Estimating Allowance for Doubtful Accounts Evers Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 2 % 1-30 days past due 31-60 days past due 20 61-90 days past due 30 Over 90 days past due 45 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Evers Industries Estimate of Allowance of Doubtful Accounts Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Total receivables 893,000 504,900 190,100 82,500 58,800 56,700 Percentage uncollectible 2% 5% 20% 30% 45% Allowance for Doubtful Accounts

Estimating Allowance for Doubtful Accounts Evers Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 2 % 1-30 days past due 31-60 days past due 20 61-90 days past due 30 Over 90 days past due 45 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Evers Industries Estimate of Allowance of Doubtful Accounts Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Total receivables 893,000 504,900 190,100 82,500 58,800 56,700 Percentage uncollectible 2% 5% 20% 30% 45% Allowance for Doubtful Accounts

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter8: Receivables

Section: Chapter Questions

Problem 9E: Estimating allowance for doubtful accounts Evers Industries has a past history of uncollectible...

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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.
The following accounts receivable information pertains to Select Distributors. A. Determine the estimated uncollectible bad debt for Select Distributors in 2018 using the balance sheet aging of receivables method. B. Record the year-end 2018 adjusting journal entry for bad debt. C. Assume there was a previous debit balance in Allowance for Doubtful Accounts of $233,180; record the year-end entry for bad debt, taking this into consideration. D. Assume there was a previous credit balance in Allowance for Doubtful Accounts of $199,440; record the year-end entry for bad debt, taking this into consideration. E. On March 21, 2019, Select Distributors identifies Aida Normans account as uncollectible in the amount of $10,890. Record the entry for identification.
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 2% 1-30 days past due 5 31-60 days past due 20 61-90 days past due 30 Over 90 days past due 45 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 665,900 392,900 146,500 59,900 33,300 33,300 Conover Industries 13,900 13,900 Keystone Company 17,100 17,100 Moxie Creek Inc. 6,400 6,400 Rainbow Company 9,600 9,600 Swanson Company 30,000 30,000 Totals 742,900 422,900 156,100 66,300 50,400 47,200 Percentage uncollectible 2% 5% 20% 30% 45% Allowance for Doubtful Accounts fill in the blank 1 fill in the blank 2…
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as follows. Age Class PercentUncollectible Not past due 2% 1-30 days past due 4 31-60 days past due 18 61-90 days past due 40 Over 90 days past due 75 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Estimate the Allowance for Doubtful Accounts Balance Not PastDue Days PastDue 1-30 Days PastDue 31-60 Days PastDue 61-90 Days PastDue Over 90 Subtotals $1,050,000 $600,000 $220,000 $115,000 $85,000 $30,000 Conover Industries 30,000 30,000 Keystone Company 18,000 18,000 Moxie Creek Inc. 9,000 9,000 Rainbow Company 26,400 26,400 Swanson Company 46,600 46,600 Total receivables 1,180,000 626,400 266,600 124,000 103,000 60,000 Percentage uncollectible 2% 4% 18% 40% 75%…
Estimating Allowance for Doubtful Accounts Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 1 % 1-30 days past due 3 31-60 days past due 12 61-90 days past due 30 Over 90 days past due 75 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the chart below. Evers Industries Estimate of Allowance for Doubtful Accounts Balance Not PastDue Days PastDue 1-30 Days PastDue 31-60 Days PastDue 61-90 Days PastDue Over 90 Total receivables 1,124,500 607,400 233,000 121,600 96,500 66,000 Percentage uncollectible 1% 3% 12% 30% 75% Allowance for doubtful accounts
