Umbrella.com had the following balances on December 31, 2018, before the year-end adjustments: The aging of receivables
Question:
Umbrella.com had the following balances on December 31, 2018, before the year-end adjustments:
The aging of receivables yields these data:
Journalize Umbrella?s entry to adjust the allowance account to its correct balance on December 31, 2018.
Transcribed Image Text:
Accounts Receivable Allowance for Uncollectible Accounts 105,600 Bal 2,000 | Bal Age of Accounts 31-60 61-90 Over 90 Days 1-30 Total Days Days Receivables S66,000 $24,000 $12,000 $3,600 $105,600 x 6% x 53% Days Accounts Receivable Estimate Percentage Uncollectible . x 1% x 2%
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (8 reviews)
Journal DATE ACCOUNTS AND EXPLANATIONS POST REF Dr Cr 2018 Dec ...View the full answer
Answered By
Mwangi Clement
I am a tried and tested custom essay writer with over five years of excellent essay writing. In my years as a custom essay writer, I have completed more than 2,000 custom essays in a diverse set of subjects. When you order essays from me, you are working with one of the best paper writers on the web. One of the most common questions I get from customers is: “can you write my essay?” Upon hearing that request, my goal is to provide the best essays and overall essay help available on the web. I have worked on papers in subjects such as Nursing and Healthcare, English Literature, Sociology, Philosophy, Psychology, Education, Religious Studies, Business, Biological Sciences, Communications and Media, Physical Sciences, Marketing and many others. In these fields, my specialties lie in crafting professional standard custom writings. These include, but are not limited to: research papers, coursework, assignments, term papers, capstone papers, reviews, summaries, critiques, proofreading and editing, and any other college essays.
My extensive custom writings experience has equipped me with a set of skills, research abilities and a broad knowledge base that allows me to navigate diverse paper requirements while keeping my promise of quality. Furthermore, I have also garnered excellent mastery of paper formatting, grammar, and other relevant elements. When a customer asks me to write their essay, I will do my best to provide the best essay writing service possible. I have satisfactorily offered my essay writing services for High School, Diploma, Bachelors, Masters and Ph.D. clients.
I believe quality, affordability, flexibility, and punctuality are the principal reasons as to why I have risen among the best writers on this platform. I deliver 100% original papers that pass all plagiarism check tests (Turnitin, Copyscape, etc.). My rates for all papers are relatively affordable to ensure my clients get quality essay writing services at reasonable prices.
4.50+
5+ Reviews
14+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
Limo.com had the following balances on December 31, 2015, before the year-end adjustments: The aging of receivables yields these data: Journalize Limo.com's entry to adjust the allowance account to...
-
Umbrella.com had the following balances on December 31, 2012, before the year-end adjustments: The aging of receivables yields these data: Journalize Umbrellas entry to adjust the allowance account...
-
Limo.com had the following balances on December 31, 2013, before the year-end adjustments: The aging of receivables yields these data: Journalize Limo.corns entry to adjust the allowance account to...
-
Jorge has investments in two limited partnerships, both of which constitute passive activities. This year, Jorges distributive share of income or loss from each partnership is as follows: In addition...
-
Show that if p is an odd prime and a is an integer not divisible by p, then the congruence x2 a (mod p) has either no solutions or exactly two incongruent solutions modulo p.
-
Calculate the pH of a 0.5 M solution of Ca(HSe) 2 , given that H 2 Se has K a1 = 1.3 x 10 -4 and K a2 = 1 x 10 -11 .
-
99 percent per month. In 2014, Boling resolved his suit against the gas can manufacturer. Shortly thereafter, Prospect sent Boling a Schedule of Purchases, asserting that Boling owed Prospect...
-
1. Assume you are a financial analyst who works for a major brokerage company that is heavily invested in Bre-X Minerals. a. In what ways would investigating management and directors help determine...
-
Find the slope m and y-intercept b. (If an answer is undefined, enter UNDEFINED. If an answer does not exist, enter DNE.) x = -7 m = b = XX Graph the equation. No Solution Help -10 8 7 6 5 4 3 -2-1...
-
Suppose that Carl and Simon sign a marketing agreement. They decide to determine their total output jointly and to each produce the same number of pumpkins. To maximize their joint profits, how many...
-
For each of the following notes receivable, compute the amount of interest revenue earned during 2018. Use a 360-day year, and round to the nearest dollar. Interest Period During 2018 Principal...
-
Bright Smile Dental Group started 2018 with Accounts Receivable of $134,000 and a credit balance of $9,000 in Allowance for Uncollectible Accounts. The following information relates to Bright Smile...
-
To forward-bias a diode, to which region must the positive terminal of a voltage source be connected?
-
Gas expands from a volume of 10.00L to a volume of 15.00L against a pressure of 1.000atm. During this process, 6.000k] of heat is transferred from the gas to the surroundings. What is the change in...
-
Explain what we want the Federal Reserve to be independent of, why that is important, and what parts of its structure help give it independence.
-
What is the primary barrier to entry in the operating systems market? How does Netscapes product threaten to remove this barrier?
-
Do some research on the company you chose in the Start Here Discussion. Post an answer to at least one (1) question for each chapter as it relates to your chosen company. The company name is COCA...
-
Question 1 Income per person exceeds $25,000 in many countries, but is below $1,000 per person in many other countries. Based on the solow growth model, suggest at least three possible explanations...
-
Nixtel Inc. reported net receivables of $2,583 million and $2,785 million at December 31, 2017, and 2016, after subtracting allowances of $62 million and $88 million at these respective dates. Nixtel...
-
Software Solution is family-owned business that has been in operation for more than 15 year. The board of directors is comprised of mainly family members, plus a few professionals such as an...
-
Frontier, Inc., had the following stockholders equity on November 30: Stockholders Equity Paid-in Capital: Common Stock, $4 par, 500,000 shares authorized, 90,000 shares issued and...
-
Bukala Manufacturing, Co., has the following selected account balances at January 31, 2012. Requirement 1. Prepare the stockholders equity section of the companys balance sheet. Common Stock, no par...
-
At December 31, 2011, Fernandes, Corp., reported the following stockholders equity. Paid-in Capital: Common Stock , $6 par, 200,000 shares authorized, 140,000 shares issued.............. $ 840,000...
-
Details of the capital structure of Webber Ltd. appear below: Bonds Number issued Coupon rate Interest payments Years to maturity 27,000 6% semi-annually 10 $90 Current price Preferred shares Number...
-
An Ice cream company has commissioned an ice sculpture for their end of year celebration. The ice sculpture is in the shape of a giant ice cream cone-the shape can be thought of as a cone with one...
-
1. A soft drink vendor at a popular beach resort analyzes his sales records and finds that if he seels x cans of pop in one day, his profit in dollars is given by the function P(x) = -0.012+3x-80....
Study smarter with the SolutionInn App