Assignment 5 (Due: Sunday, 10/6, 11:00 PM CST) Accounts Receivable Aging Method 1. Quebec Market reports the following analysis of potential losses in its accounts receivable: Receivable Balance Age Past Due 0-30 days past due Estimated Loss (%) 0.5% 336 1.8% S0 $67,200 31-60 days past due 30,000 61-90 days past due dustiy 18,000 4.3% Over 90 days past due 3,300 ISO1.50 ALComas 45.5% Total $118,500 3IST.SO The balance of Allowance for Doubtful Accounts is $600 credit balance on December 31, 2019 prior to adjustments. 3151.SO -600- 2SS1.S Required: a. Compute bad debts expense that will be recorded for 2019. (Round to nearest whole dollar.) b. What is the amount of net accounts receivable to be reported on Quebec Market's December 31, 2019 balance sheet? oes'Ril 2,551.50 ।।ऽ १५४, ऽ०

Assignment 5 (Due: Sunday, 10/6, 11:00 PM CST) Accounts Receivable Aging Method 1. Quebec Market reports the following analysis of potential losses in its accounts receivable: Receivable Balance Age Past Due 0-30 days past due Estimated Loss (%) 0.5% 336 1.8% S0 $67,200 31-60 days past due 30,000 61-90 days past due dustiy 18,000 4.3% Over 90 days past due 3,300 ISO1.50 ALComas 45.5% Total $118,500 3IST.SO The balance of Allowance for Doubtful Accounts is $600 credit balance on December 31, 2019 prior to adjustments. 3151.SO -600- 2SS1.S Required: a. Compute bad debts expense that will be recorded for 2019. (Round to nearest whole dollar.) b. What is the amount of net accounts receivable to be reported on Quebec Market's December 31, 2019 balance sheet? oes'Ril 2,551.50 ।।ऽ १५४, ऽ०

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 9SPB: UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the...

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Bad Debt Expense: Aging Method Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year. The balance in Glencoes allowance for doubtful accounts at the beginning of the year was $58,620 (credit). During the year, accounts in the total amount of $62,400 were written off. Required: 1. Determine bad debt expense. 2. Prepare the journal entry to record bad debt expense. 3. If Glencoe had written off $90,000 of receivables as uncollectible during the year, how much would bad debt expense reported on the income statement have changed?
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