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...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and...
Aging Method
On January 1, 2019, Smith, Inc., has the following balances for
accounts receivable and allowance for doubtful accounts:
Accounts Receivable
$381,000
Allowance for Doubtful Accounts (a credit balance)
3,900
During 2019, Smith had $2,850,000 of credit sales, collected
$2,905,000 of accounts receivable, and wrote off $3,850 of accounts
receivable as uncollectible. At year end, Smith performs an aging
of its accounts receivable balance and estimates that $3,800 will
be uncollectible.
Required:
1. Calculate Smith's preadjustment
balance in accounts receivable...
Credit Losses Based on Accounts Receivable Maxell, Inc.,
analyzed its accounts receivable balances at December 31,...
Credit Losses Based on Accounts Receivable Maxell, Inc.,
analyzed its accounts receivable balances at December 31, and
arrived at the aged balances listed below, along with the
percentage that is estimated to be uncollectible: Age Group Balance
Probability of Noncollection 0-30 days past due $101,000 1% 31-60
days past due 19,000 3% 61-120 days past due 21,000 6% 121-180 days
past due 8,000 10% Over 180 days past due 3,000 20% $152,000 The
company handles credit losses using the allowance...
On January 1, 2019, Hungryman, Inc., has the following balances
for accounts receivable and allowance for...
On January 1, 2019, Hungryman, Inc., has the following balances
for accounts receivable and allowance for doubtful accounts:
Accounts Receivable $1,272,400 Allowance for Doubtful Accounts (a
credit balance) 46,000 During 2019, Hungryman had $18,900,000 of
credit sales, collected $17,945,000 of accounts receivable, and
wrote off $60,000 of accounts receivable as uncollectible. At year
end, Hungryman performs an aging of its accounts receivable balance
and estimates that $52,000 will be uncollectible. Required:
1. Calculate Hungryman's preadjustment balance in accounts
receivable on...
II. (a) The aging of Torme Designs' accounts receivable is shown
below. Calculate the amount of...
II. (a) The aging of Torme Designs' accounts receivable is shown
below. Calculate the amount of each periodicity range that is
deemed to be uncollectible.(worth 30 points)
Est. Uncollectible Accts.
Age Interval Balance Percentage Amount
Not past due 850,000 3.50%
1-30 days past due 47,500 5.00%
31-60 days past due 21,750 10.00%
61-90 days past due 11,250 20.00%
91-180 days past due 5,065 30.00%
181-365 days past due 2,500 50.00%
Over 365 days past due 1,145 95.00%
Total 939,210...
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...
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...
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...
Problem 9-3A Aging accounts receivable and accounting for bad
debts LO P2, P3
[The following information...
Problem 9-3A Aging accounts receivable and accounting for bad
debts LO P2, P3
[The following information applies to the questions
displayed below.]
Jarden Company has credit sales of $2,300,000 for year 2017. On
December 31, 2017, the company’s Allowance for Doubtful Accounts
has an unadjusted credit balance of $17,670. Jarden prepares a
schedule of its December 31, 2017, accounts receivable by age. On
the basis of past experience, it estimates the percent of
receivables in each age category that will...