Bad debt expense: Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense. Aging of receivables method: A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method. To calculate: The total estimated bad debts using the given information.

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Answer 1

Question

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

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E9 ✓ ✓ fx 5 6 7 8 Date Value و 3835 40468 B Fractional Date 40468.25 10 40468.375 11 40468.625 12 13 14 15 DATE DATA CLEANUP and MANIPULATION D Problem Date Year (YEAR) Month (MONTH) Day (DAY) End of month Start of month Use E6 "Problem Date" for green cells in col. E & I 10/8/2019 Start of next month First day of the year #N/A #N/A # N/A #N/A #N/A #N/A #N/A Month to date fraction of year Day of the week TIP: Use custom date format to display as the name of the day (dddd) Name of month Workdays in current month 30 workdays (excluding weekends) from today Days between today and 30 workdays from now 16 17 Target $2,000 DATE REVENUE MONTH DAY OF WEEK Hit Target? MONTH DAY OF WEEK FORMULAS for TABLE COLUMNS C through E SC Hit Target? 19 10/1/2019 $3,642 #N/A #N/A #N/A 20 10/2/2019 $3,427 #N/A #N/A #N/A 21 21 10/3/2019 $3,842 #N/A #N/A #N/A 22 22 10/4/2019 10/4/2015 $3,525 #INDA #N/A #N/A #N/A 23 10/5/2019 $3.648 20 10/5/2015 99,040 #N/A #N/A #N/A 24 24 10/6/2019 10/6/2015 $3,833 #N/A #N/A…

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Answer 2

Question

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

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Answer 3

Question

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

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Answer 4

Question

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

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Answer 5

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

Answer 6

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

Answer 7

Chapter 8, Problem 8.4AP

(a)

To determine

Bad debt expense:

Bad debt expense is an expense account. Amount of loss incurred from extending credit to the customers are recorded as bad debt expense. In other words, estimated uncollectible accounts receivable are known as bad debt expense.

Aging of receivables method:

A method of determining the estimated uncollectible receivables, based on the age of individual accounts receivable, is known as aging of receivables method.

To calculate: The total estimated bad debts using the given information.

Answer 8

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

Answer 9

(b)

To determine

To prepare: The year-end adjusting entry to record the bad debt expense.

Answer 10

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

Answer 11

(c)

To determine

To prepare: The journal entry to write-off the uncollectible account.

Answer 12

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

Answer 13

(d)

To determine

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

Answer 14

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

Answer 15

(e)

To determine

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

Answer 16

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Answer 17

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Answer 18

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Answer 19

Ch. 8 - Prob. 1Q Ch. 8 - Prob. 2Q Ch. 8 - Prob. 3Q Ch. 8 - Prob. 4Q Ch. 8 - Prob. 5Q Ch. 8 - Prob. 6Q Ch. 8 - Prob. 7Q Ch. 8 - Prob. 8Q Ch. 8 - Prob. 9Q Ch. 8 - Prob. 10Q

Concept explainers

Videos

To prepare: The year-end adjusting entry to record the bad debt expense.

To prepare: The journal entry to write-off the uncollectible account.

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

Want to see the full answer?

Chapter 8 Solutions

Concept explainers

Videos

To prepare: The year-end adjusting entry to record the bad debt expense.

To prepare: The journal entry to write-off the uncollectible account.

Write-off: Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible. To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.

To comment: on the answers from (a) to (d) if Incorporation R used 4% of total accounts receivable as uncollectible, instead of using aging of receivables, and to discuss the advantages of using aging the accounts receivables instead of applying percentage to total accounts receivable.

Want to see the full answer?

Chapter 8 Solutions

Write-off:

Write-off refers to deduction of a certain amount from accounts receivable, when it becomes uncollectible.

To Prepare: The journal entries to record the recovered amount, which is previously written off as uncollectible.