The aging of accounts receivable for Wholesale Animal Feed Company is shown below. Calculate the amount...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The aging of accounts receivable for Wholesale Animal Feed Company is shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. After calculating the estimated uncollectible amounts, write the adjusting entry for the end of the current period. Est. Uncollectible Accts. Balance Percentage Amount Age Interval 850,000 3.50% Not past due 47,500 5.00% 1-30 days past due 21,750 10.00% 31-60 days past due 11,250 20.00% 61-90 days past due 5,065 30.00% 91-180 days past due 2,500 50.00% 181-365 days past due 1,145 95.00% Over 365 days past due 939,210 Total JOURNAL ENTRY: date account debit credit What would the journal entry be if the allowance for doubtful accounts had a debit balance of $1,135.00 at the end of the period? JOURNAL ENTRY: date account debit credit The aging of accounts receivable for Wholesale Animal Feed Company is shown below. Calculate the amount of each periodicity range that is deemed to be uncollectible. The Allowance for Doubtful Accounts carries a credit balance of $1,135.00. After calculating the estimated uncollectible amounts, write the adjusting entry for the end of the current period. Est. Uncollectible Accts. Balance Percentage Amount Age Interval 850,000 3.50% Not past due 47,500 5.00% 1-30 days past due 21,750 10.00% 31-60 days past due 11,250 20.00% 61-90 days past due 5,065 30.00% 91-180 days past due 2,500 50.00% 181-365 days past due 1,145 95.00% Over 365 days past due 939,210 Total JOURNAL ENTRY: date account debit credit What would the journal entry be if the allowance for doubtful accounts had a debit balance of $1,135.00 at the end of the period? JOURNAL ENTRY: date account debit credit
Expert Answer:
Answer rating: 100% (QA)
Age Int val not past 130 Due 31 60 6190 91180 TRI365 over 365 ... View the full answer
Related Book For
Fundamentals of Corporate Finance
ISBN: 978-1118845899
3rd edition
Authors: Robert Parrino, David S. Kidwell, Thomas W. Bates
Posted Date:
Students also viewed these accounting questions
-
Below is a partial aging of accounts receivable for Bitar Roofing Services. Fill in the rest of the information and determine Bitar's days' sales outstanding. How does it compare to the industry...
-
Aging schedule: A partial aging of accounts receivable for Lincoln Cleaning Services is given in the accompanying table. What percent of receivables are in the 45-day range? Determine the firm's...
-
The following aging of accounts receivable is for Coby Company at the end of 2012: Coby Company had a credit balance of $20,000 in its allowance for bad debts account at the beginning of 2012....
-
Develop a media plan that supports the planned marketing campaign. Include: a media budget, recommendations and rationale for the selected and integrated multi-media activities within the set budget...
-
What are the problems and limitations of analyzing financial ratios based on Brookfield's consolidated financial statements? Explain your reasons.
-
The diagram shows part of the curve with equation y = f(x), where f(x) = x 2 7x + 5 ln x + 8, x > 0. The points A and B are the stationary points of the curve. a. Using calculus and showing your...
-
The concept of a critical insulation radius was introduced in Example 3.6. Consider the thin-walled copper tube and insulation of the example. Now, the tube temperature is \(-10^{\circ} \mathrm{C}\)...
-
The Jenkins Corporation has purchased an executive jet. The company has agreed to pay $200,000 per year for the next 10 years and an additional $1,000,000 at the end of the 10th year. The seller of...
-
Given: Permeability, k = 40 x 104 cm/s Saturated unit weight of the soil = 20 kN/m Other information shown in the Figure E3-3 Determine the following: (a) Quantity of Discharge (b) Total vertical...
-
An end loader for a small garden tractor is shown. All connections are pinned. The only significant weight is W . (a) Draw six FBDs, one each for members BC, DG, and AEF , plate CDE, hydraulic...
-
On July 1, ABC Company purchased a building for $1,243,000 and uses the 200% declining-balance depreciation method. The estimated residual value of the building is $155,000 and it has an expected...
-
Explain how self-awareness impacts the communication process.
-
In three to five paragraphs, describe three triggers that could lead to emotional hijacking for you. For each trigger, explain one or two strategies you can use to calm down and communicate...
-
Describe and apply the components of the reviewing stage, including a FAIR test, proofreading, and feedback.
-
Robert W. Selander, former president and CEO of MasterCard, was asked, What are the most important leadership lessons you have learned? He responded by describing some of his international...
-
Use the story line approach to presentations.
-
Frank supervises numerous employees, including Irene. On one project during the year, Irene made a small mistake that cost the company money. Six months later, and shortly before completing Irene's...
-
Ann hires a nanny to watch her two children while she works at a local hospital. She pays the 19 year-old nanny $125 per week for 48 weeks during the current year. a. What is the employers portion of...
-
Kelly Martin has $10,000 that she can deposit into a savings account for five years. Bank A pays compounds interest annually, Bank B twice a year, and Bank C quarterly. Each bank has a stated...
-
What does "4/15, net 30" mean?
-
Suppose that you know the risk and the expected return for two stocks. Discuss the process you might utilize to determine which of the two stocks is a better buy. You may assume that the two stocks...
-
Using the potential theory obtain the damping for a cycle of (i) plunge, (ii) pitch oscillations.
-
Consider a delta wing with sweep angle \(\Lambda\). Show that the expressions 8.11 and 8.12 give the same lift line slope for the delta wing. Eq 8.11 Eq 8.12 = CD CD+CL tan
-
Using the Polhamus theory obtain the drag polar for a delta wing with sweep angle \(75^{\circ}\).
Study smarter with the SolutionInn App