Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

3. UNCOLLECTIBLE ACCOUNTS - TRANSACTIONS P8.4A (LO 2) AP Presented below is an aging schedule for Halleran Company at December 31, 2023: Number of

image text in transcribedimage text in transcribed

3. UNCOLLECTIBLE ACCOUNTS - TRANSACTIONS P8.4A (LO 2) AP Presented below is an aging schedule for Halleran Company at December 31, 2023: Number of Days Past Due Customer Anders Total Not Yet Due 1-30 31-60 61-90 Over 90 $ 22,000 $10,000 $ 12,000 Blake 40,000 40,000 Coulson 57,000 16,000 6,000 $35,000 Deleon 34,000 $34,000 F Others 1,32,000 $285,000 96,000 $152,000 16,000 $32,000 14,000 6,000 $26,000 $35,500 $40,000 1 Estimated percentage 3% 6% 13% 25% 50% uncollectible Estimated uncollectible $ 38,610 $4.560 1,920 3.380 accounts $ $ 20,000 8,750 At December 31, 2023, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000. Instructions a. Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts and enter the 2023 unadjusted balances. b. Prepare and post the adjusting entry for uncollectibles at December 31, 2023. c. Prepare and post the entries for these selected 2024 events and transactions. 1. March 31, a $1,000 customer balance originating in 2023 is judged uncollectible. 2. May 31, a cheque for $1,000 is received from the customer whose account was written off as uncollectible on March 31. d. Prepare the adjusting entry for uncollectibles on December 31, 2024, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $800 and the aging schedule indicates that total estimated uncollectibles will be $31,600. Accounts Receivable. Allowance for Doubtful Accounts

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management and Cost Accounting

Authors: Colin Drury

8th edition

978-1408041802, 1408041804, 978-1408048566, 1408048566, 978-1408093887

More Books

Students also viewed these Accounting questions

Question

=+c) What do you conclude about the average value of the

Answered: 1 week ago