ACCT 102 - Please Do Both Subparts. Pachel Corporation reports the following information pertaining to its accounts receivable.Days Past DueCurrent1-3031-6061-90Over 90$60,000$40,000$25,000$12,000$2,000The company's credit department provided the following estimates regarding the percent of accounts expected to eventually bewritten off from each category listed.Current receivables outstandingReceivables 1-30 days past dueReceivables 31-60 days past dueReceivables 61-90 days past dueReceivables over 90 days past due2%4164090The company uses a balance sheet approach to estimate credit losses.a. Record the company's uncollectible accounts expense, assuming it has a $1,400 credit balance in its Allowance for DoubtfulAccounts prior to making the necessary adjustment.b. Without regard to your answer to part a, record the company's uncollectible accounts expense, assuming it has a $1,600 debitbalance in its Allowance for Doubtful Accounts prior to making the necessary adjustment.Complete this question by entering your answers in the table below.Reared ARequired BRecord the company's uncollectible accounts expense, assuming it has a $1,400 credit balance in its Allowance for Doubtful Accountsprior to making the necessary adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the firstaccount field.)View transaction listJournal entry worksheet prior to makingaccount field.)View transaction listJournal entry worksheet1Record the entry for uncollectible accounts expense if there is a credit balancein the Allowance for Doubtful Accounts.Note: Enter debits before credits.TransactionGeneral JournalDebitCredit1Record entryClear entryView general journalRequired B

Uncollectible Accounts expense: An uncollectible accounts expense is reported on the books when a…

Pachel Corporation reports the following information pertaining to its accounts receivable. Days Past Due 31-60 $25,000 Current 1-30 61-90 $40,000 Over 90 $2,000 $60,000 $12,000 The company's credit department provided the following estimates regarding the percent written off from each category listed. Current receivables outstanding Receivables 1-30 days past due Receivables 31-68a days nast due 2% 4

Pachel Corporation reports the following information pertaining to its accounts receivable. Days Past Due 31-60 $25,000 Current 1-30 61-90 $40,000 Over 90 $2,000 $60,000 $12,000 The company's credit department provided the following estimates regarding the percent written off from each category listed. Current receivables outstanding Receivables 1-30 days past due Receivables 31-68a days nast due 2% 4

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4PA: Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The...

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Montalcino Company had net sales of 54,000,000. Montalcino had the following balances: Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.
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.
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.
Catherines Cookies has a beginning balance in the Accounts Receivable control total account of $8,200. $15,700 was credited to Accounts Receivable during the month. In the sales journal, the Accounts Receivable debit column shows a total of $12,000. What is the ending balance of the Accounts Receivable account in the general ledger?
At the end of 20-3, Martel Co. had 410,000 in Accounts Receivable and a credit balance of 300 in Allowance for Doubtful Accounts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience. Assume that Martel Co.s adjusting entry for uncollectible accounts on December 31, 20-2, was a debit to Bad Debt Expense and a credit to Allowance for Doubtful Accounts of 25,000. (a) Estimate Martels uncollectible accounts percentage based on its actual bad debt experience during the past two years. (b) Prepare the adjusting entry on December 31, 20-3, for Martel Co.s uncollectible accounts.
Accounts Receivable Balance Hart Inc. began the year with $315,700 of accounts receivable. During the year, Hart sold a considerable amount of merchandise on credit and collected $2,427,000 of its credit sales. At the end of the year, the accounts receivable balance is $16,800 lower than the beginning balance. Required: Calculate the amount of credit sales during the period.
Jars Plus recorded $861,430 in credit sales for the year and $488,000 in accounts receivable. The uncollectible percentage is 2.3% for the income statement method, and 3.6% for the balance sheet method. A. Record the year-end adjusting entry for 2018 bad debt using the income statement method. B. Record the year-end adjusting entry for 2018 bad debt using the balance sheet method. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $10,220, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $5,470, record the year-end entry for bad debt using the income statement method, and then the entry using the balance sheet method.