Entry for Uncollectible AccountsOutlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of theeach age category are given below.Estimated UncollectibleEstimated UncollectibleAge IntervalBalanceAccounts PercentAccounts AmountNot past due$802,0003/4 %$6,0151-30 days past due88,20032,64631-60 days past due40,10083,20861-90 days past due28,900185,20291-180 days past due20,900408,360Over 180 days past due15,2007511,400Total$995,300$36,831Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,630 as of December 31.Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank.Dec. 31 Adjustment for Uncollectible AccountsBelow is the aging of receivables schedule for Evers Industries.Aging-of-Receivables ScheduleNovember 30Not1-3031-6061-90Over 90PastDaysDaysDaysDaysCustomerBalanceDuePast DuePast DuePast DuePast DueSubtotals736,200 434,400162,00066,30036,80036,700Boyd Industries14,00014,000Hodges Company16,40016,400Kent Creek Inc.10,00010,000Lockwood Company10,30010,300Van Epps Company30,20030,200Totals817,100 464,600172,30076,30053,20050,700Percentage uncollectible1%6%20%30%45%Allowance for Doubtful Accounts69,0194,64610,33815,26015,96022,815Assume that the allowance for doubtful accounts for Evers Industries has a credit balance of $ 14,495 before adjustment on July 31.Journalize the adjusting entry for uncollectible accounts as of July 31.July 31

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Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of each age category are given below. Estimated Uncollectible Estimated Uncollectible Age Interval Balance Accounts Percent Accounts Amount Not past due $802,000 3/4 % $6,015 1-30 days past due 88,200 2,646 31-60 days past due 40,100 3,208 61-90 days past due 28,900 18 5,202 91-180 days past due 20,900 40 8,360 Over 180 days past due 15,200 75 11,400 Total $995,300 $36,831 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,630 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31

Outlaw Bike Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31 and a historical analysis of each age category are given below. Estimated Uncollectible Estimated Uncollectible Age Interval Balance Accounts Percent Accounts Amount Not past due $802,000 3/4 % $6,015 1-30 days past due 88,200 2,646 31-60 days past due 40,100 3,208 61-90 days past due 28,900 18 5,202 91-180 days past due 20,900 40 8,360 Over 180 days past due 15,200 75 11,400 Total $995,300 $36,831 Assume that the allowance for doubtful accounts for Outlaw Bike Co. had a debit balance of $6,630 as of December 31. Journalize the adjusting entry for uncollectible accounts as of December 31. If an amount box does not require an entry, leave it blank. Dec. 31

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 10SPA: AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Johnson Company as of December...

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Kirchhoff Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8.
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Waddell Industries has a credit balance of 6,350 before adjustment on August 31. Journalize the adjusting entry for uncollectible accounts as of August 31. Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
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.
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.
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.
AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Johnson Company as of December 31, 20--, reveals the following: REQUIRED 1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible. 2. Assuming that Allowance for Doubtful Accounts had a credit balance of 620 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for uncollectible accounts.
Aging Method Bad Debt Expense Carol Simon, the manager of Handy Plumbing has provided the following aging schedule for Handys accounts receivable: Carol indicates that the $125,200 of accounts receivable identified in the table does not include $9,400 of receivables that should be written off. Required: 1. Journalize the $9,400 write-off. 2. Determine the desired post adjustment balance in allowance for doubtful accounts. 3. If the balance in allowance for doubtful accounts before the $9,400 write-off was a debit of $550, compute bad debt expense. Prepare the adjusting entry to record bad debt expense.
AGING ACCOUNTS RECEIVABLE An analysis of the accounts receivable of Matsushita Company as of December 31, 20--, reveals the following: REQUIRED 1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible. 2. Assuming that Allowance for Doubtful Accounts had a credit balance of 1,750 before adjustment, record the end-of-period adjusting entry in general journal form to enter the estimate for 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?
Waddell Industries has a past history of uncollectible accounts, as follows. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. The accounts receivable clerk for Waddell Industries prepared the following partially completed aging of receivables schedule as of the end of business on August 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of August 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.
Aging Receivables and Bad Debt Expense Perkinson Corporation sells paper products to a large number of retailers. Perkinsons accountant has prepared the following aging schedule for its accounts receivable at the end of the year. Before adjusting entries are entered, the balance in the allowance for doubtful accounts is a debit of $480. Required: 1. Calculate the desired postadjustment balance in Perkinsons allowance for doubtful accounts. 2. Determine bad debt expense for the year.
Aging of receivables schedule The accounts receivable clerk for Evers Industries prepared the following partially completed aging of receivables schedule as of the end of business on July 31: The following accounts were unintentionally omitted from the aging schedule and not included in the preceding subtotals: a. Determine the number of days past due for each of the preceding accounts as of July 31. b. Complete the aging of receivables schedule by adding the omitted accounts to the bottom of the schedule and updating the totals.