Question
1.Nija Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Age Group Amount Receivable Estimated Percent Uncollectible 0-60 days
1.Nija Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible.
Age Group
Amount
Receivable
Estimated
Percent
Uncollectible
0-60 days
$40,000
1%
61-90 days
15,000
20%
More than 90 days past due
5,000
60%
Total
$60,000
Using the information above; answer the following questions.
A.What is Gross AR?
B.What is the total estimate of uncollectible accounts using the aging method?
C.What is the net realizable value?
total
2.At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (debit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable.
A.What is the allowance for uncollectible?
B.What is net realizable value?
C.Record the amount of the adjustment for uncollectible accounts ( if any)
GENERAL JOURNAL
PAGE
1
DATE
DESCRIPTION
POST.
REF.
DEBIT
CREDIT
1
1
2
2
3
3
4
4
3.What is the total estimate of uncollectible accounts using the aging method?
Age Group
Amount
Receivable
Estimated
Percent
Uncollectible
0-60 days
$30,000
10%
61-90 days
25,000
25%
More than 90 days past due
25,000
70%
Total
$80,000
Using the information above; answer the following questions.
A.What is Gross AR?
B.What is the total estimate of uncollectible accounts using the aging method?
C.What is the net realizable value?
total
4.At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $311,000 and $970 (debit) in Allowance for Uncollectible Accounts. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable.
A.What is the allowance for uncollectible?
B.What is net realizable value?
C.Record the amount of the adjustment for uncollectible accounts ( if any)
GENERAL JOURNAL
PAGE
1
DATE
DESCRIPTION
POST.
REF.
DEBIT
CREDIT
1
1
2
2
3
3
4
4
5.What is the total estimate of uncollectible accounts using the aging method?
Age Group
Amount
Receivable
Estimated
Percent
Uncollectible
0-60 days
$40,000
5%
61-90 days
5,000
35%
More than 90 days past due
25,000
80%
Total
$70,000
Using the information above; answer the following questions.
a)What is Gross AR?
b)What is the total estimate of uncollectible accounts using the aging method?
c)What is the net realizable value?
total
1. Nija Incorporated reports the following aging schedule of its accounts receivable with the estimated percent uncollectible. Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $40,000 1% 61-90 days 15,000 20% More than 90 days past due 5,000 60% Total $60,000 Using the information above; answer the following questions. A. What is Gross AR? B. What is the total estimate of uncollectible accounts using the aging method? C. What is the net realizable value? total 2. At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (debit). An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. A. What is the allowance for uncollectible? B. What is net realizable value? C. Record the amount of the adjustment for uncollectible accounts ( if any) GENERAL JOURNAL DATE DESCRIPTION POST. REF. PAGE DEBIT 1 CREDIT 1 1 2 2 3 3 4 4 3. What is the total estimate of uncollectible accounts using the aging method? Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $30,000 10% 61-90 days 25,000 25% More than 90 days past due 25,000 70% Total $80,000 Using the information above; answer the following questions. A. What is Gross AR? B. What is the total estimate of uncollectible accounts using the aging method? C. What is the net realizable value? total 4. At December 31, Amy Jo's Appliances had account balances in Accounts Receivable of $311,000 and $970 (debit) in Allowance for Uncollectible Accounts. An analysis of Amy Jo's December 31 accounts receivable suggests that the allowance for uncollectible accounts should be 2% of accounts receivable. A. What is the allowance for uncollectible? B. What is net realizable value? C. Record the amount of the adjustment for uncollectible accounts ( if any) GENERAL JOURNAL DATE DESCRIPTION POST. REF. PAGE DEBIT 1 CREDIT 1 1 2 2 3 3 4 4 5. What is the total estimate of uncollectible accounts using the aging method? Estimated Amount Percent Age Group Receivable Uncollectible 0-60 days $40,000 5% 61-90 days 5,000 35% More than 90 days past due 25,000 80% Total $70,000 Using the information above; answer the following questions. a) What is Gross AR? b) What is the total estimate of uncollectible accounts using the aging method? c) What is the net realizable value? total Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Financial Accounting Fundamentals
Authors: John J. Wild
5th edition
1308500102, 1308500106, 78025753, 978-0078025754
