Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding...
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Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $100,000, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,700 credit balance before the adjustment. (b) a $500 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,700 credit balance before the adjustment. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $500 debit balance before the adjustment. Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 650,000 $ 412,000 1 to 30 $ 106,000 Days Past Due 31 to 60 61 to 90 Over 90 $ 52,000 $ 34,000 $ 46,000 2% 3% 6% 8% 11% Exercise 7-13 (Algo) Aging of receivables method LO P3 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $5,200 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 $1,700 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: 1 to 30: Accounts Receivable Percent Uncollectible (%) Estimated Uncollectible x 31 to 60: 61 to 90: x x x Over 90: x Estimated balance of allowance for uncollectibles = 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 $5,200 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 $1,700 debit. Journal entry worksheet 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,200 credit balance. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables 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 $13,600 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 $2,600 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the lowance for Doubtful Accounts is a $13,600 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the lowance for Doubtful Accounts is a $2,600 debit. Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $13,600 credit balance. Mazie Supply Company uses the percent of accounts receivable method. On December 31, it has outstanding accounts receivable of $100,000, and it estimates that 5% will be uncollectible. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has: (a) a $1,700 credit balance before the adjustment. (b) a $500 debit balance before the adjustment. View transaction list Journal entry worksheet 1 2 Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $1,700 credit balance before the adjustment. Prepare the year-end adjusting entry to record bad debts expense under the assumption that the Allowance for Doubtful Accounts has a $500 debit balance before the adjustment. Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 650,000 $ 412,000 1 to 30 $ 106,000 Days Past Due 31 to 60 61 to 90 Over 90 $ 52,000 $ 34,000 $ 46,000 2% 3% 6% 8% 11% Exercise 7-13 (Algo) Aging of receivables method LO P3 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 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 $5,200 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 $1,700 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. Not due: 1 to 30: Accounts Receivable Percent Uncollectible (%) Estimated Uncollectible x 31 to 60: 61 to 90: x x x Over 90: x Estimated balance of allowance for uncollectibles = 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 $5,200 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 $1,700 debit. Journal entry worksheet 1 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $5,200 credit balance. a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables 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 $13,600 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 $2,600 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the lowance for Doubtful Accounts is a $13,600 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the lowance for Doubtful Accounts is a $2,600 debit. Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $13,600 credit balance.
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