Req Ab. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $5,200 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $1,700 debit.Req B and CView transaction listJournal entry worksheet<12Record estimated bad debts assuming that Allowance for Doubtful Accountshas a $5,200 credit balance.DateDecember31Note: Enter debits before credits.Record entryGeneral JournalClear entryDebitCreditView general journalShow less ▲ Required information[The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31.Days Past Due31 to 60$ 52,000Accounts receivablePercent uncollectibleReq AReq B and CComplete this question by entering your answers in the tabs below.AccountsReceivablea. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.XTotal0$ 650,000 $ 412,000b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $5,200 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in theAllowance for Doubtful Accounts is a $1,700 debit.XNot due:1 to 30:31 to 60:61 to 90:Over 90:Estimated balance of allowance for uncollectiblesXXXComplete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accountsreceivable.XPercentUncollectible (%)2%=1 to 30$ 106,000==3%=6%61 to 90$ 34,000EstimatedUncollectible8%Over 90$ 46,00011%

The allowance for doubtful account represents the estimated uncollectible accounts for the period.…

[The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Req B and C Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Accounts Receivable Total 0 $ 650,000 $ 412,000 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. FIL b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,200 credit. X c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,700 debit. X X X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Percent Uncollectible (%) 11 2% = = 1 to 30 $ 106,000 = = 3% = Days Past Due 31 to 60 $ 52,000 6% Estimated Uncollectible 61 to 90 $ 34,000 8% Over 90 $ 46,000 11%

[The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable. Percent uncollectible Req A Complete this question by entering your answers in the tabs below. Req B and C Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Accounts Receivable Total 0 $ 650,000 $ 412,000 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. FIL b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,200 credit. X c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,700 debit. X X X X X Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Percent Uncollectible (%) 11 2% = = 1 to 30 $ 106,000 = = 3% = Days Past Due 31 to 60 $ 52,000 6% Estimated Uncollectible 61 to 90 $ 34,000 8% Over 90 $ 46,000 11%

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 3TF: Using the percentage of sales method, the balance in Allowance for Doubtful Accounts must be taken...

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a. Estimate the balance of the Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit.
To record estimated uncollectible accounts using the allowance method, the adjusting entry would be a ?
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Instructions: fill in the missing information. 1- The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to ...blank... of ...blank... and a credit entry to allowance for doubtful accounts 2. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to ...blank... and a credit to ...blank... of 51000 1. The adjusting entry on December 31st 2021 to recognize the bad debts expense would require a debit entry to bad debt expense of 8160 and a credit entry to allowance for doubtful accounts During January 2022, a $51000 account receivable is written off as uncollectible. The journal entry for the write-off would be a debit to allowance for doubtful accounts and a credit to…
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Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Analysis of Accounts Receivable indicates uncollectible receivables of $7,040. Amount added Ending balance b. Credit balance of $460 in Allowance for Doubtful Accounts just prior to adjustment. Uncollectible receivables are estimated at 3% of credit sales, which totaled $1,009,000 for the year. Amount added Ending balance
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Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $7,470. Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $410 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $976,000 for the year. Amount added $fill in the blank 3 Ending balance $fill in the blank 4
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1. From page 5-4 of the VLN, when using the percent of receivables method, the math of multiplying accounts receivable by the percent of uncollectible accounts directly calculates: Group of answer choices A. The ending balance of the allowance for uncollectible accounts. B. Bad debt expense C. Net accounts receivable D. The amount to use in the adjusting entry to recognize bad debt expense 2. From page 5-4 of the VLN, what is the appropriate amount to record for bad debt expense when the company records the adjusting entry on 12/31? 3. Using the data from page 5-4 of the VLN, assume that instead of having a $500 credit balance in the Allowance for Uncollectible Accounts (AUA), the company had a $600 credit balance in the account. How would that affect the ending balance in the AUA after the company prepared the adjusting entry and posted it to the AUA? Group of answer choices A. The higher balance before the adjusting entry would cause the ending balance in the AUA to…
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Under allowance method, the journal entry to record uncollectible accounts expense is a. Dr. Bad debts expense & Cr. Accounts Receivable b. Dr. Allowance for Doubtful Accounts & Cr. Bad debts Expense c. Dr. Accounts Receivable & Cr. Bad debts expense d. Dr. Bad debts expense & Cr. Allowance for Doubtful Accounts