Use this table for calculations:Minimum DaysMaximum days% uncollectible1301.5%31603.5%619012%9136570%I need to calculate the number of days each receivable is outstanding look at image to fill in , show work when calculating or using formulas , included all work please. After that fill in the schedule accounts recievable shown in the other image for context. When filling in the schedule of accounts recievable show what the formulas w you use and all work. 2728293031231D9A>X✓ fxBonnevilleChinookDuwamishBCustomer NameFossNisquallyWordenTotalsEstimated % uncollectibleEstimated total uncollectibleCD1-30 DaysSSchedule of Accounts Receivable31-60 DaysAccounts Receivable6,445E61-90 DaysF91-365 DaysBalances on July 31, 2024GTotal BalanceAllowance for Bad DebtsH5(5) 1223453456739OB8AX✓ fxCustomer NameBonnevilleChinookDuwamishFossNisquallyWordenB$$$use the table above forcalculations$$C$Minimum Days1316191AmountMaximum Days9801,0105104503,145350306090365DATAToday's Date7/31/20247/31/20247/31/20247/31/20247/31/20247/31/2024% Uncollectible1.53.512.070.0theDaysInvoice Date Outstanding6631195/26/20246/30/20247/12/20244/15/20246/18/20245/10/20241074382GUncollectible %H

Answered: Use this table for calculations:…

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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Use this table for calculations:

Minimum Days	Maximum days	% uncollectible
1	30	1.5%
31	60	3.5%
61	90	12%
91	365	70%

I need to calculate the number of days each receivable is outstanding look at image to fill in , show work when calculating or using formulas , included all work please.

After that fill in the schedule accounts recievable shown in the other image for context.

When filling in the schedule of accounts recievable show what the formulas w you use and all work.

27
28
29
30
31
2
3
1
D9
A
>
X✓ fx
Bonneville
Chinook
Duwamish
B
Customer Name
Foss
Nisqually
Worden
Totals
Estimated % uncollectible
Estimated total uncollectible
C
D
1-30 Days
S
Schedule of Accounts Receivable
31-60 Days
Accounts Receivable
6,445
E
61-90 Days
F
91-365 Days
Balances on July 31, 2024
G
Total Balance
Allowance for Bad Debts
H
5
(5)

1
2
2345
3
4
5
6
7
3
9
O
B8
A
X✓ fx
Customer Name
Bonneville
Chinook
Duwamish
Foss
Nisqually
Worden
B
$
$
$
use the table above for
calculations
$
$
C
$
Minimum Days
1
31
61
91
Amount
Maximum Days
980
1,010
510
450
3,145
350
30
60
90
365
DATA
Today's Date
7/31/2024
7/31/2024
7/31/2024
7/31/2024
7/31/2024
7/31/2024
% Uncollectible
1.5
3.5
12.0
70.0
the
Days
Invoice Date Outstanding
66
31
19
5/26/2024
6/30/2024
7/12/2024
4/15/2024
6/18/2024
5/10/2024
107
43
82
G
Uncollectible %
H

Expert Solution

Step 1: Explain the estimated uncollectible accounts

Accounts receivable are the amounts owed by the customers to the firm against goods or services they purchased from the firm on credit. It is quite possible that not the entire amount of accounts receivable are recovered by the firm. There may be some customers who are not able to pay the entire or some part of their outstanding balance. This uncollectible amount is estimated by the the firm on the basis of past records. These accounts are known as estimated uncollectible accounts.

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Using the imformation already about the schedule of accounts recievable help fill in the balance. -use the image to show the context

also journalize the adjusting entry for bad debt expense

**Aging of Accounts Receivable and Estimation of Uncollectible Accounts**

### 1. Aging of Receivables Categories

An aging schedule helps estimate the percentage of receivables that might be uncollectible based on how long invoices have been outstanding. The categories provided are:

- **1-30 Days:** 0.0% uncollectible
- **31-60 Days:** 3.5% uncollectible
- **61-90 Days:** 12.0% uncollectible
- **91-365 Days:** 70.0% uncollectible

### 2. Data Table

This table provides a list of customers and invoices with amounts, invoice dates, outstanding days, and estimated uncollectible percentages as of July 31, 2024.

| Customer Name | Amount ($) | Today's Date | Invoice Date | Days Outstanding | Uncollectible % |
|---------------|------------|--------------|--------------|------------------|----------------|
| Bonneville | 980 | 7/31/2024 | 5/26/2024 | 66 | 12.0% |
| Chinook | 1,010 | 7/31/2024 | 6/30/2024 | 31 | 3.5% |
| Duwamish | 510 | 7/31/2024 | 7/12/2024 | 19 | 1.5% |
| Foss | 450 | 7/31/2024 | 4/15/2024 | 107 | 70.0% |
| Nisqually | 3,145 | 7/31/2024 | 6/18/2024 | 43 | 3.5% |
| Worden | 350 | 7/31/2024 | 5/10/2024 | 82 | 12.0% |

### 3. Schedule of Accounts Receivable

The schedule is segmented into time intervals indicating how long invoices have been outstanding and shows total balances along with estimated uncollectible amounts:

| Customer Name | 1-30 Days | 31-60 Days | 61-90 Days | 91-365 Days | Total Balance |

**Journalize Adjusting Entry for Bad Debt Expense**

The image displays a spreadsheet with financial data as of July 31, 2024. The spreadsheet is used for educational purposes to demonstrate how to journalize an adjusting entry for bad debt expense.

**Data Presented:**

- **Balances on July 31, 2024:**
- **Accounts Receivable:** $6,445
- **Allowance for Bad Debts Details:**
- Existing balance: $5
- Additional required: $623
- Total: $628

**Instructions:**

To ensure accurate financial reporting, an adjusting entry is necessary to reflect estimated bad debts. This involves increasing the allowance for bad debts account and recording the bad debt expense.

**Journal Entry Format:**

- **Account / Explanation:**
- Here, you would specify the accounts being adjusted, typically Bad Debt Expense and Allowance for Bad Debts.

- **Debit:**
- Bad Debt Expense (amount: $623)

- **Credit:**
- Allowance for Bad Debts (amount: $623)

This entry aligns with the accrual accounting principle, which requires that expenses are recognized in the period they are incurred, not necessarily when they are paid.

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