450 500 EX 8-6 Providing for doubtful accounts Obj. 4 At the end of the current year, the accounts receivable account has a debit balance of $1,835,000 and sales for the year total $25.690,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions: a. The allowance account before adjustment has a debit balance of 512,500. Bad debt expense is estimated at 5 of 1% of sales. b. The allowance account before adjustment has a debit balance of $12,500. An aging of the accounts in the customer ledger indicates estimated ploubtful accounts of $162,000 The allowance account before adjustment has a credit balance of $26,810. Bad debt expense is estimated at % of 1% of sales. d. The allowance account before adjustment has a credit balance of $26,810. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $171,200. ME NOW anche Auto, 77 days EX 8-7 Number of days past due Obj. 4 Toot Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Toot's credit terms are n/30. As of the end of business on October 31, the following accounts receivable were past due: Account Due Date Amount Avalanche Auto August 15 $12,000 Bales Auto October 4 2,400 Derby Auto Repair June 26 3,900 Lucky's Auto Repair September 10 6,600 Nt Stop Auto September 24 1,100 Reliable Auto Repair July 2 9,750 Trident Auto August 25 1,800 Valley Repair & Tow May 23 4,000 Determine the number of days each account is past due as of October 31. May 4, $1,800 EX 8-19 Determine due date and interest on notes Obj. 6 Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 5 $90,000 120 days b February 15 21,000 4 30 days c May 19 68,000 8 d. August 20 34,400 5 90 days October 19 50,000 7 90 days * Assume a leap year in whichiebruary has 29 days. OW EXCEL TEMPLATE 45 days e