Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

6 Part 1 of 3 Required Information (The following information applies to the questions displayed below.) On December 31, Jorden Company's Allowance for Doubtful Accounts

image text in transcribed
image text in transcribed
image text in transcribed
6 Part 1 of 3 Required Information (The following information applies to the questions displayed below.) On December 31, Jorden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500 Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected Percent Receivable Age of Accounts Receivable Uncollectible $ Bee,eee Not yet due 1.254 336,080 1 to 38 days past due 2.00 67, 2ee 31 to 68 days past due 6.50 33,6ee 61 to 90 days past due 32.75 13,440 Over 93 days past due 68.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 using an aging of accounts receivable. Accounts Receivable Percent Uncollectible (0%) Estimated Uncollectible Not de 1 to 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles 7 [The following information applies to the questions displayed below) On December 31, Jorden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500 Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected Percent Receivable Age of Accounts Receivable Uncollectible $ 840,eee Not yet due 1.254 336, eee 1 to 38 days past due 2.ea 67,2ee 31 to 60 days past due 33,60 61 to 90 days past due 13,440 Over 90 days past due 68.00 Purt 2013 6.58 32.75 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round Intermediate calculations.) View transaction ist Journal entry worksheet > Record the estimated bad debts. Notenter debits before credits General Journal Debid Credit Date December 31 Bacard antry Clear entry View general Journal 8 Part 3 of 3 Required information (The following information applies to the questions displayed below.) On December 31, Jarden Company's Allowance for Doubtful Accounts has an unadjusted credit balance of $4,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Expected percent Receivable Age of Accounts Receivable Uncollectible $ 840, eee Not yet due 1.25% 336,000 1 to 30 days past due 2.00 67,200 31 to 60 days past due 6.58 33,6ee 61 to 90 days past due 32.75 13,440 Over 90 days past due 68.88 2. On June 30 of the next year, Jorden concludes that a customer's $4,550 receivable is uncollectible and the account is written of Does this wilte-off directly affect Jarden's net income? Do Not of directly affect Jard's income

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

Step: 3

blur-text-image

Ace Your Homework with AI

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

Get Started

Students also viewed these Accounting questions

Question

The amount of work I am asked to do is reasonable.

Answered: 1 week ago

Question

The company encourages a balance between work and personal life.

Answered: 1 week ago