The following aging schedule is available for Xavier's Xylophones: Days Outstanding Accounts Receivable Amount Not Yet Due $50,000 $15,000 $5,000 $70,000 Up To 180 Days Past Due Over 180 Past Due Total Percentage Uncollectible 3% 11% 25% Using the information provided above, what is Xavier's desired ending balance for the Allowance for Doubtful Accounts account?

The following aging schedule is available for Xavier's Xylophones: Days Outstanding Accounts Receivable Amount Not Yet Due $50,000 $15,000 $5,000 $70,000 Up To 180 Days Past Due Over 180 Past Due Total Percentage Uncollectible 3% 11% 25% Using the information provided above, what is Xavier's desired ending balance for the Allowance for Doubtful Accounts account?

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 3SEB: UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the...

See similar textbooks

Similar questions

The schedule of aging accounts for a Cormpany at the end of the year 2020, appears below Accounts Recebvable $40,000 10,000 5,500 1.800 5Z.300 Estimate % of Bad Detts Current 1:30 days overdue 31-60 days overdue More than 60 days overdue Total 1% 5% 10% 20% The allowance was estimated by using the schedule of ageing accounts. The allowance acoount had a debit balance of $000, before the estimate was made Required: Prepare the adjusting entry to record bad debts expense for 2020. (SHOW YOUR CALCULATIONS) ALTAENAEI0/Mari
Give me answer within 45 min please I will give you positive rating immediately its very urgent ..thankyou..
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $50,000 15% 0 –30 days past due 11,000 20% 31– 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjustment for uncollectible accounts on December 31, 2021.3. Calculate net accounts receivable.
The aging of Torme Designs shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. Write the adjusting entry for the end of the current year. Est Uncollectible Accts Age Interval: Balance: Percentage: Amount: Not past due 850,000 3.50% 1~30 days past due: 47,500 5.00% 31~60 days past due: 21,750 10.00% 61~90 days past due: 11,250 20.00% 91~180 days past due: 5,065 30.00% 181~365 days past due: 2,500 50.00% Over 365 days past due: 1,145 95.00% Total: 939,210
The question is asked on top of the first image. I have attached the aging analysis below. Thanks in advance :) Age of Accounts Balance December 31, 2020 Estimated % Uncollectible Estimated Amount Uncollectible Current 187,616 2% 1–30 days past due 125,705 5% 31–90 days past due 35,345 10% Over 90 days past due 30,290 25% Total Accounts Receivable $ 378,956
A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 days $40,000 0.5 61-90 days 15,000 1.5 91-120 days 2,000 15.0 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer. Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.
If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400
Guinevere Company has the following data extracted from its Accounts Receivable records at June 30, 2011 Customer A BCDEFG с Totals Balance Current $ 8,000 $ 5,000 $ 2,000 $ 4,000 $ 4,000 $ 9,000 $ 2,000 $ 3,000 $ 2,000 $ 6,000 $ 6,000 $ 7,000 $ 3,000 $39,000 $22,000 ● 31 -75 Over 75 days days $1,000 $ 2,000 $2,000 $ 1,000 $3,000 $8,000 $ 6,000 $1,000 $1,000 $9,000 • Guinevere's sales terms are 1/15 n/30 and it records sales at the gross amount of the invoice. Guinevere's year end is June 30 • The unadjusted balance in the Allowance for Doubtful Accounts at June 30 is $8,000 dr. • Guinevere makes average sales of $2,000,000 per year and averages write offs of uncollectible balances of $100,000 per year. • Sales for the year ended June 30, 2010 are $1,400,000 credit sales and $400,000 cash sales • Guinevere has a very conservative receivables management strategy. • No adjusting entries have been recorded at June 30 If Guinevere used the Allowance Method (aging) to estimate bad debts and…
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Historical & Uncollectible Number of Days Unpaid Q Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Complete this question by entering your answers in the tabs below. Required A Beginning Balance Ending Balance Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Required B…
Please answer as soon as possible. I will appreciate thanks
Allowance for Doubtful Accounts has a credit balance of $670 at the end of the year (before adjustment), and an analysis of accounts in the customer ledger indicates the estimated amount of uncollectible accounts should be $16,220. Based on this estimate, which of the following adjusting entries should be made? Select the correct answer. debit Allowance for Doubtful Accounts, $670; credit Bad Debt Expense, $670 debit Bad Debt Expense, $670; credit Allowance for Doubtful Accounts, $670 debit Bad Debt Expense, $15,550; credit Allowance for Doubtful Accounts, $15,550 debit Allowance for Doubtful Accounts, $16,890; credit Bad Debt Expense, $16,890
Please answer it completely. Thanks tutor.