This tion 10 NDecember 31,21, before any yeendusnents he Accourts Reetie balancef Apha Compeny ,S.0o The...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
This tion 10 NDecember 31,21, before any yeendusnents he Accourts Reetie balancef Apha Compeny ,S.0o The AlowaneUnclecit As has 5,00 eda Aa p h ng g he onu labe ICa he (ww fue Read the rereents Requrement 1. Baed on heing of Acu Receivate ted tae lowae coude egse w Firt, aid alownce for oolect eurt and e ing try ourt oundheret Afewance for Uneete Aem Credt be neede 1-30 31-40 1-00 Over o Aatig ery eno The e Decener A t nte A oude thue Pentt t n M man 2. ae tey oret ty the aging schat PepaTaccou ewance The umtee Fet make the aniy by the agrg hedue e f hen cred Eute ep ay Jual Ery nsic Dete Acceunts Debi Cred ENT Dec 31 Requirement 2. Make the entry required by the aging schedule. Prepare a Taccount for the alowance First, make the entry required by the aging schedule. (Record debits frst, then credits, Exclude explanations trom any joumal entries) Journal Entry Date Accounts Debit Credit Dec 31 Now, prepare a T-account for the alowance Alowance for Uncollectitie Accounts Requirement 3. Show how Apha wil repon Accounts Recevatie on its December 31 balance sheet First show the singie ine presentation Balance Sheet (Partial: Current assets Now show the detail presentalion Balance Sheet (Partial Less he d Data table - X Age of Accounts is fro 31-60 61-90 Over 90 Total Balance 1-30 Days Days Days Days $390,000 $160,000 $120,000 $80,000 $30,000 Estimated uncollectible 0.6 % 2.0 % 5.0 % 40.0 % Print Done This tion 10 NDecember 31,21, before any yeendusnents he Accourts Reetie balancef Apha Compeny ,S.0o The AlowaneUnclecit As has 5,00 eda Aa p h ng g he onu labe ICa he (ww fue Read the rereents Requrement 1. Baed on heing of Acu Receivate ted tae lowae coude egse w Firt, aid alownce for oolect eurt and e ing try ourt oundheret Afewance for Uneete Aem Credt be neede 1-30 31-40 1-00 Over o Aatig ery eno The e Decener A t nte A oude thue Pentt t n M man 2. ae tey oret ty the aging schat PepaTaccou ewance The umtee Fet make the aniy by the agrg hedue e f hen cred Eute ep ay Jual Ery nsic Dete Acceunts Debi Cred ENT Dec 31 Requirement 2. Make the entry required by the aging schedule. Prepare a Taccount for the alowance First, make the entry required by the aging schedule. (Record debits frst, then credits, Exclude explanations trom any joumal entries) Journal Entry Date Accounts Debit Credit Dec 31 Now, prepare a T-account for the alowance Alowance for Uncollectitie Accounts Requirement 3. Show how Apha wil repon Accounts Recevatie on its December 31 balance sheet First show the singie ine presentation Balance Sheet (Partial: Current assets Now show the detail presentalion Balance Sheet (Partial Less he d Data table - X Age of Accounts is fro 31-60 61-90 Over 90 Total Balance 1-30 Days Days Days Days $390,000 $160,000 $120,000 $80,000 $30,000 Estimated uncollectible 0.6 % 2.0 % 5.0 % 40.0 % Print Done
Expert Answer:
Answer rating: 100% (QA)
1Age of accounts 130 days 3160 days 6190 days Over 90 days Total Accounts REceivable 160000 120000 ... View the full answer
Related Book For
Vector Mechanics for Engineers Statics and Dynamics
ISBN: 978-0073212227
8th Edition
Authors: Ferdinand Beer, E. Russell Johnston, Jr., Elliot Eisenberg, William Clausen, David Mazurek, Phillip Cornwell
Posted Date:
Students also viewed these accounting questions
-
E and F are vector fields given by E = 2xax + ay + yzaz and F = xyax y2ay+ xyzaz. Determine: (a) |E| a t (l, 2, 3) (b) The component of E along F at (1, 2, 3) (c) A vector perpendicular to both E...
