Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following...
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Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Accounts receivable Percent uncollectible Total 0 Days Past Due 1 to 30 31 to 60 61 to 90 Over 90 $570,000 $396,000 $90,000 $36,000 $18,000 $30,000 1% 2% 5% 7% 10% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. Accounts receivable Percent uncollectible (%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: X X X X Estimated balance of allowance for uncollectibles = < Req A Req B and C > Req A Req B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. View transaction list Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $3,600 credit balance. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Debit Credit View general journal Clear entry < Req A Req B and C > > Show less Daley Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis. Accounts receivable Percent uncollectible Total 0 Days Past Due 1 to 30 31 to 60 61 to 90 Over 90 $570,000 $396,000 $90,000 $36,000 $18,000 $30,000 1% 2% 5% 7% 10% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using the aging of accounts receivable method. Accounts receivable Percent uncollectible (%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: X X X X Estimated balance of allowance for uncollectibles = < Req A Req B and C > Req A Req B and C Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. View transaction list Journal entry worksheet < 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $3,600 credit balance. Note: Enter debits before credits. Date Dec 31 Record entry General Journal Debit Credit View general journal Clear entry < Req A Req B and C > > Show less
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Related Book For
Fundamental accounting principle
ISBN: 978-0078025587
21st edition
Authors: John J. Wild, Ken W. Shaw, Barbara Chiappetta
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