Use the following information for the Exercises 14-15 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Total 1 to 30 Accounts receivable $ 580,000 Percent uncollectible 0 Days Past Due 31 to 60 $398,000 3% 61 to 90 Over 90 $92,000 $ 38,000 $ 20,000 $ 32,000 4% 7% 9% 12% Exercise 7-14 (Algo) Aging of receivables method LO P3 1. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 2. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,800 credit. 3. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $300 debit.

Use the following information for the Exercises 14-15 below. (Algo) Skip to question [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Total 1 to 30 Accounts receivable $ 580,000 Percent uncollectible 0 Days Past Due 31 to 60 $398,000 3% 61 to 90 Over 90 $92,000 $ 38,000 $ 20,000 $ 32,000 4% 7% 9% 12% Exercise 7-14 (Algo) Aging of receivables method LO P3 1. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. 2. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,800 credit. 3. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $300 debit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Required information Use the following information for the Exercises 14-15 below. (Algo) Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Total Days Past Due 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 655,000 $ 413,000 $ 107,000 $ 53,000 $ 35,000 $ 47,000 Percent uncollectible 3% 4% 7% 9% 12% Exercise 9-14 (Algo) Aging of receivables method LO P3 a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $5,300 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,800 debit.
Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 575,000 $ 397,000 $ 91,000 $ 37,000 $ 19,000 $ 31,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,700 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $200 debit. Complete the below…
Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 575,000 $ 397,000 $ 91,000 $ 37,000 $ 19,000 $ 31,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,100 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 590,000 $ 400,000 $ 94,000 $ 40,000 $ 22,000 $ 34,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Prepare the adjusting entry to record bad debts expense…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 590,000 $ 400,000 $ 94,000 $ 40,000 $ 22,000 $ 34,000 Percent uncollectible 2 % 3 % 6 % 8 % 11 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 4% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $12,400 credit.c. Prepare the adjusting entry to record bad debts expense…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 625,000 $ 407,000 $ 101,000 $ 47,000 $ 29,000 $ 41,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % Exercise 9-9 Percent of receivables method LO P3 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,100 credit.c. Prepare the adjusting entry to record bad debts expense…
Required information Use the following information for the Exercises below. Skip to question [The following information applies to the questions displayed below.]Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total 0 1 to 30 31 to 60 61 to 90 Over 90 Accounts receivable $ 625,000 $ 407,000 $ 101,000 $ 47,000 $ 29,000 $ 41,000 Percent uncollectible 3 % 4 % 7 % 9 % 12 % Exercise 9-8 Aging of receivables method LO P3 a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable.b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,700 credit.c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in…
Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 $ 56,000 7% Accounts receivable Percent uncollectible Total 0 $ 670,000 $ 416,000 Req A Req B and C 3% Complete this question by entering your answers in the tabs below. 1 to 30 $ 110,000 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 5% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $14,000 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,000 debit. Estimated balance of allowance for uncollectibles 4%
Required information [The following information applies to the questions displayed below] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due Total $570,000 Over 90 $30,000 10% 1 to 30 31 to 60 61 to 90 Accounts receivable $396,000 1% $90,000 2 % $36,000 $18,000 Percent uncollectible 5% 7% a. Complete the below table to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $3,600 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $100 debit. Complete this question by entering your answers in the tabs below.
Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Accounts receivable Percent uncollectible Total $ 630,000 0 $ 408,000 1% 1 to 30 $ 102,000 2% Days Past Due 31 to 60 $ 48,000 5% 61 to 90 $ 30,000 7% Over 90 $ 42,000 10% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,800 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $1,300 debit.
Required information [The following information applies to the questions displayed below.] Daley Company prepared the following aging of receivables analysis at December 31. Days Past Due 31 to 60 0 Total $ 600,000 Accounts receivable Percent uncollectible $ 402,000 1 to 30 $ 96,000 $ 42,000 61 to 90 $ 24,000 7% Over 90 $36,000 10% 1% 2% 5% a. Complete the table below to calculate the estimated balance of Allowance for Doubtful Accounts using aging of accounts receivable. b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $4,200 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $700 debit. Complete this question by entering your answers in the tabs below. Req A Req B and C Complete the table below to calculate the estimated balance of Allowance for…
Req A b. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,600 credit. Req B and C c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,600 debit. View transaction list Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $13,600 credit balance. Date December 31 Note: Enter debits before credits. Record entry General Journal Clear entry Debit Credit View general journal Show less