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Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter5: Sales And Receivables
Section: Chapter Questions
Problem 85APSA: Determining Bad Debt Expense Using the Aging Method At the beginning of the year, Tennyson Auto...
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![E6-14 (Algo) Recording and Reporting a Bad Debt Estimate Using Aging Analysis LO6-2
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on
the basis of three time periods as follows: (1) not yet due, $51,900; (2) up to 180 days past due, $15,800; and (3) more than 180 days
past due, $5,300. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end
due to uncollectibility is (1) 3 percent, (2) 11 percent, and (3) 30 percent, respectively. At December 31, the end of the current year, the
Allowance for Doubtful Accounts balance is $400 (credit) before the end-of-period adjusting entry is made.
Required:
1. Prepare the appropriate bad debt expense adjusting entry for the current year.
2. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
X Answer is not complete.
Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance
sheet. (Amounts to be deducted should be indicated by a minus sign.)
Accounts receivable
Allowance for doubtful accounts
CASILDA COMPANY
Partial Balance sheet
As of December 31
< Required 1
$ 73,000✔
(4,885)✔
$ 68,115
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F266d5c88-4132-4eca-8561-6ebd3b0393f5%2Fbeb01df1-87e4-405e-b721-16a0735ee538%2Fj3j2i0c_processed.png&w=3840&q=75)
Transcribed Image Text:E6-14 (Algo) Recording and Reporting a Bad Debt Estimate Using Aging Analysis LO6-2
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on
the basis of three time periods as follows: (1) not yet due, $51,900; (2) up to 180 days past due, $15,800; and (3) more than 180 days
past due, $5,300. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end
due to uncollectibility is (1) 3 percent, (2) 11 percent, and (3) 30 percent, respectively. At December 31, the end of the current year, the
Allowance for Doubtful Accounts balance is $400 (credit) before the end-of-period adjusting entry is made.
Required:
1. Prepare the appropriate bad debt expense adjusting entry for the current year.
2. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
X Answer is not complete.
Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance
sheet. (Amounts to be deducted should be indicated by a minus sign.)
Accounts receivable
Allowance for doubtful accounts
CASILDA COMPANY
Partial Balance sheet
As of December 31
< Required 1
$ 73,000✔
(4,885)✔
$ 68,115
Required 2 >
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