Financial And Managerial Accounting
15th Edition
ISBN: 9781337902663
Author: WARREN, Carl S.
Publisher: Cengage Learning,
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Chapter 8, Problem 8E
Aging of receivables schedule
The
The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals:
- a. Determine the number of days past due for each of the preceding accounts as of July 31.
- b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
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Aging of receivables schedule
The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31:
The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals
Customer
Balance
Dud Date
Boyd Industries
$36,000
April 7
Hodges Company
11,500
May 29
Kent Creek Inc.
6,600
June 8
Lockwood Company
7,400
August 10
Van Epps Company
13,000
July 2
A. Determine the number of days past clue for each of the preceding accounts as of july 31.
B. Complete the aging of recivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
4,100
4,100
Ascent Company
3,300
3,300
Zoot Company
9,900
9,900
Subtotals
808,600
488,400
177,900
77,600
40,400
24,300
The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:
Customer
Balance
Due Date
Conover Industries
$11,300
July 11
Keystone Company
8,100
September 19
Moxie Creek Inc.
16,200
October 16
Rainbow Company
9,700
November 5
Swanson Company
21,800
December 21
a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past due,…
Aging of Receivables Schedule
The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:
Not
Days Past Due
Past
Over
Customer
Balance
Due
1-30
31-60
61-90
90
Academy Industries Inc.
4,700
4,700
Ascent Company
5,200
5,200
Zoot Company
11,900
11,900
Subtotals
714,300
431,500
157,100
68,600
35,700
21,400
The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:
Customer
Balance
Due Date
Conover Industries
$10,000
July 9
Keystone Company
7,100
September 21
Moxie Creek Inc.
14,300
October 16
Rainbow Company
8,600
November 3
Swanson Company
19,300
December 21
a. Determine the number of days past due for each of the preceding accounts as of November 30. If an account is not past…
Chapter 8 Solutions
Financial And Managerial Accounting
Ch. 8 - What are the three classifications of receivables?Ch. 8 - Dans Hardware is a small hardware store in the...Ch. 8 - What kind of an account (asset, liability, etc.)...Ch. 8 - After the accounts are adjusted and closed at the...Ch. 8 - A firm has consistently adjusted its allowance...Ch. 8 - Which of the two methods of estimating...Ch. 8 - Neptune Company issued a note receivable to...Ch. 8 - If a note provides for payment of principal of...Ch. 8 - Prob. 9DQCh. 8 - Prob. 10DQ
Ch. 8 - Direct write-off method Journalize the following...Ch. 8 - Allowance method Journalize the following...Ch. 8 - Percent of sales method At the end of the current...Ch. 8 - Analysis of receivables method At the end of the...Ch. 8 - Note receivable Prefix Supply Company received a...Ch. 8 - Accounts receivable turnover and days sales in...Ch. 8 - Prob. 1ECh. 8 - Prob. 2ECh. 8 - Entries for uncollectible accounts, using direct...Ch. 8 - Entries for uncollectible receivables, using...Ch. 8 - Entries to write off accounts receivable Creative...Ch. 8 - Providing for doubtful accounts At the end of the...Ch. 8 - Number of days past due Toot Auto Supply...Ch. 8 - Aging of receivables schedule The accounts...Ch. 8 - Estimating allowance for doubtful accounts Evers...Ch. 8 - Adjustment for uncollectible accounts Using data...Ch. 8 - Estimating doubtful accounts Outlaw Bike Co. is a...Ch. 8 - Entry for uncollectible accounts Using the data in...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Effect of doubtful accounts on net income During...Ch. 8 - Effect of doubtful accounts on net income Using...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Entries for bad debt expense under the direct...Ch. 8 - Determine due date and interest on notes Determine...Ch. 8 - Entries for notes receivable Valley Designs issued...Ch. 8 - Entries for notes receivable The series of five...Ch. 8 - Entries for notes receivable, including year-end...Ch. 8 - Entries for receipt and dishonor of note...Ch. 8 - Entries for receipt and dishonor of notes...Ch. 8 - Prob. 25ECh. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Details of notes receivable and related entries...Ch. 8 - Notes receivable entries The following data relate...Ch. 8 - Sales and notes receivable transactions The...Ch. 8 - Allowance method entries The following...Ch. 8 - Aging of receivables; estimating allowance for...Ch. 8 - Compare two methods of accounting for...Ch. 8 - Prob. 4PBCh. 8 - Prob. 5PBCh. 8 - Prob. 6PBCh. 8 - Prob. 1MADCh. 8 - Analyze Ralph Lauren Ralph Lauren Corporation (RL)...Ch. 8 - Analyze L Brands L Brands, Inc. (LB) sells womens...Ch. 8 - Compare Ralph Lauren and L Brands Use the data in...Ch. 8 - Prob. 5MADCh. 8 - Prob. 1TIFCh. 8 - Interest computations Bev Wynn, vice president of...Ch. 8 - Prob. 4TIFCh. 8 - Allowance for doubtful accounts For several years,...
