Question is attached in the screenshotgreatly appreciate the help13ylp14y1pl4hp2lhtplhpt3lh3ptlh35bz Data tableAt September 30, 2022:Accounts ReceivableAllowance for Uncollectible AccountsDateDec31PrintDoneData table$249,000(8,600)XAccounts Receivable$235,000Estimated percent uncollectible1. Explanthe $60bit2,200More infoNov 30Dec 31Wrote off as uncollectible the $1,600 account receivable from Cheap Carpets and the $600 accountreceivable from Retired Antiques.Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense atyear-end, based on the aging of receivables.Accounts Receivable and aging schedule to be used at December 31, 2022Age of Accounts$1-30 Days 31-60 Days 61-90 Days139,000 $ 53,000 $ 10,000 $0.2%2%15%Over 90 Days33,00035%XPrintDonex The September 30, 2022, records of Image Communications include these accounts:(Click the icon to view the September 30, 2022 account balances.)During the last quarter of 2022, the company completed the following selected transactions:i (Click the icon to view the selected transactions.)DateRequirement 1. Record the transactions for the last quarter of 2022 in the journal. Explanations are not required. (Record debits first, then credits. Exclude explanations from any journal entries.)Wrote off as uncollectible the $1,600 account receivable from Cheap Carpets and the $600 account receivable from Retired Antiques.Journal EntryNovDateDecAccounts30 Allowance for Uncollectible AccountsAccounts Receivable-Cheap CarpetsAccounts Receivable-Retired Antiques31Journal EntryDebitAccounts2,200Adjusted the Allowance for Uncollectible Accounts and recorded doubtful-account expense at year-end, based on the aging of receivables.CreditDebit1,600600CHDuring the year, Image Communications estimates Uncollectible-account expense at 1% of credit sales. Atyear-end (December 31), the company ages its receivables and adjusts the balance in the Allowance forUncollectible Accounts to correspond to the following aging schedule.(Click the icon to view the Accounts Receivable balance and aging schedule to be used at December31, 2022.)Read the requirements.Credit

Allowance Method - Under allowance method company make provision of uncollectible accounts at the…

Data table At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Date Dec 31 Print Done Data table $ - X 249,000 (8,600) Accounts Receivable $235,000 Estimated percent uncollectible Explan the $60 $ bit 2,200 More info 1-30 Days 139,000 $ 0.2% Nov 30 Wrote off as uncollectible the $1,600 account receivable from Cheap Carpets and the $600 account receivable from Retired Antiques. Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts 31-60 Days 61-90 Days Over 90 Days 53,000 $ 10,000 $ 33,000 2% 15% 35% Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. - X Print Done

Data table At September 30, 2022: Accounts Receivable Allowance for Uncollectible Accounts Date Dec 31 Print Done Data table $ - X 249,000 (8,600) Accounts Receivable $235,000 Estimated percent uncollectible Explan the $60 $ bit 2,200 More info 1-30 Days 139,000 $ 0.2% Nov 30 Wrote off as uncollectible the $1,600 account receivable from Cheap Carpets and the $600 account receivable from Retired Antiques. Accounts Receivable and aging schedule to be used at December 31, 2022 Age of Accounts 31-60 Days 61-90 Days Over 90 Days 53,000 $ 10,000 $ 33,000 2% 15% 35% Dec 31 Adjusted the Allowance for Uncollectible Accounts and recorded uncollectible-account expense at year-end, based on the aging of receivables. - X Print Done

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 3SEB: UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the...

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UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yangs Gift Shop was 30,000. Credit sales for the year were 355,200. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of 330. (a) The percentage of sales method is used and bad debt expense is estimated to be 2% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 6,950 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 400. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 5,685 in uncollectible accounts.
McKinney Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney made credit sales of 1,500,000 in 2019. McKinney estimates 2.5% of its sales will be uncollectible. Prepare the journal entry to record bad debt expense for McKinney at the end of 2019.
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES AND PERCENTAGE OF RECEIVABLES At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Andersons Greeting Cards was 180,000. Credit sales for the year were 1,950,000. REQUIRED Make the necessary adjusting entry in general journal form under each of the following assumptions. Show calculations for the amount of each adjustment and the resulting net realizable value. 1. Allowance for Doubtful Accounts has a credit balance of 2,600. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.5% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 30,250 in uncollectible accounts. 2. Allowance for Doubtful Accounts has a debit balance of 1,900. (a) The percentage of sales method is used and bad debt expense is estimated to be 1.0% of credit sales. (b) The percentage of receivables method is used and an analysis of the accounts produces an estimate of 20,500 in uncollectible accounts.
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?
Average Uncollectible Account Losses and Bad Debt Expense The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts: Required: 1. Calculate the average percentage of losses from uncollectible accounts for 2015 through 2018. 2. Assume that the credit sales for 2019 are $1,260,000 and that the weighted average percentage calculated in Requirement 1 is used as an estimate of loses from uncollectible accounts for 2019 credit sales. Determine the bad debt expense for 2019 using the percentage of credit sales method. 3. CONCEPTUAL CONNECTION Do you believe this estimate of bad debt expense is reasonable? 4. CONCEPTUAL CONNECTION How would you estimate 2019 bad debt expense if losses from uncollectible accounts for 2018 were What other action would management consider?
Aging Method Bad Debt Expense Cindy Bagnal, the manager of Cayce Printing Service, has provided the following aging schedule for Cayces accounts receivable Cindy indicates that the $121,100 of accounts receivable identified in the table does not include $4,600 of receivables that should be written off. Required: 1. Journalize the $4,600 write-off. 2. Determine the desired post adjustment balance in allowance for doubtful accounts (round each aging category to the nearest dollar). 3. If the balance in allowance for doubtful accounts before the $4,600 write-off was a debit of $700, compute bad debt expense. Prepare the adjusting entry to record bad debt expense.
UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF SALES Nicoles Neckties has total credit sales for the year of 380,000 and estimates that 2% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 430. 2. Allowance for Doubtful Accounts has a debit balance of 295.
UNCOLLECTIBLE ACCOUNTS-PERCENTAGE OF RECEIVABLES Charlies Chevy Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that 3,935 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 245. 2. Allowance for Doubtful Accounts has a debit balance of 560.
Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of 2019. Michelle currently uses the income statement method to record bad debt estimation at 4%. To manage earnings more efficiently, Michelle changes bed debt estimation to the balance sheet method at 4%. How much is the difference in net income between the income statement and balance sheet methods? A. $3,100 B. $13,800 C. $10,700 D. $77,500
Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an $825,000 accounts receivable balance at the end of 2018 and $756,000 at the end of 2019. Fortune uses the balance sheet method to record bad debt estimation at 7.5% during 2018. To manage earnings more favorably, Fortune changes bad debt estimation to the income statement method at 5.5% during 2019. A. Determine the bad debt estimation for 2018. B. Determine the bad debt estimation for 2019. C. Describe a benefit to Fortune in 2019 as a result of its earnings management.
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF SALES Rossins Racers has total credit sales for the year of 280,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated bad debt expense. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has al credit balance of 570. 2. Allowance for Doubtful Accounts has a debit balance of 360.
UNCOLLECTIBLE ACCOUNTSPERCENTAGE OF RECEIVABLES Britos Hundai Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. Based on aging the accounts, it is estimated that 4,500 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions existed prior to the adjustment: 1. Allowance for Doubtful Accounts has a credit balance of 710. 2. Allowance for Doubtful Accounts has a debit balance of 305.