Take me to the text Your company uses the balance sheet approach to estimate bad debt. Details of the accounts receivable balances owing on December 31, 2018 are shown below. Required a) Calculate the required allowance. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Aging Category Bad Debt % Balance Required Allowance 30 days 2.0% $128.000 $ $86.000 $ 31-60 days More than 60 days Total 30.0% 45.0% $101.000 S $315.000

Take me to the text Your company uses the balance sheet approach to estimate bad debt. Details of the accounts receivable balances owing on December 31, 2018 are shown below. Required a) Calculate the required allowance. Do not enter dollar signs or commas in the input boxes. Round all answers to the nearest whole number. Aging Category Bad Debt % Balance Required Allowance 30 days 2.0% $128.000 $ $86.000 $ 31-60 days More than 60 days Total 30.0% 45.0% $101.000 S $315.000

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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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) On December 31, a company has outstanding accounts receivable of $69,000, and it estimates that 3% of its receivables will be uncollectible. Prepare the adjusting journal entry at year-end to record bad debts expense if the Allowance for Doubtful Accounts has a: $1,173 credit balance before the adjustment. $345 debit balance before the adjustment.
Tammany Professional Engineers uses the Percentage of Receivables method to account for bad debt. The following is a summary of Tammany’s Accounts Receivable Aging Report. Cash Sales $42,000 Credit Sales $21,000 Allowance for Uncollectible Accounts December 31, 2020 $4,375 Current > 30 >60 >90 $115,000 $98,000 $75,000 $15,000 Estimated Uncollectible 1% 2% 4% 5% Required: Prepare the total estimate of uncollectible accounts and give the amount of the required adjustment. Do not prepare a journal entry. Please show your work if possible. In addition to submitting your answer here, you should also write it down so you an use it for the next problem.
The following accounts receivable information pertains to Marshall Inc. Past-Due Accounts Percentage Category Receivable Total Uncollectible 0-30 days $84,550 8% 31-90 days 37,230 16% Over 90 days 23,170 37% Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method. Round final answer to two decimal places. Record the year-end adjusting journal entry for bad debt. If an amount box does not require an entry, leave it blank. Round your answers to two decimal places. Dec. 31
I NEED HELP FEELING IN THE BLANKS Information related to Novak Company for 2020 is summarized below. Total credit sales $2,575,000 Accounts receivable at December 31 853,000 Bad debts written off 34,900 (a)What amount of bad debt expense will Novak Company report if it uses the direct write-off method of accounting for bad debts? $________________ (b)Assume that Novak Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Novak record if it has an Allowance for Doubtful Accounts credit balance of $3,700? $___________________ (c)Assume that Novak Company estimates its bad debt expense based on 5% of accounts receivable. What amount of bad debt expense will Novak record if it has an Allowance for Doubtful Accounts debit balance of $3,700? $__________________
Here is information related to Ayayai Company for 2022. Total credit sales $2,571,000 Accounts receivable at December 31 830,000 Uncollectibles written off 32,300 (a) What amount of bad debt expense will Ayayai Company report if it uses the direct write-off method of accounting for uncollectibles?$__________ (b) Assume that Ayayai Company uses the percentage-of-receivables basis to record bad debt expenseand concludes that 6% of accounts receivable will become uncollectible. What amount of bad debt expense will Ayayai record if Allowance for Doubtful Accounts has a credit balance of $4,300?$__________ (c) Assume that Ayayai Company uses the percentage-of-receivables basis to record bad debt expenseand concludes that 6% of accounts receivable will become uncollectible. What amount of bad debt expense will Ayayai record if Allowance for Doubtful Accounts has a debit balance of $4,300?$__________
Current Attempt in Progress Wildhorse Company has accounts receivable of $101,200 at March 31, 2022 Credit terms are 2/10, n/30. At March 31, 2022, there is a $1,300 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimates of bad debts are as shown below. Age of Accounts Current 1-30 days past due 31-90 days past due Over 90 days past due Transcribed Text (a) 2022 Balance, March 31 $61,600 22,100 8,600 8,900 2021 $75,000 Total estimated uncollectibles 8,000 2,400 1,100 $101.200 $86,500 Estimated Percentage Uncollectible 3% 5% 23% 50% c Determine the total estimated uncollectibles at March 31, 2022.
% of Credit Sales Method Jax, Inc. showed the following account balances on December 31, 2020 and recognizes bad debt at 1% of credit sales. Required 1 Calculate, record, post, and analyze the adjustment to recognize bad debt expense under the following information provided: Account DR CR Accounts receivable Allowance for doubtful accounts 982,000 25,000 Net credit sales 685,000 Page Allowance for Doubtful XA Debit General Ledger Accounts Receivable A Debit Bad Debt Expense E Credit Credit Debit Credit Transaction Analysis ASSETS LIABILITIES EQUITY REVENUES EXPENSES NET INCOME + General Journal DR CR 44 2 What is the net realizable value of Accounts receivable?
Percentage of Credit Sales Method At December 31, 2018, Garneau has a $10,000 credit balance in its allowance for doubtful accounts. Garneau estimates that 3% of its 2018 credit sales will eventually default. During 2018, Garneau had credit sales of $1,324,400. Required: Estimate the bad debt expense under the percentage of credit sales method.$
Carson's Bakery operates its business on a calendar year-end and uses 1% of Credit Sales to estimate bad debt expense. The company presents the following information at December 31, 2020 before any adjusting entries have been made. Account DR CR Accounts receivable 978,000 Allowance for doubtful accounts 23,750 667,500 Net credit sales What will the company record for bad debt expense? Debit choose your answer.. type your answer... Credit choose your answer... type your answer...
Edsel Inc. has the following unadjusted year end trial balance information available for 2018: Credit sales Ending accounts receivable balance. Ending allowance for uncollectibles Estimated uncollectibles Multiple Choice If Edsel uses the gross accounts receivable approach for estimating the bad debt provision, the allowance for uncollectibles account, afte accounts are recorded, should show a balance of. O $2,600 O $3,600 $600,000 $180,000 $1,500 O $5,600 2%
! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 820,000 Age of Accounts Receivable Not yet due Expected Percent Uncollectible 1.30% 328,000 1 to 30 days past due 2.05 65,600 31 to 60 days past due 6.55 32,800 13,120 61 to 90 days past due Over 90 days past due 33.00 69.00 2. Prepare the adjusting entry to record bad debts expense at December 31. Note: Round percentage answers to nearest whole percent. Do not round intermediate calculations.
! Required information [The following information applies to the questions displayed below.] On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $16,000. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 840,000 336,000 67,200 33,600 13,440 View transaction list