Handout Assignment Chapter 8
Pango’s accounts receivable ledger provides the following aged trial balance at December 31, 2021:
|
Customer
|
0–30 days
|
31–60 days
|
61–90 days
|
+ 90 days
|
Total
|
|
Anderson
|
$ 1,500
|
$ 250
|
$ 1,750
|
||
|
Guest
|
790
|
$ 220
|
1,010
|
||
|
Logan
|
500
|
2,750
|
3,250
|
||
|
Piquette
|
12,000
|
8,600
|
$ 1,400
|
22,000
|
|
|
Tembrall
|
975
|
975
|
|||
|
Zaperniak
|
1,000
|
1,000
|
|||
|
$ 16,265
|
$ 9,320
|
$ 1,400
|
$ 3,000
|
$ 29,985
|
The related general ledger account balances are: AccountsReceivable(controlaccount)................................................... $29,985 Debit AllowanceforDoubtfulAccounts............................................................ 900 Debit
Pango estimates that the estimated percentage of uncollectible accounts are as follows: accounts between 0 and 30 days, 1%; accounts between 31 and 60 days, 3%; accounts between 61 and 90 days, 5%; and accounts over 90 days old, 20%.
Instructions
Prepare the adjusting entry to record the current year’s bad debt expense.
Homework Answers
Louise and Elizabeth Cake Designs allow customers to charge on account
Louise and Elizabeth Cake Designs allow customers to charge on account. Their year end is December 31, 2020. They have provided the below aged accounts receivable ledger as at December 31, for you to prepare the required entry to record the bad debt expense. Customer 0–30 days 31–60 days 61–90 days + 90 days Total MacDonald ...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000 61-90 $12,000 Over 90 $2,000 Current 1-30 $ 60,000 $ 40,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 2 % 16 40 90...
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis....
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total $129,000 $84,000 1 to 30 31 to 60 61 to 90 over 90 $22,000 $9,000 $6,000 $8,000 Accounts receivable Percent uncollectible 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a...
Norma J. Baker Corp. uses the balance sheet approach to estimate uncollectible accounts expenses. At year-end,...
Norma J. Baker Corp. uses the balance sheet approach to estimate uncollectible accounts expenses. At year-end, an aging of her accounts receivable produced the following five groupings: a) Not yet due $250,000 $105,000 $40,000 On the basis of past experience, the company estimated the percentages probably uncollectible for the 5 age groups as follows: Group A, 1%; Group B, 3%; Group C, 10%; Group D, 20%; Group E, 50% The Allowance for Doubtful Accounts before adjustment at December 31 showed...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total...
EXERCISE 2 Brown Company had a $1,000 credit balance in Allowance for Doubtful Accounts at December...
EXERCISE 2 Brown Company had a $1,000 credit balance in Allowance for Doubtful Accounts at December 31, 2020, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $100,000 1% 1–30 days past due 12,000 3% 31–60 days past due 10,000 6% 61–90 days past due 6,000 25% Over 90 days past due 8,000 50% Total Accounts Receivable $136,000 Instructions: (a) Prepare the adjusting entry on December 31, 2020, to recognize bad debts expense. (b) Assume the same facts as above except...
Chapter 07 Homework i Saved Part 1 of 2 Required information The following information applies to...
Chapter 07 Homework i Saved Part 1 of 2 Required information The following information applies to the questions displayed below. Jarden Company has credit sales of $2,600,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $20,814. Jarden prepares a schedule of its December 31, 2018, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible....
Week 4 Pre-assignment: Black River Wholesalers Guidance comes from pages 7 and 8 of notebook Black...
Week 4 Pre-assignment: Black River Wholesalers Guidance comes from pages 7 and 8 of notebook Black River is a wholesaler selling general merchandise to small sports retailers. All sales are on credit with 30 day terms. Black River started the 2015 financial year with accounts receivable of $205,000 and an allowance for bad debts of $15,000. At the end of each month, Black River records bad debt expense equal to 2% of sales. The following results occurred during 2015: Month...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due Current...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due Current 1–30 31–60 61–90 Over 90 $ 60,000 $ 40,000 $ 25,000 $ 12,000 $ 2,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding 2 % Receivables 1–30 days past due 4 Receivables 31–60 days past due 16 Receivables 61–90 days past...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. ints Days Past Due Skipped 1 Total $635,000 0 $400,000 to 30 $103,000 31 to 60 61 to 90 $49,000 $31,000 Over 90 $43,000 Book Accounts receivable Percent uncollectible Hint Print references a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging...
Pachel Corporation reports the following information pertaining to its accounts receivable: Days Past Due 31-60 $25,000 61-90 $12,000 Over 90 $2,000 Current 1-30 $ 60,000 $ 40,000 The company's credit department provided the following estimates regarding the percent of accounts expected to eventually be written off from each category listed above: Current receivables outstanding Receivables 1-30 days past due Receivables 31-60 days past due Receivables 61-90 days past due Receivables over 90 days past due 2 % 16 40 90...
Net Zero Products, a wholesaler of sustainable raw materials. Prepared the following aging of receivables analysis. Days Past Due Total $129,000 $84,000 1 to 30 31 to 60 61 to 90 over 90 $22,000 $9,000 $6,000 $8,000 Accounts receivable Percent uncollectible 1. Estimate the balance of the Allowance for Doubtful Accounts using the aging of accounts receivable method. 2. Prepare the adjusting entry to record bad debts expense assuming the unadjusted balance in the Allowance for Doubtful Accounts is a...
Norma J. Baker Corp. uses the balance sheet approach to estimate uncollectible accounts expenses. At year-end, an aging of her accounts receivable produced the following five groupings: a) Not yet due $250,000 $105,000 $40,000 On the basis of past experience, the company estimated the percentages probably uncollectible for the 5 age groups as follows: Group A, 1%; Group B, 3%; Group C, 10%; Group D, 20%; Group E, 50% The Allowance for Doubtful Accounts before adjustment at December 31 showed...
2 Sirus Company began Year 2 with balances in accounts receivable and allowance for doubtful accounts of $44,300 and $1,675, respectively. The company reported credit sales of $490,250 during the year, and wrote off $1,400 of uncollectible accounts. Sirus Company prepared the following aging schedule on December 31, Year 2: Number of Days Receivables % Likely to be Past Due Amount Uncollectible Current S 24,750 1% 0-30 8,300 5% 31-60 9,000 10% 61-90 2,150 25% Over 90 1,750 50% Total...
Chapter 07 Homework i Saved Part 1 of 2 Required information The following information applies to the questions displayed below. Jarden Company has credit sales of $2,600,000 for year 2018. On December 31, 2018, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $20,814. Jarden prepares a schedule of its December 31, 2018, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible....
Week 4 Pre-assignment: Black River Wholesalers Guidance comes from pages 7 and 8 of notebook Black River is a wholesaler selling general merchandise to small sports retailers. All sales are on credit with 30 day terms. Black River started the 2015 financial year with accounts receivable of $205,000 and an allowance for bad debts of $15,000. At the end of each month, Black River records bad debt expense equal to 2% of sales. The following results occurred during 2015: Month...
7 Assignment Exercise 7-7 Aging of receivables method LO P3 Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. ints Days Past Due Skipped 1 Total $635,000 0 $400,000 to 30 $103,000 31 to 60 61 to 90 $49,000 $31,000 Over 90 $43,000 Book Accounts receivable Percent uncollectible Hint Print references a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging...
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