The closing balance required in the allowance for uncollectible accounts at year-end. Given Information : Credit sale is $20,000,000. Closing accounts receivables $1,611,000. Unadjusted balance in allowance for uncollectible accounts is $94,800. Current accounts receivables are $366,500 with 5% uncollectible expectation. 1-30 days accounts receivables are $601,300 with 9% uncollectible expectation 31-60 days accounts receivables are $46,800 with 20% uncollectible expectation 61-90 days accounts receivables are $168,900 with 55% uncollectible expectation Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

Question

Want to see the full answer?

Answer 1

Question

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

What was the cash balance

AWQ's balance sheet at the end of the year last year ?

Accurate Answer

Answer 2

Question

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 5

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Answer 6

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

Answer 7

Chapter 9, Problem 9.7P

a.

To determine

The closing balance required in the allowance for uncollectible accounts at year-end.

Given Information:

Credit sale is $20,000,000.

Closing accounts receivables $1,611,000.

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Current accounts receivables are $366,500 with 5% uncollectible expectation.

1-30 days accounts receivables are $601,300 with 9% uncollectible expectation

31-60 days accounts receivables are $46,800 with 20% uncollectible expectation

61-90 days accounts receivables are $168,900 with 55% uncollectible expectation

Over 90 days accounts receivables are $427,900 with 100% uncollectible expectation

Answer 8

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Answer 9

b.

To determine

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

Answer 10

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

Answer 11

c.

To determine

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

Answer 12

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

Answer 13

d.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

Answer 14

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Answer 15

e.

To determine

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Answer 16

Expert Solution & Answer

Answer 17

Expert Solution & Answer

Answer 18

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 19

Ch. 9 - Prob. 9.1Q Ch. 9 - Do companies always classify cash as a current...Ch. 9 - Prob. 9.3Q Ch. 9 - Do accountants typically measure accounts...Ch. 9 - Under the allowance method, will the actual...Ch. 9 - How does an entity record a subsequent recovery of...Ch. 9 - Does the aging of accounts receivable method of...Ch. 9 - What is the difference between pledging accounts...Ch. 9 - How do companies account for receivables that are...Ch. 9 - Is the face value of a note receivable exchanged...

Solution Summary: The author calculates the closing balance required in the allowance for uncollectible accounts at year-end.

Videos

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.

Want to see the full answer?

Chapter 9 Solutions

Solution Summary: The author calculates the closing balance required in the allowance for uncollectible accounts at year-end.

Videos

To prepare: The journal entry to record bad debt provision. Given Information: Unadjusted balance in allowance for uncollectible accounts is $94,800.

To prepare: The Journal entry to record bad debt provision. Given Information: Unadjusted balance in allowance for uncollectible accounts is $231,000.

The Journal entry to write off accounts. Given Information: Accounts receivables of over 90 days past due to be written off are $427,500.

The Journal entry to write off accounts. Given Information: Accounts recovered subsequently are $345,000.

Want to see the full answer?

Chapter 9 Solutions

To prepare: The journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $94,800.

To prepare: The Journal entry to record bad debt provision.

Given Information:

Unadjusted balance in allowance for uncollectible accounts is $231,000.

The Journal entry to write off accounts.

Given Information:

Accounts receivables of over 90 days past due to be written off are $427,500.

The Journal entry to write off accounts.

Given Information:

Accounts recovered subsequently are $345,000.