DO not give answer in image Presented below is an aging schedule for Sheridan Company at December 31, 2024.CustomerAneeshBirdCopeDeSpearsOthersEstimated percentageuncollectibleTotal estimated bad debtsTotal$24,10032,60053,50034.300121,500$266,000$41,728Not YetDue$32,6004,90072.500$110.0003%$3,3001-3031-60$9.100 $15,0005,30035,100Number of Days Past Due$49,50013,90061-9012%$43,300$28.900 $43,30026%Over90$34.300$34,300At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7.800.59%$3,465 53,468 $11.258 $20.237!!.. (a2)Post the adjusting entry for bad debts at December 31, 2024. (Post entries in the order of journal entries presented in the previouspart.)eTextbook and MediaBad Debt ExpenseAllowance for Doubtful Accounts

Presented below is an aging schedule for Sheridan Company at December 31, 2024. Customer Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated bad debts Not Yet Due $41,728 Total $24,100 32,600 53,500 34.300 121,500 72.500 $266,000 $110.000 $49,500 $28.900 $43,300 $32.600 4,900 3% $3,300 1-30 $9.100 5,300 35,100 Number of Days Past Due $3,465 31-60 $15,000 13,900 12% 61-90 $43,300 26% Over 90 $34.300 $34,300 At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7.800 U.O 59% 53,468 $11.258 $20.237 !! ..

Presented below is an aging schedule for Sheridan Company at December 31, 2024. Customer Aneesh Bird Cope DeSpears Others Estimated percentage uncollectible Total estimated bad debts Not Yet Due $41,728 Total $24,100 32,600 53,500 34.300 121,500 72.500 $266,000 $110.000 $49,500 $28.900 $43,300 $32.600 4,900 3% $3,300 1-30 $9.100 5,300 35,100 Number of Days Past Due $3,465 31-60 $15,000 13,900 12% 61-90 $43,300 26% Over 90 $34.300 $34,300 At December 31, 2024, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7.800 U.O 59% 53,468 $11.258 $20.237 !! ..

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 12EB: Clovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000...

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The following information was taken from the accounts receivable records of Sarasota Corporation as at December 31, 2020: OutstandingBalance Percentage Estimatedto be Uncollectible 0 – 30 days outstanding $160,000 0.5% 31 – 60 days outstanding 66,000 2.5% 61 – 90 days outstanding 40,200 4.0% 91 – 120 days outstanding 20,600 6.5% Over 120 days outstanding 5,600 10.0% (a) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a credit balance of $1,200 prior to the adjustment (b) Prepare the year-end adjusting entry for bad debt expense, assuming allowance for doubtful accounts had a debit balance of $3,880 prior to the adjustment.
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Recording and Reporting a Bad Debt Estimate Using Aging Analysis E14-13 Chou Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $295,000; (2) up to 120 days past due, $55,000; and (3) more than 120 days past due, $18,000. Experience has shown that for each age group, the average loss rate on the amount of the receivables at year-end due to uncollectibility is (1) 2.5 percent, (2) 11 percent, and (3) 30 percent, respectively. At December 31, the end of the current year, the Allowance for Doubtful Accounts balance is $100 (credit) before the end-of-period adjusting entry is made. Required: Prepare the appropriate bad debt expense adjusting entry for the current year. Show how the various accounts related to accounts receivable should be shown on the December 31, current year, balance sheet.
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