chapter 8

Presented below is an aging schedule for Skysong, Inc. at December 31, 2021. Number of Days Past Due Not Yet Due Over 90 Customer Total 1-30 31-60 61-90 Aneesh $ 25,300 $11,400 $13,900 Bird 35,500 $ 35,500 Cope 55,300 5,500 5,700 $44,100 De Spears 35,000 $35,000 Others 125,400 95,400 16,000 14,000 $276,500 $136,400 $33,100 $27,900 $44,100 $35,000 Estimated percentage uncollectible 3% 7% 12% 24% 60% Total estimated uncollectibles $ 41,341 $ 4,092 $ 2,317 $ 3,348 $ 10,584 $21,000 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,600. Journalize the adjusting entry for bad debts at December 31, 2016. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Post the adjusting entry for bad debts at December 31, 2016. Bad Debts Expense Allowance for Doubtful Accounts 4 Journalize the 2017 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. March 1, a $600 customer balance originating in 2016 is judged uncollectible. 2. May 1, a check for $600 is received from the customer whose account was written off as uncollectible on March 1. No. Date Account Titles and Explanation Debit Credit 1. 2. (To reinstate account previously written off) Post to the allowance account these 2017 events. (Post entries in the order of journal entries posted in the previous part.) Allowance for Doubtful Accounts 2016 Bal. 12/31 12/31 8,000 34,400 42,400 12/31 Bal. 2017 Journalize the adjusting entry for bad debts at December 31, 2017, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,400 and the aging schedule ind ates that total esti ba bts w be $36,700. (Credit accoun titles are automatically ed when amoun entered. not indent manually.) Account Titles and Explanation Debit Credit Question Attempts: 0 of 3 used