,200 credit balance.< Prey6 of 23Next >MacBook ProG Search or type URL$44.&*23578.WERITYSFGH.KVMC3

Name: Final) Chapters 8-9-10-11 & Ratios ASavedHelpTotal$ 600,0001 to 30$ 9
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Description: Final) Chapters 8-9-10-11 & Ratios ASavedHelpTotal$ 600,0001 to 30$ 96,00031 to 60$ 42,000Over 90$ 36,00061 to 90Accounts receivablePercent uncollectible$ 402,000$ 24,00018285878108a. Complete the table below to calculate the estimated balance of Al

a. Accounts Receivable Percent Uncollectible (%) Not due: $4,02,000 x 1% = $4,020 1 to 30: $96,000 x 2% = $1,920 31 to 60: $42,000 x 5% = $2,100 61 to 90: $24,000 x 7% = $1,680 Over 90: $36,000 x 10% = $3,600 Estimated balance of allowance for uncollectibles $13,320 b. Date General Journal Debit Credit 31-Dec Bad Debt Expense Dr ($13320- $4200) $9,120 To Allowance for Doubtful Accounts $9,120 c. Date General Journal Debit Credit 31-Dec Bad Debt Expense Dr ($13320+ $700) $14,020 To Allowance for Doubtful Accounts $14,020

Business

Accounting

Saved Total 1 to 30 $ 96,000 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $ 600,000 $ 402,000 $ 42,000 $ 24,000 $ 36,000 18 28 58 78 108 - Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts eceivable. . Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $4,200 credit. - 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 $700 debit.

Saved Total 1 to 30 $ 96,000 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $ 600,000 $ 402,000 $ 42,000 $ 24,000 $ 36,000 18 28 58 78 108 - Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts eceivable. . Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the llowance for Doubtful Accounts is a $4,200 credit. - 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 $700 debit.

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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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $870,000, Allowance for Doubtful Accounts has a debit balance of $8,000, and sales for the year total $3,920,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $43,200. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable.
3. Suppose you have the following information Accounts Receivable balance 50,000. Estimated uncollectable accounts 4% of accounts receivable. previous allowance for doubtful accounts credit balance 2,500. prepare the necessary adjusting journal entry. *
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $630,000; Allowance for Doubtful Accounts has a debit balance of $5,500; and sales for the year total $2,840,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $25,400. a. Determine the amount of the adjusting entry for uncollectible accounts. 22,900 X b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. 601,200 X Feedback 630,000 ✓ 28,400 X 22,900 X Check My Work The analysis of receivables method is based on the assumption that the longer an account receivable is outstanding the less likely that it will be collected. The amount of the adjusting entry is the amount that will yield an adjusted balance for Allowance for Doubtful Accounts.
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $675,000; Allowance for Doubtful Accounts has a debit balance of $6,000; and sales for the year total $3,040,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $21,600. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,470. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $976,000 for the year. Amount added $fill in the blank 3 Ending balance $fill in the blank 4
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Present the adjusting entry with in a hour?
Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $565,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,540,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $18,000. a. Determine the amount of the adjusting entry for uncollectible accounts.$ b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Accounts Receivable $ Allowance for Doubtful Accounts $ Bad Debt Expense $ c. Determine the net realizable value of accounts receivable.$
A recent report for UPS contained the following data: (in thousands) Accounts receivable Less: Allowance for bad debts Net accounts receivable Bad debt expense Current year $1,034,608 36,800 $ 997,808 $55,147 Previous year $ 805,495 38,225 S 767,270 $31,388 Required: 1. Prepare the journal entry for the amount of accounts receivable that were actually written off during the current year. 2. Prepare the journal entry to record the bad debt expense for the current year 3. What is the purpose of the account "Allowance for doubtful accounts"? Although the normal balance of this account is a credit balance, it sometimes has a debit balance. Briefly explain how this can happen.
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