Presented below is an aging schedule for Kingbird Company at December 31, 2021. Journalize and post...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Presented below is an aging schedule for Kingbird Company at December 31, 2021. Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is ente Number of Days Past Due Customer Total Not Yet Due Date Account Titles Debit Credit Over 90 1-30 31-60 61-90 Dec. 31 Anders $24,100 $10,200 $13,900 Blake Coulson 40,100 56,100 $40,100 16,300 5,000 $34,800 ad Debts Expense Deleon 33,600 $33,600 Date Explanation Ref. Debit Credit Balance Others 130,600 96,600 15,100 13,400 5,500 Dec. 31 Adjusting $284,500 $153,000 $30,300 $27,300 $34,800 $39,100 Allowance for Doubtful Accounts Estimated Percentage Uncollectible 3% 5% 13% 25% 41% Date Explanation Ref. Debit Credit Balance Total Estimated Bad Debts $ 34,385 $4,590 $1,515 $3,549 $8,700 $16,031 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,800. Dec. 31 Balance Dec. 31 Adjusting Presented below is an aging schedule for Kingbird Company at December 31, 2021. Journalize and post the adjusting entry for uncollectibles at December 31, 2021. (Credit account titles are automatically indented when amount is ente Number of Days Past Due Customer Total Not Yet Due Date Account Titles Debit Credit Over 90 1-30 31-60 61-90 Dec. 31 Anders $24,100 $10,200 $13,900 Blake Coulson 40,100 56,100 $40,100 16,300 5,000 $34,800 ad Debts Expense Deleon 33,600 $33,600 Date Explanation Ref. Debit Credit Balance Others 130,600 96,600 15,100 13,400 5,500 Dec. 31 Adjusting $284,500 $153,000 $30,300 $27,300 $34,800 $39,100 Allowance for Doubtful Accounts Estimated Percentage Uncollectible 3% 5% 13% 25% 41% Date Explanation Ref. Debit Credit Balance Total Estimated Bad Debts $ 34,385 $4,590 $1,515 $3,549 $8,700 $16,031 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,800. Dec. 31 Balance Dec. 31 Adjusting
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
The following information provides details of costs, volume and cost drivers for a particular period in respect of ABC plc, a hypothetical company: ( Details Direct Material $25 Cost Direct Labor 4/3...
-
When calculating days inventory, the average inventory level is compared with the cost of sales. When calculating days debtors, the average accounts receivable balance is compared with the sales...
-
Analyze In the space below: 1. Define the Purpose of your Report. 2. Determine Who your Primary Audience is. a) Consider the extent to which it might go to someone else. What if it does? 3. ...
-
Dash Delivery Co. Ltd operates a freight service and is planning the next years operation. The companys assets are estimated to be \($30\) 400 000 at the beginning of the financial year and \($30\)...
-
The Converting Department of Forever Fresh Towel and Tissue Company had 840 units in work in process at the beginning of the period, which were 75% complete. During the period, 17,600 units were...
-
Prepare a cost of production report for December. Round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter...
-
KENNY B. International Corporation builds radio frequency transponders for 40-foot containers. The most recent containers built requires 14 different activities. KENNY B. International would like to...
-
General plc has recently implemented a system of standard costing. It now has the actual results for the first month of the system's operation to compare with its standard figures. Standard costs:...
-
Javed is a writer who works from home and he lives next door to Tommen who is a drrummer in a local band. tommen needs to practice to earn his share of the band's pofits which is $300. Javed is...
-
On January 1, Year 6, Kiri Company signed a six-month, non-interest-bearing note payable for $170,000 and received $162,800 from Year 6, what amount should Kiri record for interest expense, and what...
-
A corporation had $24,000 of cash at the beginning of the year. During the year, it had sales on account of $21,000 and cash receipts of $25,000 during the year. At the end of the year, it had...
-
WINDON COMPANT Comparative Balance Sheet December 31, Assets 2020 2019 Cash $29,000 $45,000 Short-term investments 30,000 63,000 Accounts receivable (net) 40,300 31,800 Inventory 60,900 70,700...
-
Consider a Mobile Node with a single interface whose Home Address is 192.168.10.30 and Home Agent is 192.168.10.1. Let us assume that the MN roams away from home to FA 192.168.100.6, and then to...
-
The Alert Company is a closely held investment-services group that has been very successful over the past five years, consistently providing most members of the top management group with 50% bonuses....
-
The static deflection of the spring in the system if Figure SP2.9 is \(m g / k\). Indicate whether the statement presented is true or false. If true, state why. If false, rewrite the statement to...
-
What is the small angle assumption and how is it used?
-
Gravity cancels with the static spring force, and hence, the potential energy of neither is included in potential energy calculations for the system of Figure SP2.15. Indicate whether the statement...
Study smarter with the SolutionInn App