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Percent Uncollectible Not past due 2% 1-30 days past due 5 31-60 days past due 20 61-90 days past due 30 Over 90 days past due 45 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule Customer Balance Not Past Due 1-30 Days Past Due 31-60 Days Past Due 61-90 Days Past Due Over 90 Days Past Due Subtotals 732,800 432,400 161,200 66,000 36,600 36,600 Conover Industries 15,700 15,700 Keystone Company 18,300 18,300 Moxie Creek Inc. 4,500 4,500 Rainbow Company 11,700 11,700 Swanson Company 23,000 23,000 Totals 806,000 455,400 172,900 70,500 54,900 52,300 Percentage uncollectible 2% 5% 20% 30% 45% Allowance for Doubtful Accounts fill in the blank 1 fill in the blank 2…
Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 3% 1–30 days past due 4 31–60 days past due 15 61–90 days past due 33 Over 90 days past due 86 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided below. Evers Industries Estimate of Allowance for Doubtful Accounts 1 Days Past Due Days Past Due Days Past Due Days Past Due 2 Balance Not Past Due 1-30 31-60 61-90 Over 90 3 Total receivables 1,150,100.00 618,800.00 233,100.00 118,000.00 105,800.00 74,400.00 4 Percentage uncollectible 3.0% 4.0% 15.0% 33.0% 86.0% 5 Allowance for doubtful accounts
Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class PercentUncollectible Not past due 1% 1-30 days past due 5 31-60 days past due 25 61-90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff IndustriesAging of Receivables Scheduleblank Customer Balance Not PastDue 1-30 DaysPast Due 31-60 DaysPast Due 61-90 DaysPast Due Over 90 DaysPast Due Subtotals 840,000 495,600 184,800 75,600 42,000 42,000 Conover Industries 18,100 18,100 Keystone Company 18,200 18,200 Moxie Creek Inc. 6,600 6,600 Rainbow Company 10,000 10,000 Swanson Company 23,100 23,100 Total receivables 916,000 518,700 194,800 82,200 60,200 60,100 Percentage uncollectible 1% 5% 25% 35% 50% Allowance for Doubtful…
Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below. Age Class Not past due 1-30 days past due 31-60 days past due 61-90 days past due Over 90 days past due Customer Subtotals Conover Industries Keystone Company Moxie Creek Inc. Rainbow Company Swanson Company Total receivables Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below. Kirchhoff Industries Aging of Receivables Schedule Percentage uncollectible Percent Uncollectible Allowance for Doubtful Accounts 2% 6 20 Balance 30 45 Not Past 1-30 Days 31-60 Days 61-90 Days Over 90 Days Due Past Due Past Due 798,900 471,400 175,800 Past Due Past Due 71,900 17,900 20,700 6,700 9,500 26,300 26,300 880,000 497,700 185,300 2% 6% 9,500 6,700 78,600 20% 39,900 20,700 60,600 30% 39,900 17,900 57,800 45%
Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 2% 1–30 days past due 6 31–60 days past due 16 61–90 days past due 34 Over 90 days past due 74 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the Aging of Receivables Schedule page. Evers Industries Estimate of Allowance for Doubtful Accounts 1 Days Past Due Days Past Due Days Past Due Days Past Due 2 Balance Not Past Due 1-30 31-60 61-90 Over 90 3 Total receivables 1,145,200.00 610,600.00 236,000.00 119,400.00 106,300.00 72,900.00 4 Percentage uncollectible 2.0% 6.0% 16.0% 34.0% 74.0%
Evers Industries has a past history of uncollectible accounts, as follows. Age Class Percent Uncollectible Not past due 3% 1–30 days past due 4 31–60 days past due 18 61–90 days past due 38 Over 90 days past due 90 Estimate the allowance for doubtful accounts, based on the aging of receivables information provided in the Aging of Receivables Schedule page. Evers Industries Estimate of Allowance for Doubtful Accounts 1 Days Past Due Days Past Due Days Past Due Days Past Due 2 Balance Not Past Due 1-30 31-60 61-90 Over 90 3 Total receivables 1,147,400.00 610,600.00 236,400.00 120,300.00 105,300.00 74,800.00 4 Percentage uncollectible 3.0% 4.0% 18.0% 38.0% 90.0% 5 Allowance for doubtful accounts