At December 31, 2014, before any year-end adjustments, the Accounts Receivable balance of White Electronics Inc...

 

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At December 31, 2014, before any year-end adjustments, the Accounts Receivable balance of White Electronics Inc is $360,000. The Allowance for Doubtful Accounts has a $29,200 credit balance. White Electronics Inc prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Requirements 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? 2. Make the entry required by the aging schedule. 3. Show how White Electronics Inc will report Accounts Receivable on its December 31 balance sheet. C Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? Before we can assess whether the current balance of the allowance account is adequate, we first have to calculate a revised allowance for doubtful accounts amount. (Round to the nearest dollar.) Allowance for Doubtful Accounts: Credit balance needed 1-30 31-60 I 61-90 Over 90 Subtotal Less: Unadjusted balance Adjusting entry amount The credit balance at December 31 in Allowance for Doubtful Accounts should be $. The current balance is $ Requirement 2. Make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) First, prepare the journal entry using the adjusting entry amount we calculated in the first step. At December 31, 2014, before any year-end adjustments, the Accounts Receivable balance of White Electronics Inc is $360,000. The Allowance for Doubtful Accounts has a $29,200 credit balance. White Electronics Inc prepares the following aging schedule for Accounts Receivable: (Click the icon to view the aging schedule.) Requirements 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? 2. Make the entry required by the aging schedule. 3. Show how White Electronics Inc will report Accounts Receivable on its December 31 balance sheet. C Requirement 1. Based on the aging of Accounts Receivable, is the unadjusted balance of the allowance account adequate? Too high? Too low? Before we can assess whether the current balance of the allowance account is adequate, we first have to calculate a revised allowance for doubtful accounts amount. (Round to the nearest dollar.) Allowance for Doubtful Accounts: Credit balance needed 1-30 31-60 I 61-90 Over 90 Subtotal Less: Unadjusted balance Adjusting entry amount The credit balance at December 31 in Allowance for Doubtful Accounts should be $. The current balance is $ Requirement 2. Make the entry required by the aging schedule. (Record debits first, then credits. Exclude explanations from any journal entries.) First, prepare the journal entry using the adjusting entry amount we calculated in the first step.

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Requirement1 Closing Balance of Allowance for Uncollectable Amounts 25280 Estimated Uncollectable in ... View the full answer