4 cr cr cr A B E F G H K 1 ACC 213 Assignment: Lab #6 for Chapter 7 Name 2 Instructions: Fill in the yellow cells, using formulas/cell references wherever possible 3 The terms are net 30 days. 5 Balance of A/R on 12/31/2021 $55,415 debit 6 Balance of Allowance for Doubtful Accounts on 12/31/2021 BEFORE adjusting the books $1,000 credit 7 A) Net Realizable Value of Accounts Receivable BEFORE adjusting the books 8 subsidiary ledger 9 A. Abel F. Fierman 10 dr cr balance dr balance 11 /14/2019 purchase 8450 8450 10/5/2019 purchase 1360 1360 12/27/2019 paid 3750 4700 11/20/2019 purchase 875 2235 13 12/20/2019 purchase 1940 4175 14 B. Barber 15 dr balance G. Gaylord 16 /15/2019 purchase 6250 6250 dr balance 17 2/5/2019 purchase 1575 7825 9/22/2019 purchase 1250 1250 18 1/22/2019 purchase 4975 6225 19 C. Curran 20 dr balance 21 2/2/2019 purchase 5400 5400 H. Harris 22 dr balance 23 D. Dapper 12/29/2019 purchase 4925 4,925 24 dr cr balance 25 /10/2019 purchase 3250 3250 I. Ireland 26 dr cr balance 27 E. Elmore 8/15/2019 purchase 1100 1100 28 dr cr balance 9/2/2019 purchase 4425 5525 29 /22/2019 purchase 7225 7225 J. Jones 30 2/3/2019 purchase 1875 9100 dr cr balance 31 10/11/2019 purchase 1590 1590 32 1/28/2019 purchase 2700 4290 cr cr LGH Company Accounts Receivable Aging Schedule 12/31/2021 Number of Days Past Due Total Balance Current 1 - 30 31-60 61-90 Over 90 Customer 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 A. Abel $4,700 B. Barber 7,825 C. Curran 5,400 D. Dapper 3,250 E. Elmore 9,100 F. Fierman 4,175 G. Gaylord 6,225 H. Harris 4,925 I. Ireland 5,525 J. Jones 4,290 Total Accts. Receivable_$55,415 Make sure that the total of the receivables on your aging schedule is equal to the total Accounts Receivable! B)Calculate the Balance Required in the Allowance for Doubful Accounts -- 55 LGH uses the Aging of Receivables Method 56 % Likely Required 57 mber of Days Past Due A/R Amount Uncollectible Allowance Balance 58 0 1% 59 1 - 30 3% 60 31-60 8% 61-90 20% 62 Over 90 50% 63 Total 65 C) Adjusting Entry 66 Account Title(s) Debit Credit 67 Prepare the required adjusting entry 68 after completing Part A above. Use formulas 69 references for the debit and credit amounts. 70 71 72 73 74 D) After recording the adjusting entry, determine the following-- using calculations in E Amount Debit or Credit? 75 Balance of A/R on 12/31/2021 before adjusting the books Use drop-down menu 76 Balance of Allowance for Doubtful Accounts on 12/31/2021 AFTER adjusting the books that will appear when you click on cell. 77 Net Realizable Value of Accounts Receivable AFTER adjusting the books 78 79 80 E) Write-off entry: D. Dapper will not be able to pay the overdue amount owed. Write off the D. Dapper receivable. 81 82 Account Title(s) Debit Credit 83 Prepare the required journal entry to 84 write off the D. Dapper Account Receivable. 85 Use formulas/cell references for debit and credit 86 amounts. 87 88 89 90 F) After recording the adjusting entry, determine the following -- using calculations in E Amount Debit or Credit? 