3. Prepare the Samsung Inc has customer accounts in its Accounts receivable subsidiaryledger. On September 31 2004, an aging schedule was prepared. The results aresummarized below:GROUPAMOUNTUNCOLLECTIBLE % EstimatedUncollectibleAccountsNot yet due1-30 days past due31-60 days past due61-90 days past dueRs.200,000120,000130,00015200,00030Over 90 days past due50,00050Required: Prepare a schedule to compute Estimated Uncollectible Accounts

Aging Schedule Group Amount (A) Uncollectible % (B) Estimated Uncollectible Accounts (AxB) Not…

3. Prepare the Samsung Inc has customer accounts in its Accounts receivable subsidiary ledger. On September 31 2004, an aging schedule was prepared. The results are summarized below: UNCOLLECTIBLE % Estimated Uncollectible GROUP AMOUNT Accounts Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Rs.200,000 2 120,000 5 130,000 15 200,000 50,000 30 50 Required: Prepare a schedule to compute Estimated Uncollectible Accounts

3. Prepare the Samsung Inc has customer accounts in its Accounts receivable subsidiary ledger. On September 31 2004, an aging schedule was prepared. The results are summarized below: UNCOLLECTIBLE % Estimated Uncollectible GROUP AMOUNT Accounts Not yet due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Rs.200,000 2 120,000 5 130,000 15 200,000 50,000 30 50 Required: Prepare a schedule to compute Estimated Uncollectible Accounts

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 4MC

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Prepare the Samsung Inc has 200 customer accounts in its Accounts receivable subsidiary ledger. On September 31 2004, an aging schedule was prepared. The results are summarized below: GROUP AMOUNT UNCOLLECTIBLE % Estimated Uncollectible Accounts Not yet due Rs 200,000 2 1-30 days past due 120,000 5 31-60 days past due 130,000 15 61-90 days past due 200,000 30 Over 90 days past due 50,000 50 Required: Prepare a schedule to compute Estimated Uncollectible Accounts
Arguson, Apor and Herrera, CPAs prepared the following aging of its accounts receivable as at December 31, 2020:Age Amount Default RateCurrent P3,000,000 1%Past due:Less than 30 days 500,000 3%31 to 90 days 350,000 10%91 to 150 days 200,000 30%Over 150 days 150,000 50%The Company has receivables amounting to P50,000 from Lacson, Parayday and Magnaye, CPAs, which already closed its business on December 31, 2020. The management decided to write off this account.The beginning balance of allowance for doubtful…
22. Ernst Company experienced the following changes in selected accounts for the current year:· Accrual sales- P6,000,000· Account receivable, January 1- P1,000,000· Account receivable, December 31- P900,000· Advances from customers, January 1- P300,000 · Advances from customers, December 31- P800,000How much was received from customers during the year?
1. An analysis of the receivables as at the end of the year of Madeni Limited revealed the followingAgeBalance –Ksh ‘000Current 3,4001 to 30 days 1,20031 to 60 days 2,70061 to 90 days 2,30091 to 120 days 1,400121 to 180 days 700181 to 365 days 1,000Over 365 days 1,30014,000From experience, the company estimates that 1% of the current debtors will not pay, 3% of debtors between 1-30 days will not pay, 5% of the debtors between 31-60 days will not pay, 7% of the debtors between 61-90 days will not pay, 10% of the debtors between 91-120 days will not pay, 15% of the debtors between 121-180 days will not pay, 20% of the debtors between 181-365 days will not pay and 50% of the over 365 days old debtors will not pay.Required:a) Using the Aging Method, determine the balance of allowance for doubtful debts as at the end of the yearb) Pass the journal entry needed. The beginning balance for the Allowance for Doubtful accounts is Ksh 1,750,000
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1. Orr Company prepared an aging of accounts receivable on December 31, 20XX and determined that the net realizable value of the accounts receivable was P2,500,000. Additional information is available as follows: Allowance for doubtful accounts on January 1 - 280,000 Accounts written off as uncollectible - 230,000 Accounts receivable on December 31 - 2,700,000 Uncollectible accounts recovery - 50,000 For the year ended December 31, 20XX, what amount should be recognized as doubtful accounts expense?
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Needed in 20 minutes 6. Q Company has the following information on December 31, 20x1 before any year-end adjustments:Accounts receivable, beginning balance, 100,000Net credit sales, 290,000Collections from customers (excluding recoveries), 160,000Allowance for doubtful accounts, beginning balance, 30,000Write-offs, 15,000Recoveries, 3,000Percentage of receivables, 10%Compute the net realizable value of accounts receivable
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Company provided the following information related to its accounts receivable. Last year 12/31 Estimated that P7,000 of accounts receivable would become uncollectible. Current year 1/05 Wrote-off the P 5,000 balance owed by J Company and the 2,000 balance owed by F Company. 3/18 Reinstate the account of J Company that had been written off since they signify and confirmed the payment. 3/21 Receipt of payment in full. Required: Journalize the transactions
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