Subtotals Customer Boyd Industries Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals Percentage uncollectible Allowance for Doubtful Accounts July 31 Not Past Balance Due 1,050,000 600,000 ✓ 36,000 11,500 6,600 7,400 7,400 13,000 1,124,500 607,400 1% 106,106 6,074 1-30 Days Past Due ✓ 220,000 13,000 233,000 3% 6,990 0 31-60 Days Past Due 607,400 X 115,000 6,600 121,600 12% 14,592 61-90 Days Past Due 85,000 11,500 96,500 30% 28,950 Over 90 Days Past Due 30,000 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 Bad Debt Expense Allowance for Doubtful Accounts 36,000 66,000 75% 49,500
Subtotals Customer Boyd Industries Hodges Company Kent Creek Inc. Lockwood Company Van Epps Company Totals Percentage uncollectible Allowance for Doubtful Accounts July 31 Not Past Balance Due 1,050,000 600,000 ✓ 36,000 11,500 6,600 7,400 7,400 13,000 1,124,500 607,400 1% 106,106 6,074 1-30 Days Past Due ✓ 220,000 13,000 233,000 3% 6,990 0 31-60 Days Past Due 607,400 X 115,000 6,600 121,600 12% 14,592 61-90 Days Past Due 85,000 11,500 96,500 30% 28,950 Over 90 Days Past Due 30,000 Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31. Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank. July 31 Bad Debt Expense Allowance for Doubtful Accounts 36,000 66,000 75% 49,500
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
don't give answer in image format
Transcribed Image Text:Subtotals
Customer
Boyd Industries
Hodges Company
Kent Creek Inc.
Lockwood Company
Van Epps Company
Totals
Percentage uncollectible
Allowance for Doubtful Accounts
Aging of Receival
elvables Schedule
July 31
Balance
Not
Past
Due
1,050,000 600,000
36,000
11,500
6,600
7,400
13,000
1,124,500 607,400
7,400
1%
106,106 6,074
1-30
Days
Past Due
220,000
0 ✓
13,000
233,000
3%
6,990
31-60
Days
Past Due
0
115,000
607,400 X
6,600
121,600
12%
14,592
61-90
Days
Past Due
85,000
11,500
96,500
30%
28,950
Over 90
Days
Past Due
30,000
Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $8,240 before adjustment on July 31.
36,000
Journalize the adjusting entry for uncollectible accounts as of July 31. If an amount box does not require an entry, leave it blank.
July 31 Bad Debt Expense
Allowance for Doubtful Accounts
66,000
75%
49,500
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education