91 Balance of A/R immediately after the write-off of D. Dapper's Account Receivable. Use drop-down menu 92 Balance of Allowance for Doubtful Accounts immediately after the write-off of D. dapper's A/R. that will appear when you click on cell. 93 Net Realizable Value of Accounts Receivable AFTER adjusting the books 94 95 96 4 cr cr cr A B E F G H K 1 ACC 213 Assignment: Lab #6 for Chapter 7 Name 2 Instructions: Fill in the yellow cells, using formulas/cell references wherever possible 3 The terms are net 30 days. 5 Balance of A/R on 12/31/2021 $55,415 debit 6 Balance of Allowance for Doubtful Accounts on 12/31/2021 BEFORE adjusting the books $1,000 credit 7 A) Net Realizable Value of Accounts Receivable BEFORE adjusting the books 8 subsidiary ledger 9 A. Abel F. Fierman 10 dr cr balance dr balance 11 /14/2019 purchase 8450 8450 10/5/2019 purchase 1360 1360 12/27/2019 paid 3750 4700 11/20/2019 purchase 875 2235 13 12/20/2019 purchase 1940 4175 14 B. Barber 15 dr balance G. Gaylord 16 /15/2019 purchase 6250 6250 dr balance 17 2/5/2019 purchase 1575 7825 9/22/2019 purchase 1250 1250 18 1/22/2019 purchase 4975 6225 19 C. Curran 20 dr balance 21 2/2/2019 purchase 5400 5400 H. Harris 22 dr balance 23 D. Dapper 12/29/2019 purchase 4925 4,925 24 dr cr balance 25 /10/2019 purchase 3250 3250 I. Ireland 26 dr cr balance 27 E. Elmore 8/15/2019 purchase 1100 1100 28 dr cr balance 9/2/2019 purchase 4425 5525 29 /22/2019 purchase 7225 7225 J. Jones 30 2/3/2019 purchase 1875 9100 dr cr balance 31 10/11/2019 purchase 1590 1590 32 1/28/2019 purchase 2700 4290 cr cr LGH Company Accounts Receivable Aging Schedule 12/31/2021 Number of Days Past Due Total Balance Current 1 - 30 31-60 61-90 Over 90 Customer 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 A. Abel $4,700 B. Barber 7,825 C. Curran 5,400 D. Dapper 3,250 E. Elmore 9,100 F. Fierman 4,175 G. Gaylord 6,225 H. Harris 4,925 I. Ireland 5,525 J. Jones 4,290 Total Accts. Receivable_$55,415 Make sure that the total of the receivables on your aging schedule is equal to the total Accounts Receivable! B)Calculate the Balance Required in the Allowance for Doubful Accounts -- 55 LGH uses the Aging of Receivables Method 56 % Likely Required 57 mber of Days Past Due A/R Amount Uncollectible Allowance Balance 58 0 1% 59 1 - 30 3% 60 31-60 8% 61-90 20% 62 Over 90 50% 63 Total 65 C) Adjusting Entry 66 Account Title(s) Debit Credit 67 Prepare the required adjusting entry 68 after completing Part A above. Use formulas 69 references for the debit and credit amounts. 70 71 72 73 74 D) After recording the adjusting entry, determine the following-- using calculations in E Amount Debit or Credit? 75 Balance of A/R on 12/31/2021 before adjusting the books Use drop-down menu 76 Balance of Allowance for Doubtful Accounts on 12/31/2021 AFTER adjusting the books that will appear when you click on cell. 77 Net Realizable Value of Accounts Receivable AFTER adjusting the books 78 79 80 E) Write-off entry: D. Dapper will not be able to pay the overdue amount owed. Write off the D. Dapper receivable. 81 82 Account Title(s) Debit Credit 83 Prepare the required journal entry to 84 write off the D. Dapper Account Receivable. 85 Use formulas/cell references for debit and credit 86 amounts. 87 88 89 90 F) After recording the adjusting entry, determine the following -- using calculations in E Amount Debit or Credit? 91 Balance of A/R immediately after the write-off of D. Dapper's Account Receivable. Use drop-down menu 92 Balance of Allowance for Doubtful Accounts immediately after the write-off of D. dapper's A/R. that will appear when you click on cell. 93 Net Realizable Value of Accounts Receivable AFTER adjusting the books 94 95 96