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- The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.arrow_forwardWaddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.arrow_forwardWig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 20Y1: The following accounts were unintentionally omitted from the aging schedule: Wig Creations has a past history of uncollectible accounts by age category, as follows: Instructions 1. Determine the number of days past due for each of the preceding accounts. 2. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals. 3. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule. 4. Assume that the allowance for doubtful accounts for Wig Creations has a credit balance of 7,375 before adjustment on December 31, 20Y1. Journalize the adjustment for uncollectible accounts. 5. Assuming that the adjusting entry in (4) was inadvertently omitted, how would the omission affect the balance sheet and income statement?arrow_forward
- Aging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 5,500 5,500 Ascent Company 3,100 3,100 Zoot Company 7,700 7,700 Subtotals 886,200 535,200 195,000 85,100 44,300 26,600 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $12,400 July 9 Keystone Company 8,900 September 19 Moxie Creek Inc. 17,700 October 17 Rainbow Company 10,600 November 5 Swanson Company 23,900 December 21 Question Content Area a. Determine the number of days past due for each of the preceding accounts as of November 30. If an…arrow_forwardAging of Receivables Schedule The accounts receivable clerk for Kirchhoff Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: Not Days Past Due Past Over Customer Balance Due 1-30 31-60 61-90 90 Academy Industries Inc. 5,500 5,500 Ascent Company 4,500 4,500 Zoot Company 9,800 9,800 Subtotals 784,200 473,700 172,500 75,300 39,200 23,500 The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above: Customer Balance Due Date Conover Industries $11,000 July 9 Keystone Company 7,800 September 20 Moxie Creek Inc. 15,700 October 16 Rainbow Company 9,400 November 5 Swanson Company 21,200 December 21 b. Complete the aging-of-receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the…arrow_forwardPart 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.”arrow_forward
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- Seaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $24,300 Lee Drake 30,600 Jenny Green 29,900 Mike Lamb 17,900 Total $102,700 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0–30 days $730,000 1% 31–60 days 290,000 2 61–90 days 114,000 15 91–120 days 70,000 30 More than 120 days 92,000 60 Total receivables $1,296,000 A. Journalize the write-offs under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the allowance account had a beginning balance of $88,300 and the company uses…arrow_forwardSeaforth International wrote off the following accounts receivable as uncollectible for the year ending December 31: Customer Amount Kim Abel $ 24,300 Lee Drake 31,195 Jenny Green 29,715 Mike Lamb 17,890 Total $103,100 The company prepared the following aging schedule for its accounts receivable on December 31: Aging Class (Number of Days Past Due) Receivables Balance on December 31 Estimated Percent of Uncollectible Accounts 0–30 days $ 735,000 1% 31–60 days 290,000 2 61–90 days 111,000 15 91–120 days 70,000 30 More than 120 days 94,000 60 Total receivables $1,300,000 A. Journalize the write-offs under the direct write-off method. If no entry is required, simply skip to the next transaction. Refer to the Chart of Accounts for exact wording of account titles. B. Journalize the write-offs and the year-end adjusting entry under the allowance method, assuming that the…arrow_forwardAssume the aging of accounts receivable method was used by the company and that $7050 of the accounts receivable as of Dec 31 were estimated to be uncollectible. You are now required to: a) Determine the amount to be charged to uncollectible expense( show your workings for the computation of this figure).arrow_forward
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Accounts Receivable and Accounts Payable; Author: The Finance Storyteller;https://www.youtube.com/watch?v=x_aUWbQa878;License: Standard Youtube License