Journalize entries to record transactions related to bad debts Presented below is an aging schedule for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Loucks Company Customer Alma Browne Conlon Dalton Others Estimated Percentage Uncollectible Total Estimated Bad Debts Total Not yet due $30,000 45,000 75,000 57,000 189,000 $396,000 $45,000 22,500 $47,970 138,000 $205,500 2% $4,110 1-30 $13,500 7,500 22,500 $43,500 6% Number of Days Past Due 31-60 61-90 $16,500 19,500 $36,000 10% 45,000 $45,000 25% Over 90 $57,000 9,000 $66,000 $2,610 $3,600 $11,250 At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000. Instructions: (a) Journalize and post the adjusting entry for bad debts at December 31, 2014. (b) Journalize and post to the allowance account the following events and transactions in the year 2015. 40% $26,400 Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Loucks Company Customer Alma Browne Conlon Dalton Others Estimated Percentage Uncollectible Total Estimated Bad Debts Total Not yet due $30,000 45,000 75,000 57,000 189,000 $396,000 $45,000 22,500 $47,970 138,000 $205,500 2% $4,110 1-30 $13,500 7,500 22,500 $43,500 6% Number of Days Past Due 31-60 61-90 $16,500 19,500 $36,000 10% 45,000 $45,000 25% Over 90 $57,000 9,000 $66,000 $2,610 $3,600 $11,250 At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000. Instructions: (a) Journalize and post the adjusting entry for bad debts at December 31, 2014. (b) Journalize and post to the allowance account the following events and transactions in the year 2015. 40% $26,400
Expert Answer:
Answer rating: 100% (QA)
a Journalize and post the adjusting entry for bad d... View the full answer
Related Book For
Accounting Principles
ISBN: 9781118566671
11th Edition
Authors: Jerry Weygandt, Paul Kimmel, Donald Kieso
Posted Date:
Students also viewed these accounting questions
-
A 45-kg crate is pulled 35 m along a horizontal floor by a constant force exerted by a person, F=115N, which acts at a 32 angle. The coefficient of friction is 0.15. Determine the work done on the...
-
The factory manager is considering the following two quotes from two vendors for purchace and maintanance of an equipment. Vendor X's estimates are all in actual dollars, while Vendor Y's estimates...
-
Presented below is an aging schedule for Garry Owen plc. At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of £14,000. Instructions (a) Journalize and...
-
In five sentences or more answer the following question: Was Japanese Internment necessary to protect Americas national security? Why / why not?
-
The following table gives the 2015 life expectancy at birth for several countries. (a) Use the method of least squares to obtain the straight line that best fits these data. (b) In Greece, the life...
-
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March. March 1 Brooks invested $150,000 cash along with $22,000 in office...
-
What is the basic principle used in Rayleigh's method?
-
Franklin Paper Company manufactures newsprint. The product is manufactured in two departments, Papermaking and Converting. Pulp is first placed into a vessel at the beginning of papermaking...
-
The Cantina Restaurant in Reno Nevada has just started a new restaurant in Arizona and has asked you to analyze their operation. Their latest month shows the following results: Number of meals...
-
Write a paragraph in which you explain how an online retailer might use its return policy to gain a competitive advantage.
-
A rope attached at both ends has consecutive standing wave modes for which the approximate distances between two adjacent nodes are 181 mm and 166 mm, respectively. (a) What is the length of the...
-
What would the answer be to number 4 if the city also collected $100,000 of the prior years taxes during the first two months of the current fiscal year and another $53,000 of the prior years taxes...
-
Calculate U.S. depreciation and net investment during 2019. The Bureau of Economic Analysis reported that the U.S. capital stock was $64.8 trillion at the end of 2017, $68.2 trillion at the end of...
-
Find some recent projections for the future path of the U.S. government debt as a percentage of GDP. What assumptions are made about government spending, taxes, and economic growth? Do you think...
-
Ann gives Haken the impression that Carol is Anns agent, when in fact she is not. Haken deals with Carol as Anns agent. Regarding any agency relationship, Ann a. can deny it. b. can deny it to the...
-
Vodafones Expected Profits Down The British telecom company Vodafone has lowered its expectations of profit growth for the year in the face of revenue losses owing to fierce competition in India and...
-
Simplify the expression. Assume that all bases are not equal to 0. 4 5 (2) - = 5 6q 6g T
-
Define the term utility software and give two examples.
-
Heidebrecht Design acquired 20% of the outstanding common stock of Quayle Company on January 1, 2014, by paying $800,000 for the 30,000 shares. Quayle declared and paid $0.30 per share cash dividends...
-
A worksheet is a permanent accounting record and its use is required in the accounting cycle. Do you agree? Explain.
-
What is the difference between a favorable cost variance and an unfavorable cost variance?
-
A flywheel is mounted on a vertical shaft, as shown in Fig. 2.76. The shaft has a diameter \(d\) and length \(l\) and is fixed at both ends. The flywheel has a weight of \(W\) and a radius of...
-
A TV antenna tower is braced by four cables, as shown in Fig. 2.77. Each cable is under tension and is made of steel with a cross-sectional area of \(322 \mathrm{~mm}^{2}\). The antenna tower can be...
-
A building frame is modeled by four identical steel columns, each of weight \(w\), and a rigid floor of weight \(W\), as shown in Fig. 2.79. The columns are fixed at the ground and have a bending...
Study smarter with the SolutionInn App