P9-1A The September 30, 2020, balance sheet of Kroenke Products reported the following: Accounts Receivable Allowance...
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P9-1A The September 30, 2020, balance sheet of Kroenke Products reported the following: Accounts Receivable Allowance for Doubtful Accounts (credit balance) 1 2 3 4 5 During the last quarter of 2020, Kroenke Products completed the following selected transactions: Dec. 30 Wrote off the following accounts receivable as uncollectible: Barry 31 White, $2,500; Carlos Media, $2,200; and Doug Zabellos, $1,100 5,300) wriz $310,000 10,000 Recorded bad debt expense (rounded up to the nearest dollar) based on the aging of accounts receivable, as follows: 61200 A Age of Accounts Receivable Accounts Receivable Estimated percent uncollectible D E 61-90 Over 90 1-30 31-60 Days Days Days Days Total $179,000 $95,000 $37,500 $17,000 $328,500 0.1% 0.3% 5.0% 40.0% Categ 479 285 4,815 61800 9, 139 Required 1. Record the transactions in the general journal. 2. Open the Allowance for Doubtful Accounts three-column ledger account and post entries affecting that account. Keep a running balance. will 3. Most companies report two-year comparative financial statements. If Kroenke Products' Accounts Receivable balance was $320,000 and the Allowance for Doubt ful Accounts stood at $12,000 at December 31, 2019, show how the company report its Accounts Receivable in a comparative balance sheet for 2020 and 2019 4. Suppose, on December 31, the bad debt expense was based on an estimate of 4 per cent of the accounts receivable balance rather than on the aging of accounts receiv able. Record the December 31, 2020, entry for bad debt expense in the general journal P9-1A The September 30, 2020, balance sheet of Kroenke Products reported the following: Accounts Receivable Allowance for Doubtful Accounts (credit balance) 1 2 3 4 5 During the last quarter of 2020, Kroenke Products completed the following selected transactions: Dec. 30 Wrote off the following accounts receivable as uncollectible: Barry 31 White, $2,500; Carlos Media, $2,200; and Doug Zabellos, $1,100 5,300) wriz $310,000 10,000 Recorded bad debt expense (rounded up to the nearest dollar) based on the aging of accounts receivable, as follows: 61200 A Age of Accounts Receivable Accounts Receivable Estimated percent uncollectible D E 61-90 Over 90 1-30 31-60 Days Days Days Days Total $179,000 $95,000 $37,500 $17,000 $328,500 0.1% 0.3% 5.0% 40.0% Categ 479 285 4,815 61800 9, 139 Required 1. Record the transactions in the general journal. 2. Open the Allowance for Doubtful Accounts three-column ledger account and post entries affecting that account. Keep a running balance. will 3. Most companies report two-year comparative financial statements. If Kroenke Products' Accounts Receivable balance was $320,000 and the Allowance for Doubt ful Accounts stood at $12,000 at December 31, 2019, show how the company report its Accounts Receivable in a comparative balance sheet for 2020 and 2019 4. Suppose, on December 31, the bad debt expense was based on an estimate of 4 per cent of the accounts receivable balance rather than on the aging of accounts receiv able. Record the December 31, 2020, entry for bad debt expense in the general journal
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1 Date Account Titles Debit Credit Dec30 Allowance for Doubtful Accounts 5800 Acco... View the full answer
Related Book For
Horngrens Accounting
ISBN: 978-0133855371
10th Canadian edition Volume 1
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann L. Johnston, Peter R. Norwood
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