When aging accounts payable, the category called "30 days" refers to invoices that are outstanding more than 30 days from: OPTIONS The date they were posted The due date of the payment from the customer The date they were mailed to the customer The date the business opened

When aging accounts payable, the category called "30 days" refers to invoices that are outstanding more than 30 days from: OPTIONS The date they were posted The due date of the payment from the customer The date they were mailed to the customer The date the business opened

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 25E

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Part B is “Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. If an amount does not require a box, leave it blank.”
The following aging schedule is available for Xavier's Xylophones: Accounts Receivable Amount Days Outstanding 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?
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
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The following summarizes the aging of accounts receivable for Orange Incorporated as of July 31, Year 1: Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Total Accounts Receivable 11.130 $ 175,982 89,200 53,600 31,800 Historical % Uncollectible 17,424 margin of error +/-3 www. 29 12% 18% The unadjusted balance of the Allowance for Doubtful Accounts of Orange Incorporated is a credit balance in the amount of $17.578 on July 31, Year 1. What is the amount of the adjusting entry to be recorded on July 31 Year 17 35%
What is the Allowance for Uncollectible Accounts at December 31 of the current year after adjustments? attached in ss below thansk rgwiohwj ohwt hw
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $126,500 2% 1-30 days past due 89,200 12% 31-60 days past due 53,600 18% Over 60 days past due 31,800 35% Required: Part a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Part b. Johnston Supplies, Inc. writes off $3,081 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Part c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.
Marigold Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Correct answer icon Your answer is correct. Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $212,900 $80,500 $47,100 $41,900 $25,500 $17,900 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) - (d) (b) Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable…
Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. References: The following accounts were unintentionally omitted from the aging schedule. Assume all due dates are for the current year except for Wolfe Sports, which is due in the next year. Customer Due Date Balance Adams Sports & Flies May 22 $5,100 Blue Dun Flies Oct. 10 5,400 Cicada Fish Co. Sept. 29 8,200 Deschutes Sports Oct. 20 7,100 Green River Sports Nov. 7 3,000 Smith River Co. Nov. 28 2,600 Western Trout Company Dec. 7 6,600 Wolfe Sports Jan. 20 4,900 Trophy Fish has a past history of uncollectible accounts by age category, as follows: Age Class Percent Uncollectible Not past due 1% 1–30 days past due 3 31–60 days past due 9 61–90 days past due 32 91–120 days past due 41 Over 120 days past due 85
Customer Bad Debt Expense, Aging of Accounts Receivable, Journal Entry. Giaraldi Garden Products, Inc. developed an aged schedule of accounts receivable at the end of each year. Giaraldi Garden Products: Aged Schedule of Accounts Receivable Past Due Current 1-30 Days 31-60 Days 61-90 Days Over 90 Days The company estimated an allowance for uncollectible accounts based on the following estimates: Aging Category Current Allowance Provided 3% 1-30 days past due 6% 31-60 days past due 18% Totals 61-90 days past due 45% Carey Company $ 10,000 $ 34,500 $ 44,500 Over 90 days past due 100% Gibson, Ltd. $ 423,000 $ 27,000 450,000 KW Quarterly Onix Construction 33,000 $ 67,000 100,000 1,500 101,500 Giaraldi reported for the current year: 45,000 Carpenter Lumber Totals 387,000 $ 125,000 810,000 $ 185,000 $ 167,000 $ 90,500 500 235,500 512,500 Net credit sales $ 18,500,000 55,000 $ 127,000 $ 1,344,000 The company's ending balances of accounts receivable and the allowance for uncollectible accounts…
Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 2% 1-30 days past due 6 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Schedule Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 553,700 326,700 121,800 49,800 27,700 27,700 Conover Industries 18,900 18,900 Keystone Company 22,000 22,000 Moxie Creek Inc. 4,800 4,800 Rainbow Company 12,000 12,000 Swanson Company 27,700 27,700 Total receivables 639,100 354,400 133,800 54,600 49,700 46,600 Percentage uncollectible 2% 6% 25% 35% 50% Allowance for Doubtful Accounts fill in the blank 1 fill in the blank 2 fill in the blank 3…
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $ 126,600 3 % 1-30 days past due 89,300 13 % 31-60 days past due 53,700 19 % Over 60 days past due 31,900 36 % Required: The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,977 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Johnston Supplies, Inc. writes off $3,091 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019