Wildhorse Publishers, uses the allowance method to estimate uncollectible accounts receivable. The company produced the following...

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Wildhorse Publishers, uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end (¥ in thousands). Calculate the total estimated bad debts based on the below information. Num Total 0-30 31-60 Accounts receivable 166,400 71,700 37,800 % uncollectible 1% 4% Estimated Bad debts ¥ ¥ ¥ Wildhorse Publishers, uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end (¥ in thousands). Calculate the total estimated bad debts based on the below information. Number of Days Outstanding 31-60 61-90 91-120 Over 120 37,800 32,600 15,700 $8,600 4% 5% 8% 20% ¥ ¥ ¥ ¥ (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a ¥7,500 debit. (c) Of the above accounts, ¥5,500 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects ¥5,500 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entries necessary to restore the account and record the cash collection. No Account Titles and Explanation (b) (c) (d) (To reverse write-off.) (To record collection of write off.) Debit ▬▬▬ Credit TULL Wildhorse Publishers, uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end (¥ in thousands). Calculate the total estimated bad debts based on the below information. Num Total 0-30 31-60 Accounts receivable 166,400 71,700 37,800 % uncollectible 1% 4% Estimated Bad debts ¥ ¥ ¥ Wildhorse Publishers, uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end (¥ in thousands). Calculate the total estimated bad debts based on the below information. Number of Days Outstanding 31-60 61-90 91-120 Over 120 37,800 32,600 15,700 $8,600 4% 5% 8% 20% ¥ ¥ ¥ ¥ (b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a ¥7,500 debit. (c) Of the above accounts, ¥5,500 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects ¥5,500 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entries necessary to restore the account and record the cash collection. No Account Titles and Explanation (b) (c) (d) (To reverse write-off.) (To record collection of write off.) Debit ▬▬▬ Credit TULL

Answer rating: 100% (QA)

a Number of Days Outstanding Total 030 3160 6190 91120 Over 120 Accounts receivable 166400 71... View the full answer