See photos ABC Company's accounts receivable subsidiary ledger shows the following information:CustomerBalance, 12/31/20Invoice DateAmount12/06/20P 15,00025,00012,0008,50020,00010,60032,000AP 40,00011/29/2009/27/20В20,50008/20/2012/08/20C30,60010/25/2011/17/20D45,00010/09/2013,00017,00015,00017,50012/14/20E32,00012/02/20F17,50009/14/20 The estimated bad debts rates below are based on ABC's collection experience:Rate (%)Age of Accounts0- 30 days31 - 60 days61 – 90 days91– 120 days1.01.53.010.0Over 120 days50.0The allowance for uncollectible accounts had a debit balance of P5,500 onDecember 31, 2020 before adjustment.Required:Prepare the necessary adjusting entry. Show solution to support your answer.

In the given problem, the uncollectible account has a debit balance of P5,500. The uncollectible…

The estimated bad debts rates below are based on ABC's collection experience: Rate (%) Age of Accounts 0- 30 days 31- 60 days 61 – 90 days 91– 120 days Over 120 days 1.0 1.5 3.0 10.0 50.0 The allowance for uncollectible accounts had a debit balance of P5,500 on December 31, 2020 before adjustment. Required: Prepare the necessary adjusting entry. Show solution to support your answer.

The estimated bad debts rates below are based on ABC's collection experience: Rate (%) Age of Accounts 0- 30 days 31- 60 days 61 – 90 days 91– 120 days Over 120 days 1.0 1.5 3.0 10.0 50.0 The allowance for uncollectible accounts had a debit balance of P5,500 on December 31, 2020 before adjustment. Required: Prepare the necessary adjusting entry. Show solution to support your answer.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 4RE: Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method....

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The accounts receivable subsidiary ledger of Olarita Corporation shows the following information: Customer 12/31 Account balance Invoice Date Amount One, Inc. P140,720 12/06 P56,000 11/29 84,720 Two Co. 83,680 09/02 48,000 08/20 35,680 Three Corp. 122,400 12/08 80,000 10/25 42,400 Four Co. 180,560 11/17 92,560 10/09 88,000 Five Co. 126,400 12/12 76,800 12/02 49,600 Six, Inc. 69,600 09/12 69,600 Total P723,360 P723,360 The estimated bad debt rates below are based on the Corporation’s receivable collection experience. Age of accounts Rate 0 – 30 days 1% 31 – 60 days 1.5% 61 – 90 days 3% 91 – 120 days 10% Over 120 days 50% The Allowance for Doubtful Accounts had a credit balance of P14,000 on December 31, 2020, before adjustment. 1. The adjusting journal entry to adjust the allowance for doubtful accounts as of December 31, 2020 will include a debit to doubtful accounts expense of
4. B Corp.’s accounts receivable subsidiary ledger shows the following information: Customer Account BalanceDecember 31, 2022 Sales Invoices Date Amount Pray Inc. P 35,180 12/6/2022 P 14,000 11/29/2022 21,180 Patience Co. 20,920 9/27/2022 12,000 8/20/2022 8,920 Love Corp. 30,600 12/8/2022 20,000 10/25/2022 10,600 Happy Co. 45,140 11/17/2022 23,140 10/9/2022 22,000 Kindness Corp. 31,600 12/12/2022 19,200 12/2/2022 12,400 Gentleness Inc. 17,400 9/12/2022 17,400 The estimated bad debts rates below are based on BB’s receivable collection experience. Age of Accounts Rate 0 -30 days 1.00% 31- 60 days 1.50% 61-90 days 3.00% 91 - 120 days 10.00% over 120 days 50.00% The allowance for bad debts had beginning balance of P6,500. Statement 1: The net realizable value of the accounts receivable at December 31, 2022 is P165,170. Statement 2:…
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3. Burneside Corp.'s accounts receivable subsidiary ledger shows the following information: Customer Arden, Inc. Lakeside Co. Moraine Corp. Budapest Co. Brno Co. Account Balance Dec 31, 2018 P35, 180 20,920 30, 600 45, 140 31, 600 17,400 Age of Accounts 0-30 days Date 12/06/18 31-60 days 61-90 days 91-120 days Over 120 days 11/29/18 09/27/18 08/20/18 12/08/18 10/25/18 11/17/18 10/09/18 12/12/18 12/02/18 09/12/18 Invoice Rate 1% 1.5% 3% 10% 50% Amount P14,000 21, 180 12,000 8,920 20,000 Napa Corp. The lifetime expected credit loss rates below are based on Burneside Corp's receivable collection experience, adjusted for forward-looking estimates. 10, 600 23, 140 22,000 19, 200 12,400 17,400 The allowance for credit loss account had a debit balance of P5,500 on December 31, 2018, before adjustment. a. Prepare the aging schedule of report of Burneside Corp.
Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
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