-
Prepare T accounts and a journal entry on April 2 for cash received for services rendered, $3,600. The opening balance for cash is $4,000, and the opening balance for services rendered is $12,000.
-
JOURNAL DATE DESCRIPTION DEBIT CREDIT 1 12-Jan Wages & Salaries 1 2 FICA Taxes PayableOASDI 2 3 FICA Taxes PayableHI 3 4 Employees FIT Payable 4 5 Employees SIT Payable 5 6 Employees SUTA Payable 6 7...
-
Explain the economic basis for the U shape of the long-run average total cost curve.
-
Bill Joyner is evaluating a new ticketing system for his theater. The system will cost $225,000 and will save the theater $57,275 in annual cash operating costs. Bill expects the new system to last...
-
(1) Set up an integral for the volume of the solid obtained by rotating the region bounded by the given curve about the specified axis. (2) Use your calculator to evaluate the integral correct to...
-
Harnischfeger Corporation was a mining machinery and equipment company based in Wisconsin. The company voluntarily changed its depreciation accounting policy from the accelerated method to the...
-
Jetson Spacecraft Corp. shows the following information on its 2011 income statement: sales = $235,000; costs = $141,000; other expenses = $7,900; depreciation expense =17,300; interest expense =...
-
Management of a T-shirt manufacturer believes if the company applies lean principles, then cycle efficiency can be improved. The following are estimated completion times for different activities in...
-
There is a parcel of land next to the Playful Paws, Inc. building. Ellen, the owner of this property, approached John to discuss the idea of selling it to him. John is interested. Ellen knows that...
-
Perform a critical analysis of the following concept that is explored in the film "RACE": The need to leave a legacy and the scope it can have. with your critical analysis. My goal is to see that you...
-
In what ways can the resource-based view of the firm be used to analyze organizational capabilities and behavior?
-
1.The health care provider prescribes 30 mg of methylphenidate to a child with autism. The methylphenidate is to be given in two divided doses. The concentration is 10 mg/5 mL. How many milliliters...
-
Price discrimination is a common feature of many oligopolistic markets. Describe the different types of price discrimination, and examine whether a two-sided market (i.e., a platform) is also a form...
-
The product cost of the garment is $75. The targeted gross profit % is 35%.what is The selling price ?
-
During a test, you already got 21 correct answers out of 33. 1. Give an expression for your grade as a function of the number of additional correct answers 2. How many more correct answers do you...
-
What does Ries mean by the term "validated learning" in the context of Part 1? O a. Learning from textbooks O b. Learning from industry experts O c. Learning that is confirmed by experiments and data...
-
Grace is training to be an airplane pilot and must complete five days of flying training in October with at least one day of rest between trainings. How many ways can Grace schedule her flying...
-
A 360-g ball is connected to a paddle by means of an elastic cord AB of constant k = 70 N/m. Knowing that the paddle is moved vertically according to the relation = m sin ft with an amplitude m =...
-
Two uniform rods, each of mass m and length l, are welded together to form an L-shaped assembly. The assembly is constrained by two springs, each of constant k, and is in equilibrium in a vertical...
-
Knowing that α =25°, determine the tension (a) In cable AC, (b) In rope BC. 5 kN
-
Urcarco, Inc., was a publicly held used-car dealer that had defined its market niche as customers with a low or no credit rating. In some years, Urcarcos repossession rate had run as high as 40...
-
U.S. Airways recognizes revenue from airline ticket sales when a customer takes a flight or not later than one year from the date of sale (flight coupons have a useful life of one year from the date...
-
MicroStrategy, Inc., is a software company that sells its services to other companies under multiyear contracts (on average for three years). The contracts call for a minimum fee, paid monthly, and...
Study smarter with the SolutionInn App