Buffet Company had a $300 debit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $170,000 1% 1-30 days past due 15,000 3% 31-60 days past due 12,000 6% 61-90 days past due 5,000 15% Over 90 days past due 9,000 30% Total Accounts Receivable $211,000 Requirement: 1. Calculate the uncollectible amount. Show your work. 2. Prepare the adjusting entry on December 31, 2017, to recognize bad debts expense.

Buffet Company had a $300 debit balance in Allowance for Doubtful Accounts at December 31, 2017, before the current year's provision for uncollectible accounts. An aging of the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $170,000 1% 1-30 days past due 15,000 3% 31-60 days past due 12,000 6% 61-90 days past due 5,000 15% Over 90 days past due 9,000 30% Total Accounts Receivable $211,000 Requirement: 1. Calculate the uncollectible amount. Show your work. 2. Prepare the adjusting entry on December 31, 2017, to recognize bad debts expense.

Name: 1. Calculate in collectible amount2. prepare adjusting entry bad debt
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Description: 1. Calculate in collectible amount2. prepare adjusting entry bad debt expense Buffet Company had a $300 debit balance in Allowance for Doubtful Accounts at December 31, 2017, beforethe current year's provision for uncollectible accounts. An aging of

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter18: The Management Of Accounts Receivable And Inventories

Section: Chapter Questions

Problem 9P

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Hardys Landscape Services total revenue on account for 2018 amounted to 273,205. The company, which uses the allowance method, estimates bad debts at percent of total revenue on account. Required Journalize the following selected entries: 2012 Dec. 12Record services performed on account for E. E. Morton, 245. 31Record the adjusting entry for Bad Debts Expense. 31Record the closing entry for Bad Debts Expense. 2013 Feb. 18Write off the account of E. E. Morton as uncollectible, 245. Check Figure Adjusting entry amount, 1,366.03
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