C. Aging AccountsAssume that accounts are aged from the date of billing. If you are aging accounts on 10/30/XX, select the letter of thecorrect length of time that each of the following accounts has been outstanding.a. Current (0 to 30 days)b. 31 to 60 daysc. 61 to 90 daysd. 91 to 120 dayse. Older than 120 days1. Service provided on 7/4/XX, billed on 8/1/XX2. Service provided on 9/22/XX, billed on 10/3/XX3. Service provided on 8/13/XX, billed on 8/22/XX4. Service provided on 4/18/XX, billed on 4/25/XX5. Service provided on 5/13/XX, billed on 6/6/XX6. Service provided on 6/19/XX, billed on 7/12/XX7. Service provided on 6/25/XX, billed on 7/18/XX8. Service provided on 7/18/XX, billed on 8/15/XX

Aging of account receivables is a method adopted in accountancy to check the irregularities and…

C. Aging Accounts Assume that accounts are aged from the date of billing. If you are aging accounts on 10/30/XX, select the letter of the correct length of time that each of the following accounts has been outstanding. a. Current (0 to 30 days) b. 31 to 60 days c. 61 to 90 days d. 91 to 120 days e. Older than 120 days 1. Service provided on 7/4/XX, billed on 8/1/IXX 2. Service provided on 9/22/XX, billed on 10/3/XX 3. Service provided on 8/13/XX, billed on 8/22/XX 4. Service provided on 4/18/XX, billed on 4/25/XX 5. Service provided on 5/13/XX, billed on 6/6/XX 6. Service provided on 6/19/XX, billed on 7/12/XX 7. Service provided on 6/25/XX, billed on 7/18/XX 8. Service provided on 7/18/XX, billed on 8/15/XX

C. Aging Accounts Assume that accounts are aged from the date of billing. If you are aging accounts on 10/30/XX, select the letter of the correct length of time that each of the following accounts has been outstanding. a. Current (0 to 30 days) b. 31 to 60 days c. 61 to 90 days d. 91 to 120 days e. Older than 120 days 1. Service provided on 7/4/XX, billed on 8/1/IXX 2. Service provided on 9/22/XX, billed on 10/3/XX 3. Service provided on 8/13/XX, billed on 8/22/XX 4. Service provided on 4/18/XX, billed on 4/25/XX 5. Service provided on 5/13/XX, billed on 6/6/XX 6. Service provided on 6/19/XX, billed on 7/12/XX 7. Service provided on 6/25/XX, billed on 7/18/XX 8. Service provided on 7/18/XX, billed on 8/15/XX

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
(a) On March 1, journalize the entry to record the write-off, assuming that the direct write-off method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12(b) On March 1, journalize the entry to record the write-off, assuming that the allowance method is used. Refer to the Chart of Accounts for exact wording of account titles.PAGE 1JOURNALACCOUNTING EQUATIONDATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY12
Sullivan Equipment Sales showed the following. 2020 Jan. 15 Sold $25,000 of nerchandise for $29, e00 to JanCo; terms 3/5, n/15. 16 krote off Fedun's account in the anount of $15,000. 20 Collected the anount owing tron the January 15 sale. 1 Accepted a $12,000, 68-day, 7% note dated this day in granting Parker Holdings a tine extension on its past-due account. Mar. Apr. 15 Sold nerchandise costing $62,000 for $71,000 to custoners who used their Visa credit cards. Assune Visa charges a 1% fee and deposits the cash electronically into the retaller's account innediately at the time of sale. ? Parker Holdings honoured the note dated March 1. 1 Accepted a $24,e00, three-nonth, 6X note dated this day in granting Grant Conpany a time extension on its past-due Nov. account. Dec. 31 Sullivan's year-end. Interest was accrued on outstanding notes receivable. 31 Bad debts are based on an aging analysis that estinated $9,700 of accounts receivable are uncollectible. Allowance for Doubtful Accounts…
Determine the amount to be added to Allowance for Doubtful Accounts in each of the following cases and indicate the ending balance in each case. a. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $8,710. Line Item Description Amount Amount added $fill in the blank 1 Ending balance $fill in the blank 2 b. Credit balance of $400 in Allowance for Doubtful Accounts just prior to adjustment. Bad debt expense is estimated at 2% of credit sales, which totaled $973,000 for the year. Line Item Description Amount Amount added $fill in the blank 3 Ending balance $fill in the blank 4
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $588,000. Of this amount, $78,000 remains receivable at the end of the year. An aging schedule as of December 31, 2021, is provided below. IT Estimated Amount Percent Receivable Uncollectible Age Group Not yet due 0-90 days past due 91–180 days past due More than 180 days past due $38,000 15,800 10,800 13,400 3% 15% 20% 85% Total $78,000
The following summarizes the aging of accounts receivable for Orange Incorporated as of July 31, Year 1: Number of Days Unpaid Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Total Accounts Receivable 11.130 $ 175,982 89,200 53,600 31,800 Historical % Uncollectible 17,424 margin of error +/-3 www. 29 12% 18% The unadjusted balance of the Allowance for Doubtful Accounts of Orange Incorporated is a credit balance in the amount of $17.578 on July 31, Year 1. What is the amount of the adjusting entry to be recorded on July 31 Year 17 35%
The following summarizes the aging of accounts receivable for Johnston Supplies, Incorporated as of July 31, 2022: Historical & Uncollectible Number of Days Unpaid Q Not yet due 1 to 30 days past due 31 to 60 days past due Over 60 days past due Required: a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Incorporated is a credit balance in the amount of $29,307 on July 31, 2022. Prepare the required adjusting entry to record Bad Debt Expense for the year. b. Johnston Supplies, Incorporated writes off $3,201 of uncollectible accounts on August 15, 2022. Prepare the required adjusting entry to record the write-off. c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. Complete this question by entering your answers in the tabs below. Required A Beginning Balance Ending Balance Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2022. 2 Required B…
Calculate the required Allowance for Doubtful Accounts under the Accounts Receivable Aging Method using the following information: Age Group 0-30 days past due 31-60 days past due 61-120 days past due 121-180 days past due Over 180 days past due 10,000 $2,650 $3,650 5,000 388 Balance $100,000 $20,000 $10,000 $5,000 $5,000 Probability of Non- collection 1% 2% 5% 10% 25%
If necessary, record year-end adjusting entries for uncollectible accounts.Prepare the aging schedule for the following accounts receivable: Ageing classification (numbers of due days) Balance sheet as at 31 December Estimate of the percentage of the account that is uncollectible 0-30 days $120,000 1% 31-60 days 80,100 2 % 61-90 days 21,000 11% 91- 120 days 9,000 23% Más de 120 days 15,300 65% Total accounts receivable $245,400
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
Reporting Uncollectible Accounts and Accounts Receivable (FSET) LaFond Company analyzes its accounts receivable at December 31 and arrives at the aged categories below along with the percentages that are estimated as uncollectible. \table [[Age Group, Accounts Receivable, \table [[Estimated], [Loss %]]], [Current (not past due), $375,000, 0.50%
Using the table, what is the average daily balance of the credit card for the July 1 - July 31 billing period? Round your answer to the nearest cent. Day Activity Adjustment Closing Balance 1 ----- ------ 8000 9 Payment −700 7300 19 Purchase +550 7850 27 Payment −600 7250