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...
At December 31, 2019 Barber Company had a balance of $420,000 in
accounts receivable and an...
At December 31, 2019 Barber Company had a balance of $420,000 in
accounts receivable and an unadjusted credit balance of $3,500 in
its allowance for uncollectible accounts. The company then aged its
accounts as follows. Current $346,000; 1-60 days past due $48,000;
61-180 days past due $17,000; Over 180 days past due $9,000; Total
accounts receivable $420,000. The company has experienced losses as
follows: 2% of current balances; 5% of balances 1-60 days past due;
15% of balances 61-180 past...
Adjustment for Uncollectible Accounts
Below is the aging of receivables schedule for Evers
Industries.
Aging-of-Receivables Schedule...
Adjustment for Uncollectible Accounts
Below is the aging of receivables schedule for Evers
Industries.
Aging-of-Receivables Schedule
November 30
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
607,700
358,500
133,700
54,700
30,400
30,400
Boyd Industries
12,100
12,100
Hodges Company
19,400
19,400
Kent Creek Inc.
9,800
9,800
Lockwood Company
11,100
11,100
Van Epps Company
23,500
23,500
Totals
683,600
382,000
144,800
64,500
49,800
42,500
Percentage uncollectible
1%
6%...
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...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
At December 31, 2020,...
Estimating and Recording Bad Debt Estimates and
Write-offs; Reporting of Accounts Receivable
At December 31, 2020, its annual year-end, the accounts of Sun
Systems Inc. show the following.
1. Sales revenue for 2020, $180,000, of which one-sixth was on
account.
2. Allowance for doubtful accounts, balance December 31, 2019, $900
credit.
3. Accounts receivable, balance December 31, 2020 (prior to any
write-offs of uncollectible accounts during 2020), $18,050.
4. Uncollectible accounts to be written off, December 31, 2020,
$1,050.
5....
The following summarizes the aging of accounts receivable for
Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for
Johnston Supplies, Inc. as of July 31, 2019:
Number of Days Unpaid
Total Accounts Receivable
Historical %
Uncollectible
Not yet due
$
126,500
2
%
1-30 days past due
89,200
12
%
31-60 days past due
53,600
18
%
Over 60 days past due
31,800
35
%
Required:
The unadjusted balance of the Allowance for Doubtful Accounts
of Johnston Supplies, Inc. is a credit balance in the amount of
$28,947 on...
The following summarizes the aging of accounts receivable for
Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for
Johnston Supplies, Inc. as of July 31, 2019:
Number of Days
Unpaid
Total Accounts
Receivable
Historical %
Uncollectible
Not yet due
$
126,500
2
%
1-30 days past due
89,200
12
%
31-60 days past due
53,600
18
%
Over 60 days past due
31,800
35
%
Required:
1. The unadjusted balance of the Allowance for Doubtful Accounts
of Johnston Supplies, Inc. is a credit balance in the amount of
$28,947...
The following summarizes the aging of accounts receivable for
Johnston Supplies, Inc. as of July 31,...
The following summarizes the aging of accounts receivable for
Johnston Supplies, Inc. as of July 31, 2019:
Number of Days Unpaid
Total Accounts Receivable
Historical %
Uncollectible
Not yet due
$
127,400
3
%
1-30 days past due
90,100
13
%
31-60 days past due
54,500
19
%
Over 60 days past due
32,700
33
%
Required:
The unadjusted balance of the Allowance for Doubtful Accounts
of Johnston Supplies, Inc. is a credit balance in the amount of
$29,217 on...
Shamrock Merchandising uses an aging schedule to determine its
estimated uncollectible accounts at year end. The...
Shamrock Merchandising uses an aging schedule to determine its
estimated uncollectible accounts at year end. The percentage
estimates of bad debts are as follows:
SHAMROCK
MERCHANDISING
Aged Schedule of Accounts Receivable
No. of Days
Outstanding
Amount
Estimated
%
Uncollectible
0–30 days
$61,000
0.40%
31–60 days
26,300
5.75%
61–90 days
11,600
19.00%
Over 90 days
4,800
48.00%
$103,700
The Allowance for Doubtful Accounts has an unadjusted $1,730 credit
balance and the company uses the aging schedule to determine
estimated uncollectible accounts....