The following accounts receivable information pertains to Luxury Cruises. Past-Due Category Accounts Receivable Total Percentage Uncollectible 0-30 days $381,269 15% 31-90 days 578,870 33% Over 90 days 328,450 48% A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. Round your answers to two decimal places. Past-Due Category Accounts Receivable Total Percentage Uncollectible Total Category Uncollectible 0-30 days $381,269 15% $fill in the blank 68317f048f9d009_1 31-90 days 578,870 33% fill in the blank 68317f048f9d009_2 Over 90 days 328,450 48% fill in the blank 68317f048f9d009_3 Total estimated uncollectible bad debt $fill in the blank 68317f048f9d009_4 Journalize the following entries. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $189,450; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $207,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amount of $4,650. Record the entry for identification. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. B. Dec. 31, 2018 fill in the blank fill in the blank fill in the blank fill in the blank C. Dec. 31, 2018 fill in the blank fill in the blank fill in the blank fill in the blank
The following accounts receivable information pertains to Luxury Cruises. Past-Due Category Accounts Receivable Total Percentage Uncollectible 0-30 days $381,269 15% 31-90 days 578,870 33% Over 90 days 328,450 48% A. Determine the estimated uncollectible bad debt for Luxury Cruises in 2018 using the balance sheet aging of receivables method. Round your answers to two decimal places. Past-Due Category Accounts Receivable Total Percentage Uncollectible Total Category Uncollectible 0-30 days $381,269 15% $fill in the blank 68317f048f9d009_1 31-90 days 578,870 33% fill in the blank 68317f048f9d009_2 Over 90 days 328,450 48% fill in the blank 68317f048f9d009_3 Total estimated uncollectible bad debt $fill in the blank 68317f048f9d009_4 Journalize the following entries. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $189,450; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $207,770; record the year-end entry for bad debt, taking this into consideration. E. On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amount of $4,650. Record the entry for identification. If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places. B. Dec. 31, 2018 fill in the blank fill in the blank fill in the blank fill in the blank C. Dec. 31, 2018 fill in the blank fill in the blank fill in the blank fill in the blank
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Concept explainers
Bad Debts
At the end of the accounting period, a financial statement is prepared by every company, then at that time while preparing the financial statement, the company determines among its total receivable amount how much portion of receivables is collected by the company during that accounting period.
Accounts Receivable
The word “account receivable” means the payment is yet to be made for the work that is already done. Generally, each and every business sells its goods and services either in cash or in credit. So, when the goods are sold on credit account receivable arise which means the company is going to get the payment from its customer to whom the goods are sold on credit. Usually, the credit period may be for a very short period of time and in some rare cases it takes a year.
Question
The following accounts receivable information pertains to Luxury Cruises.
| Past-Due Category | Accounts Receivable Total | Percentage Uncollectible |
| 0-30 days | $381,269 | 15% |
| 31-90 days | 578,870 | 33% |
| Over 90 days | 328,450 | 48% |
A. Determine the estimated uncollectible
| Past-Due Category | Accounts Receivable Total | Percentage Uncollectible | Total Category Uncollectible |
| 0-30 days | $381,269 | 15% | $fill in the blank 68317f048f9d009_1 |
| 31-90 days | 578,870 | 33% | fill in the blank 68317f048f9d009_2 |
| Over 90 days | 328,450 | 48% | fill in the blank 68317f048f9d009_3 |
| Total estimated uncollectible bad debt | $fill in the blank 68317f048f9d009_4 |
Journalize the following entries.
| B. | Record the year-end 2018 |
| C. | Assume there was a previous debit balance in Allowance for Doubtful Accounts of $189,450; record the year-end entry for bad debt, taking this into consideration. |
| D. | Assume there was a previous credit balance in Allowance for Doubtful Accounts of $207,770; record the year-end entry for bad debt, taking this into consideration. |
| E. | On January 24, 2019, Luxury Cruises identifies Landon Walker's account as uncollectible in the amount of $4,650. Record the entry for identification. |
If an amount box does not require an entry, leave it blank. If required, round final answers to two decimal places.
| B. Dec. 31, 2018 | fill in the blank | fill in the blank | |
| fill in the blank | fill in the blank | ||
| C. Dec. 31, 2018 | fill in the blank | fill in the blank | |
| fill in the blank | fill in the blank | ||
| D. Dec. 31, 2018 | fill in the blank | fill in the blank | |
| fill in the blank | fill in the blank | ||
| E. Jan. 24, 2019 | fill in the blank | fill in the blank | |
| fill in the blank | fill in the blank |
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