P9.4 (LO 2), AP Writing Rigney Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. Worksheet Home Insert Page Layout Formulas Data Review View P18 fx В C D F Number of Days Outstanding Total Accounts receivable 200,000 % uncollectible Estimated bad debts 0-30 77,000 1% 31-60 46,000 4% 61-90 39,000 5% 91–120 Over 120 23,000 8% 15,000 20% Instructions a. Calculate the total estimated uncollectibles based on the above information. a. Tot. est. bad debts $9,400 b. Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable determined in (a). Assume the unadjusted balance in Allowance for Doubtful Accounts is a $8,000 debit. c. Of the above accounts, $5,00o is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. d. The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry

P9.4 (LO 2), AP Writing Rigney Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. Worksheet Home Insert Page Layout Formulas Data Review View P18 fx В C D F Number of Days Outstanding Total Accounts receivable 200,000 % uncollectible Estimated bad debts 0-30 77,000 1% 31-60 46,000 4% 61-90 39,000 5% 91–120 Over 120 23,000 8% 15,000 20% Instructions a. Calculate the total estimated uncollectibles based on the above information. a. Tot. est. bad debts $9,400 b. Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable determined in (a). Assume the unadjusted balance in Allowance for Doubtful Accounts is a $8,000 debit. c. Of the above accounts, $5,00o is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. d. The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entry

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter8: Revenue Recognition, Receivables, And Advances From Customers

Section: Chapter Questions

Problem 25E

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The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
Requlred Informatlon [The following information applies to the questions displayed below.] The Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $678,00e 1 to 30 $110, eee 3% 31 to 60 61 to 90 Over 90 Accounts receivable Percent uncollectible $38, e00 9% $50, 0ee 12% $416,000 $56,000 7% 4% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5.600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.100 debit. Complete this question by entering your answers in the tabs below. Reg A Reg B and C Complete the below table to calculate the estimated balance of Allowance for…
23.K-Pop Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?
A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 70,000 0.5 61–90 days 27,000 1.0 91–120 days 4,000 10.0 Over 120 days 1,100 50.0 The allowance for uncollectible accounts had a balance of $1,500 on January 1, 2024. During the year, bad debts of $850 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
At the beginning of current year, ABC company reported that the allowance for doubtful account has a acredit balance of $170,000. The company uses the aging of accounts receivable as a way to estimate the allowance The following schedule was prepared: Not yet due $1,700,000 NL uncollectible1-30 days pasat due $1,200,000 5% uncollectible31-60 days past due $100,000 25% uncollectible61-90 days past due $150,000 50% uncollectibleover 90 days past due. $120,000 100% uncollectible Questions:1) What is the required allowance for doubtful accounts at year-end?2) How much would be the doubtful accounts expense for the current year?3) What is the adjusting entry for the doubtful accounts expense for the current year?4) What is the net realizable value of accounts receivable at year-end?5) What is the effect on current assets should the adjustment was not made?
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
1. An analysis of the receivables as at the end of the year of Madeni Limited revealed the followingAgeBalance –Ksh ‘000Current 3,4001 to 30 days 1,20031 to 60 days 2,70061 to 90 days 2,30091 to 120 days 1,400121 to 180 days 700181 to 365 days 1,000Over 365 days 1,30014,000From experience, the company estimates that 1% of the current debtors will not pay, 3% of debtors between 1-30 days will not pay, 5% of the debtors between 31-60 days will not pay, 7% of the debtors between 61-90 days will not pay, 10% of the debtors between 91-120 days will not pay, 15% of the debtors between 121-180 days will not pay, 20% of the debtors between 181-365 days will not pay and 50% of the over 365 days old debtors will not pay.Required:a) Using the Aging Method, determine the balance of allowance for doubtful debts as at the end of the yearb) Pass the journal entry needed. The beginning balance for the Allowance for Doubtful accounts is Ksh 1,750,000
5. AA Company prepared an aging of its accounts receivable at December 31, 2022 and determined that the net realizable value of the receivables was P350,000. Additional information is available as follows: Allowance for uncollectible accounts at 1/1/22 – credit balance,P34,000 Accounts written off as uncollectible during 2022, P23,000 Accounts receivable at 12/31/22, P375,000 Uncollectible accounts recovered during 2022, P5,000 Total provisions made during 2022, P12,000 Statement 1: The amount of bad debts expense in 2022 is P9,000. Statement 2: The ending balance of the allowance for uncollectible accounts is P25,000. Group of answer choices Only statement 1 is true Both statements are true Only statement 2 is true Both statements are false
As Perry Materials Supply was preparing for the year-end close, their balances were as follows: Accounts Receivable - $146000 (dr) Allowance for uncollectible accounts - $6200 (dr) Uncollected Account Expense - $0 Perry Materials uses the aging method and has completed the following analysis of the accounts receivable: Customer 1-30 Days 31-60 Days 61-90 Days Over 90 Days Total Balance Johnson $4,600 $3,200 $7,800 Hot Pots, Inc. 800 1,000 1,800 Potter 40,000 550 40,550 Harrison 3,600 900 4,500 Marx 2,000 50 2,050 Younger 65,000 65,000 Merry Maids 5,900 5,900 Acher 12,000 6,400 18,400 Totals $127,500 $13,750 $3,700 $1,050 $146,000 Uncollectible percentage 2% 10% 20% 40% Estimated uncollectible amount $2,550 $1,375 $740 $420 $5,085 Required: How much will the…
Marigold Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Correct answer icon Your answer is correct. Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding Total 0–30 31–60 61–90 91–120 Over 120 Accounts receivable $212,900 $80,500 $47,100 $41,900 $25,500 $17,900 % uncollectible 1% 4% 5% 8% 20% Estimated Bad debts $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount eTextbook and Media List of Accounts Attempts: 1 of 3 used (b) - (d) (b) Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable…
Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 debit. Estimated balance of allowance for uncollectibles 4%
Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 630,000 0 $ 408,000 1% 1 to 30 $ 102,000 2% Days Past Due 31 to 60 $ 48,000 5% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,800 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,300 debit.