In addition to this, please post to the allowance these 2022 events:Allowance for Doubtful Accounts2021 12/31 Bal 7900 12/31 37015 12/31Bal 44915 2022 DATE? ??? 5/1 ??? As well as:Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $34,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Post the adjusting entry for bad debts at December 31, 2021.Bad Debts ExpenseAllowance for Doubtful AccountseTextbook and MediaList of AccountsJournalize the 2022 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.)1.March 1, a $590 customer balance originating in 2021 is judged uncollectible.2. May 1, a check for $590 is received from the customer whose account was written off as uncollectible on March 1.No.DateAccount Titles and ExplanationDebitCredi1.2.(To reinstate account previously written off) Presented below is an aging schedule for Teal Mountain Inc. at December 31, 2021.Number of Days Past DueNot YetOverCustomerTotalDue1-3031-6061-9006Aneesh$ 22,700$8,600$14,100$ 28,100Bird28,100Cope49,9005,4004,800$39,700DeSpears41,300$41,300Others120,20070,90036,80012,500$262,200$104,400$50,200$26,600$39,700$41,300Estimated percentageuncollectible3%6%12%22%65%Total estimated bad debts$ 44,915$3,132$3,012$3,192$8,734$26,845At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,900.Journalize the adjusting entry for bad debts at December 31, 2021. (Credit account titles are automatically indented when amountis entered. Do not indent manually.)Account Titles and ExplanationDebitCredite Textbook and MediaList of Accounts

Accounts receivable is the amount of goods sold that is expected to be received from the customer in…

In addition to this, please post to the allowance these 2022 events: Allowance for Doubtful Accounts 2021 12/31 Bal 7900 12/31 37015 12/31 Bal 44915 2022 DATE? ??? 5/1 ??? As well as: Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $34,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

In addition to this, please post to the allowance these 2022 events: Allowance for Doubtful Accounts 2021 12/31 Bal 7900 12/31 37015 12/31 Bal 44915 2022 DATE? ??? 5/1 ??? As well as: Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $1,200 and the aging schedule indicates that total estimated bad debts will be $34,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

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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Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Presented below is an aging schedule for Splish Brothers Inc. at December 31, 2021. Number of Days Past Due Customer Total NotYet Due 1–30 31–60 61–90 Over 90 Aneesh $ 22,700 $10,700 $12,000 Bird 36,600 $ 36,600 Cope 55,600 5,000 6,500 $44,100 DeSpears 34,200 $34,200 Others 127,000 96,000 16,500 14,500 $276,100 $137,600 $33,700 $26,500 $44,100 $34,200 Estimated percentage uncollectible 3% 7% 12% 24% 60% Total estimated uncollectibles $ 40,771 $ 4,128 $ 2,359 $ 3,180 $ 10,584 $20,520 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,400. (a) Journalize the adjusting entry for bad debts at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required,…
Presented below is an aging schedule for Ivanhoe Company at December 31, 2021. Customer Total Not YetDue Number of Days Past Due 1–30 31–60 61–90 Over90 Aneesh $ 23,700 $ 8,700 $15,000 Bird 27,900 $ 27,900 Cope 53,500 4,900 4,900 $43,700 DeSpears 38,500 $38,500 Others 126,300 77,500 36,600 12,200 $269,900 $110,300 $50,200 $27,200 $43,700 $38,500 Estimated percentageuncollectible 3% 8% 12% 24% 61% Total estimated bad debts $ 44,562 $ 3,309 $4,016 $3,264 $ 10,488 $23,485 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,900. -Journalize the adjusting entry for bad debts at December 31, 2021. - Post the adjusting entry for bad debts at December 31, 2021 - Journalize the 2022 transactions: - Post to the…
Presented below is an aging schedule for Bryan Company at December 31, 2021. Customer Total Not YetDue Number of Days Past Due 1–30 31–60 61–90 Over90 Aneesh $ 24,000 $ 9,000 $15,000 Bird 30,000 $ 30,000 Cope 50,000 5,000 5,000 $40,000 DeSpears 38,000 $38,000 Others 120,000 72,000 35,000 13,000 $262,000 $107,000 $49,000 $28,000 $40,000 $38,000 Estimated percentageuncollectible 3% 7% 12% 24% 60% Total estimated bad debts $ 42,400 $ 3,210 $3,430 $3,360 $ 9,600 $22,800 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000. - Journalize the 2022 Transactions: 1) March 1, a $600 cutsomer balance orginating in 2021 is judged uncollectable 2) May 1, a check for $600 is received from the customer whose account…
Presented below is an aging schedule for Bryan Company at December 31, 2021. Customer Total Not YetDue Number of Days Past Due 1–30 31–60 61–90 Over90 Aneesh $ 24,000 $ 9,000 $15,000 Bird 30,000 $ 30,000 Cope 50,000 5,000 5,000 $40,000 DeSpears 38,000 $38,000 Others 120,000 72,000 35,000 13,000 $262,000 $107,000 $49,000 $28,000 $40,000 $38,000 Estimated percentageuncollectible 3% 7% 12% 24% 60% Total estimated bad debts $ 42,400 $ 3,210 $3,430 $3,360 $ 9,600 $22,800 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000. - Journalize the adjusting entry for bad debts at December 31, 2021 - Post the adjusting entries for bad debts at December 31, 2021
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