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The Nebula Company manufactures a variety of retail store supplies, including bags, price tags, shelf labels, and hangers. The following is Nebula's accounts receivable aging schedule in an Excel pivot table. (Click the icon to view the pivot table.) Read the requirements. 1. What is the total balance of Nebula's accounts receivable? Total balance of Nebula's Accounts Receivable = $ 191,354 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? Amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule = $ 2,869 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? The amount of the adjusting entry to recognize uncollectible accounts expense = Requirements Using the pivot table given, answer the following questions about the company's uncollectible accounts receivable. 1. What is the total balance of Nebula's accounts receivable? 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? 4. Prepare the accrual entry for Nebula at year-end for the adjusting entry for uncollectible accounts expense. Print Done X

The Nebula Company manufactures a variety of retail store supplies, including bags, price tags, shelf labels, and hangers. The following is Nebula's accounts receivable aging schedule in an Excel pivot table. (Click the icon to view the pivot table.) Read the requirements. 1. What is the total balance of Nebula's accounts receivable? Total balance of Nebula's Accounts Receivable = $ 191,354 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? Amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule = $ 2,869 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? The amount of the adjusting entry to recognize uncollectible accounts expense = Requirements Using the pivot table given, answer the following questions about the company's uncollectible accounts receivable. 1. What is the total balance of Nebula's accounts receivable? 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? 4. Prepare the accrual entry for Nebula at year-end for the adjusting entry for uncollectible accounts expense. Print Done X

FINANCIAL ACCOUNTING
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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Data table 3 Sum of invoice total 4 Row Labels 5 Carlton General Store 6 Favre Gifts Co. 7 Haven & Co. 8 Pacey Parties 9 Serene Gifts 10 The Yellow Yak 11 Trent Supply 12 Ten Toes & More 13 Black Onyx Shoppe 14 Grand total Estimated percent 15 uncollectible Allowance for Uncollectible Accounts 16 should be Column Labels 01-30 days $ $ $ $ $ $ $ $ $ $ B $ 33,380 $ 8,465 10,999 $ 4,938 6,827 $ 63,155 $ 691 17,724 $ 5,988 $ 152,167 $ 0.25% 31-60 days 61-90 days 91 days or more Grand Total 3,607 $ $ $ с 380 $ 2,844 $ 2,745 $ 18,000 $ 1,637 2,202 31,041 $ 3.0% D 931 $ 2,510 2,077 $ 203 $ 4,790 $ 15.0% E 719 $ $ 3,075 $ 281 $ $ $ $ 3,356 $ 25.0% F 839 $ 36,987 8,465 16,353 4,938 14,724 81,645 691 19,361 8,190 191,354 2,869 X
Transcribed Image Text:Data table 3 Sum of invoice total 4 Row Labels 5 Carlton General Store 6 Favre Gifts Co. 7 Haven & Co. 8 Pacey Parties 9 Serene Gifts 10 The Yellow Yak 11 Trent Supply 12 Ten Toes & More 13 Black Onyx Shoppe 14 Grand total Estimated percent 15 uncollectible Allowance for Uncollectible Accounts 16 should be Column Labels 01-30 days $ $ $ $ $ $ $ $ $ $ B $ 33,380 $ 8,465 10,999 $ 4,938 6,827 $ 63,155 $ 691 17,724 $ 5,988 $ 152,167 $ 0.25% 31-60 days 61-90 days 91 days or more Grand Total 3,607 $ $ $ с 380 $ 2,844 $ 2,745 $ 18,000 $ 1,637 2,202 31,041 $ 3.0% D 931 $ 2,510 2,077 $ 203 $ 4,790 $ 15.0% E 719 $ $ 3,075 $ 281 $ $ $ $ 3,356 $ 25.0% F 839 $ 36,987 8,465 16,353 4,938 14,724 81,645 691 19,361 8,190 191,354 2,869 X
es The Nebula Company manufactures a variety of retail store supplies, including bags, price tags, shelf labels, and hangers. The following is Nebula's accounts receivable aging schedule in an Excel pivot table. (Click the icon to view the pivot table.) Read the requirements. 1. What is the total balance of Nebula's accounts receivable? Total balance of Nebula's Accounts Receivable = $ 191,354 Get more help. *** 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? Amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule = $ 2,869 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? The amount of the adjusting entry to recognize uncollectible accounts expense = Requirements Using the pivot table given, answer the following questions about the company's uncollectible accounts receivable. 1. What is the total balance of Nebula's accounts receivable? 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? 4. Prepare the accrual entry for Nebula at year-end for the adjusting entry for uncollectible accounts expense. Print - X Done
Transcribed Image Text:es The Nebula Company manufactures a variety of retail store supplies, including bags, price tags, shelf labels, and hangers. The following is Nebula's accounts receivable aging schedule in an Excel pivot table. (Click the icon to view the pivot table.) Read the requirements. 1. What is the total balance of Nebula's accounts receivable? Total balance of Nebula's Accounts Receivable = $ 191,354 Get more help. *** 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? Amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule = $ 2,869 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? The amount of the adjusting entry to recognize uncollectible accounts expense = Requirements Using the pivot table given, answer the following questions about the company's uncollectible accounts receivable. 1. What is the total balance of Nebula's accounts receivable? 2. What is the amount of accounts receivable that Nebula expects to be uncollectible, based on the aging schedule pictured? 3. If the credit balance in the Allowance for Uncollectible Accounts is $1,200 before year-end adjustments, what will be the amount of the adjusting entry to recognize uncollectible accounts expense? 4. Prepare the accrual entry for Nebula at year-end for the adjusting entry for uncollectible accounts expense. Print - X Done
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