Question
A summary of Tory Company's December 31, 2021, accounts receivable aging schedule is presented below along...
A
summary of Tory Company's December 31, 2021, accounts receivable
aging schedule is presented below along with the estimated percent
uncollectible for each age group:
Age Group Amount %
0-60 days $56,000 0.5
61-90 days 20,000 1.0
91-120 days 2,600 10.0
Over 120 days 1,200 50.0
The allowance for uncollectible accounts have a balance of
$1,360 on january 1, 2021. During the year, bad debts of $710 were
written off.
1. Record the journey entries for the write-off of the account
receivables as well as the adjusting entries for bad debit expenses
for the year.
2. shows a year and balance sheet presentation for account
receivable (using proper formatting.)
Homework Answers
Answer #1
Not the answer you're looking for?
Similar Questions
A summary of Klugman Company's December 31, 2021, accounts receivable aging schedule is presented below along...
A summary of Klugman Company's December 31, 2021, accounts
receivable aging schedule is presented below along with the
estimated percent uncollectible for each age group:
Age Group
Amount
%
0–60 days
$
64,000
0.5
61–90 days
24,000
1.0
91–120 days
3,400
10.0
Over 120 days
1,100
50.0
The allowance for uncollectible accounts had a balance of $1,440 on
January 1, 2021. During the year, bad debts of $790 were written
off.
Required:
Prepare all journal entries for 2021 with respect...
A summary of Klugman Company's December 31, 2018, accounts receivable aging schedule is presented below along...
A summary of Klugman Company's December 31, 2018, accounts
receivable aging schedule is presented below along with the
estimated percent uncollectible for each age group:
Age Group
Amount
%
0–60 days
$
57,000
.5
61–90 days
20,500
1.0
91–120 days
2,700
10.0
Over 120 days
1,100
50.0
The allowance for uncollectible accounts had a balance of $1,370 on
January 1, 2018. During the year, bad debts of $720 were written
off.
Required:
Prepare all journal entries for 2018 with respect...
The following is an aging schedule for a company’s accounts receivable as at December 31, 2019:...
The following is an aging schedule for a company’s accounts
receivable as at December 31, 2019:
Number of days past due
Customer's name
Total amount owed
Current (not yet due)
1–30
31–60
61–90
Over 90
Aber
$32,000
$9,000
$23,000
Bohr
46,000
$46,000
Chow
52,000
15,000
22,000
$15,000
Datz
22,000
$22,000
Others
158,000
95,000
15,000
13,000
15,000
20,000
$310,000
$156,000
$46,000
$36,000
$30,000
$42,000
Estimated percentage
that will be uncollectible
3%
6%
10%
25%
50%
Estimated value
of uncollectibles
$39,540
$4,680...
Reporting Uncollectible Accounts and Accounts Receivable LaFond Company analyzes its accounts receivable at December 31, 2016,...
Reporting Uncollectible Accounts and Accounts Receivable
LaFond Company analyzes its accounts receivable at December 31,
2016, and arrives at the aged categories below along with the
percentages that are estimated as uncollectible.
Age Group
Accounts Receivable
Estimated Loss %
Current (not past due)
$250,000
0.5%
1–30 days past due
90,000
1.0
31–60 days past due
20,000
2.0
61–120 days past due
11,000
5.0
121–180 days past due
6,000
10.0
Over 180 days past due
4,000
25.0
Total accounts receivable
$381,000...
An aging analysis of Sheridan Company’s accounts receivable at December 31, 2020 and 2021, showed the...
An aging analysis of Sheridan Company’s accounts receivable at
December 31, 2020 and 2021, showed the following:
Accounts
Receivable
Number of Days
Outstanding
Estimated
%
Uncollectible
2021
2020
0–30 days
3%
$106,000
$130,000
31–60 days
6%
26,500
65,000
61–90 days
13%
53,000
39,000
Over 90 days
35%
79,500
26,000
Total
$265,000
$260,000
Additional information:
1.
At December 31, 2020, the unadjusted balance in Allowance for
Doubtful Accounts was a credit of $5,900.
2.
In 2021, $27,300 of accounts was written...
Physicians' Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable =...
Physicians' Hospital has the following balances on December 31,
2021, before any adjustment: Accounts Receivable = $48,000;
Allowance for Uncollectible Accounts = $1,000 (credit). On
December 31, 2021, Physicians' estimates uncollectible accounts to
be 20% of accounts receivable.
Required:
1. Record the adjusting entry for uncollectible
accounts on December 31, 2021. (If no entry is required for
a particular transaction/event, select "No Journal Entry Required"
in the first account field.)
2. Determine the amount at which bad debt
expense...
A company uses the aging of accounts receivable method to estimate its bad debts expense. On...
A company uses the aging of accounts receivable method to
estimate its bad debts expense. On December 31 of the current year
an aging analysis of accounts receivable revealed the
following:
Accounts
Receivable
Account Age
Estimated
Uncollectible
$
80,000
1 - 30 days
0.5%
60,000
31 - 60 days
7.0%
40,000
61 - 90 days
10.0%
10,000
Over 90 days
60.0%
$ 190,000
Total
A. Calculate the amount of the Allowance for Doubtful Accounts
that should be...
Big Company reported the following on its December 31, 2019 balance sheet (000’s omitted): Accounts Receivable,...
Big Company reported the following on its December 31, 2019
balance sheet
(000’s omitted):
Accounts Receivable, net of allowance for doubtful accounts of
$462
$1,788
The company makes its adjusting entry for bad debts at the end
of the year. During 2020, cash collections were $3,432. In
addition, $368 in accounts receivable were written off and $3 was
collected from an account written off in 2018. An aging of accounts
receivable reveals the following:
Age
Group
Amount
Estimated % Uncollectible...
D & A Company uses the aging of accounts receivable approach to estimate bad debt expense....
D & A Company uses the aging of accounts receivable approach
to estimate bad
debt expense.
On December 31, 2019, an analysis of accounts receivable revealed
the following:
Schedule of accounts receivable by age
Accounts receivable, Dec 31 Age of Accounts receivable Estimated
percentage of
uncollectible
$130,000 Not yet due 0.75%
45,000 1-30 days past due 4%
9,000 31-60 days past due 10%
4,000 61-90 days past due 60%
2,000 Over 90 days past due 90%
Required:
a) Calculate the...
An aging of a company's accounts receivable indicates that $3,000 are estimated to be uncollectible. If...
An aging of a company's accounts receivable indicates that
$3,000 are estimated to be uncollectible. If Allowance for
Doubtful Accounts has a $1,200 debit balance, the adjustment to
record bad debts for the period will require a
a.
credit to Allowance for Doubtful Accounts for $4,000.
b.
debit to Bad Debts Expense for $1,800.
c.
debit to Bad Debts Expense for $4,200.
d.
debit to Bad Debts Expense for $3,000.
ADVERTISEMENT
Need Online Homework Help?
Get Answers For Free
Most questions answered within 1 hours.
ADVERTISEMENT
Active Questions
asked 15 minutes ago
asked 30 minutes ago
asked 41 minutes ago
asked 45 minutes ago
asked 50 minutes ago
asked 50 minutes ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 1 hour ago
asked 2 hours ago