**Journal Entry Worksheet for Educational Purposes***Instructions for Use:*- **Year-End Adjustment for Uncollectible Accounts:** When recording the year-end adjustment for estimated uncollectible accounts, if no entry is required for a particular transaction/event, please select "No Journal Entry Required" in the first account field.- **Recording Adjusting Entries:** Record the adjusting entry specifically for the "Allowance for Uncollectible Accounts."- **Entry Format:** - Dedicate separate columns for debits and credits. - Note: Always enter debits before credits.*Interface Overview:*- **Transaction Section:** List transactions numerically for easy reference.- **General Journal Section:** This area is designated for creating journal entries, specifying debits and credits for each transaction.This worksheet facilitates the accurate recording and management of accounting adjustments, supporting educational exercises in accounting practices. **Brief Exercise 5-11: Calculate Uncollectible Accounts Using the Aging Method (LO5-5)**Spade Agency organizes its accounts receivable into three age groups to estimate the percentage of uncollectible accounts. The balance of Allowance for Uncollectible Accounts before adjustment is $12,000 (credit).1. **Accounts not yet due**: $47,000; estimated uncollectible = 4%.2. **Accounts 1–60 days past due**: $32,000; estimated uncollectible = 25%.3. **Accounts more than 60 days past due**: $27,000; estimated uncollectible = 50%.**Required**:1. Compute the total estimated uncollectible accounts.**Table**:| Age Group | Estimated Amount Uncollectible ||----------------------------------|-------------------------------|| Not yet due | $ || 1-60 days past due | $ || More than 60 days past due | $ || **Total** | $ 0 |(Note: Fill in the estimated amount uncollectible for each category and calculate the total.)

The Accounts uncollectible are those receivables, loans, or different obligations that have…

Spade Agency separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. In addition, the balance of Allowance for Uncollectible Accounts before adjustment is $12,000 (credit). 1. Accounts not yet due = $47,000; estimated uncollectible = 4%. 2. Accounts 1-60 days past due $32,000; estimated uncollectible = 25%. 3. Accounts more than 60 days past due = $27,000; estimated uncollectible = 50%. Required: 1. Compute the total estimated uncollectible accounts. Estimated Amount Uncollectible Age Group Not yet due 1-60 days past due More than 60 days past due Total

Spade Agency separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. In addition, the balance of Allowance for Uncollectible Accounts before adjustment is $12,000 (credit). 1. Accounts not yet due = $47,000; estimated uncollectible = 4%. 2. Accounts 1-60 days past due $32,000; estimated uncollectible = 25%. 3. Accounts more than 60 days past due = $27,000; estimated uncollectible = 50%. Required: 1. Compute the total estimated uncollectible accounts. Estimated Amount Uncollectible Age Group Not yet due 1-60 days past due More than 60 days past due Total

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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A year-end review of Accounts Receivable and estimated uncollectible percentages revealed the following: $1300. Days Outstanding 1-30 days 2% 31-60 days 5% 61-90 days 10% Over 90 days 52% Before the year-end adjustment, the credit balance in Allowance for Uncollectible Accounts was $1100. Under the aging-of- receivables method, the Uncollectible-Account Expense at year-end is: $9390. $10,490. Accounts Receivable $8290. Est. Percent Uncollectible $65,000 $45,000 $22,000 $7000
Williamson Distributors separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. Accounts not yet due = $29,000; estimated uncollectible = 5%. Accounts 1 to 30 days past due = $9,900; estimated uncollectible = 15%. Accounts more than 30 days past due = $3,900; estimated uncollectible = 25%. Compute the total estimated uncollectible accounts.
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Before any adjustments, Snow Company had an end of the year accounts receivable balance of $225,000 and the allowance for uncollectible accounts had a $800 credit balance. An analysis of accounts receivable determines that the allowance for uncollectible accounts should be 4% of accounts receivable. The adjusting entry would include a credit to Allowance for Uncollectible Accounts of: O A. $8,000. O B. $9,800. OC. $9,000. $8,200. OD.
An aging-of-accounts-receivable indicates that the amount of uncollectible accounts is $3,910. The Allowance for Uncollectible Accounts prior to adjustment has a debit balance of $600. The Accounts Receivable balance is $44,620. The amount of the adjusting entry for uncollectible accounts should be for: A) $600. B) $3,310. C) $3,910. D) $4,510.
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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $545,000; Allowance for Doubtful Accounts has a credit balance of $5,000; and sales for the year total $2,450,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $22,500. a. Determine the amount of the adjusting entry for uncollectible accounts.$ 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 $460 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,040. Amount added Ending balance b. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,009,000 for the year. Amount added Ending balance
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Analysis of Receivables Method At the end of the current year, Accounts Receivable has a balance of $790,000; Allowance for Doubtful Accounts has a debit balance of $7,000; and sales for the year total $3,560,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $37,800. 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.