Star Electronics has aging accounts receivable as follows: Current ($50,000), 1-30 days ($30,000), 31-60 days ($20,000), and over 60 days ($10,000). Using estimated uncollectible rates of 1%, 5%, 10%, and 20% respectively, Provide the required balance in the allowance for doubtful accounts.
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- Star Electronics has aging accounts receivable as follows: Current ($50,000), 1-30 days ($30,000), 31-60 days ($20,000), and over 60 days ($10,000). Using estimated uncollectible rates of 1%, 5%, 10%, and 20% respectively, Provide the required balance in the allowance for doubtful accounts. I need answerSequoia, Inc. has given you the following information from its aging of Accounts Receivable. Using this information, determine the amount of the journal entry to record the estimated uncollectible accounts. Current $27,000 2% uncollectible 31 - 60 days 61- 90 days 6,000 5% uncollectible 3,000 15% uncollectible 91 and up 1.800 16% uncollectible The current balance in Allowance for Doubtful Accounts is a $144 debit. O A. $54,000 O B. $1,722 O C. $1,578 O D. $1,434From aging its Accounts Receivable, Marlon De Guzman Company estimates that 18,750 of it's accounts will be uncollectible. At this time, Allowance for Doubtful Accounts has an 8,400 credit balance. The adjusting entry is. A. Debit allowance for doubtful accounts, 18,750; credit accounts receivable, 18,750. B. Debit doubtful accounts expense, 10,350; credit allowance for doubtful accounts, 10,350 C. Debit doubtful accounts expense, 18,750; credit accounts receivable 18,750 D. Debit allowance for doubtful accounts, 10,350; credit doubtful accounts expense, 10,350 (Which one is correct)
- The aging of accounts receivable shows the following data: 0-60 days due: balance is $74,500 with a 3% estimated uncollectible Over 60 days past due: balance is $4,000 with a 24% estimated uncollectible The current balance of Allowance for Bad Debits is a $500 CR Using the aging of receivables method, what is the balance of Allowance for Bad Debt? $3,195 DR $3,195 CR $3,695 CR $2,695 CRCrane Company had a 1/1/20 balance in the Allowance for Doubtful Accounts of $33500. During 2020, it wrote off $22000 of accounts and collected $6620 on accounts previously written off. The balance in Accounts Receivable was $630000 at 1/1 and $730000 at 12/31. At 12/31/20, Crane estimates that 5% of accounts receivable will prove to be uncollectible. What is Bad Debt Expense for 2020? $18380. $25000. $3000. $36500.Using the % of aging-of-accounts receivable to estimate uncollectible accounts, The Valley Corporation estimates a target balance of $10,626 of its total accounts receivable that will be uncollectible. Prior to adjustment, the Allowance for Uncollectible accounts has a credit balance of $3,000. When recording the journal entry to make this adjustment, what is the amount of the debit for bad debt expense? Fill in the blank with your calculated number. DO NOT include commas, $ signs, period, decimal points, etc., just enter the raw number. Webcourses will add commas to your answer automatically. For example, if you calculated the answer to be $24,123, you would only input: 24123 ASUS f4 f5 f6 f7 f8 f9 f10 f11 E3 & 4. 5 7 8. T Y 61 16 R %24
- Tanning Company analyzes its receivables to estimate uncollectible accounts. The accounts receivable balance is $368,000 and credit sales are $1,000,000. An aging of accounts receivable estimates that $29,440 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? a. Account Debit Credit Bad Debt Expense 29,440 Allowance for Doubtful Accounts 29,440 b. Account Debit Credit Bad Debt Expense 27,440 Allowance for Doubtful Accounts 27,440 c. Account Debit Credit Bad Debt Expense 94,320 Allowance for Doubtful Accounts 94,320 d. Account Debit Credit Bad Debt Expense 31,440 Allowance for Doubtful Accounts 31,440Before the year-end adjustment the Allowance for Doubtful Accounts has a debit balance of $5,000. Using the aging of receivables method, the desired balance of the Allowance for Doubtful Accounts is estimated as $35,000. a) What is the uncollectible accounts expense for the period? b) What is the journal entry required? c) What is the balance of the Allowance for Doubtful Accounts after adjustment? d) If the accounts receivable balance is $325,000, what is the net realizable value of the receivables after adjustment?Tanning Company analyzes its receivables to estimate bad debt expenses. The accounts receivable balance is $350,000 and credit sales are $1,300,000. An aging of accounts receivable shows that approximately 10% of the outstanding receiveables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2500 before adjustment?
- What amount should it debit bad debt expense?Blossom Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Calculate the total estimated uncollectibles based on the below information. Accounts receivable % uncollectible Estimated Bad debts $ Total $216,800 0-30 $81,000 2% 31-60 $50,000 5% Number of Days Outstanding $ 61-90 $42,100 6% $ 91-120 $25,700 9% Over 120 $18,000 21%The company uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered current and have a 3% uncollectible rate. Accounts more than 60 days are considered old and have a 29% uncollectible rate. If the company has $34,600 of current accounts and $4,600 of old accounts, and if the company's Allowance for Doubtful Accounts currently has an unadjusted debit balance of $1,029, in recording the adjustment to record bad debt expense, how much should be credited to the account? $_