Accounting Chapter seven Exercise. May have to zoom to see pictures

Excel File Edit Insert Help 2 Sat Sep 18 2:28 PM AutoSave OFF View Format Tools Data Window ABO... Page Layout Formulas Data Review View Ch 7 ex 0 Insert Home - Draw Tell me Share Comments Arial V 10 VA AA = = = Wrep Text General Insertv 5. Delete Format 27-O Lis Paste d) N Analyze Data = = = + + Marga & Canter $ % 9 Conditional Format Cell Formatting as Table Styles ... Sort & Filter Find & Sclect Sensity W12 X fx A B C C D E F G T J K L M N O P Q R S T U Name: Date: 1 2 3 4 5 6 Cells highlighted in green contain a drop-down list; select the appropriate account from the list. When the calcuations for Total interest are correct, the cells will change to yellow. Following are selected transactions of Gibson Company for 2021. Dec. 13 Accepted a $9,500, 45-day, 8% note dated December 13 in granting Miranda Lee a time extension on her past-due account receivable. Dec. 31 Prepared an adjusting entry to record the accrued interest on the Lee note. 8 9 10 11 12 13 14 15 16 Complete the table to calculate the interest amounts at December 31*and use the calculated value to prepare your joumal entries. (Do not round your intermediate calculations. Use 360 days a year.) 1234567899uuBHSB Total Through Maturity Interest Recognized December 31 18 19 Principal Rate(%) Time Total interest 21 22 23 24 25 26 | General Journal Debit Credit Date 13-Dec-21 31-Dec-21 29 30 31 32 Exercise 7-4 Exercise 7-18 Exercise 7-23 Problem 7-24 Problem 7-3A +. Ready 133% 1,923 SP w A 3 18 Excel File Edit Insert Window Help 2 Sat Sep 18 2:27 PM View Format Tools Data A v G ... 0 AutoSave OFF Ch 7 ex Q Insert Draw Page Layout Home - Formulas Data Review View Tell me ? Share Comments 10 A Arial = Singart X LO VA AA General Wrep Text Hav 27O Paste BTU A + + Marga & Center $ % ) ... Conditional Format Cell Formatting as Table Styles SA Delete Format Sort & Filter Find & Sclect N Analyze Data Sensity P21 fx A B B D E F G I J K L M N 0 P R S T U V Pickens Company has credit sales of $3,600,000 for year 2021. On December 31, 2021, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Pickens prepares a schedule of its December 31, 2021, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2021 Accounts $830,000 254,000 86,000 38,000 12,000 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past du 61 to 90 days past du Over 90 days past due Expected Percent Uncollectible 1.25% 2.00% 6.50% 32.75% 68.00% Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2021, using the aging of accounts receivable method. 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 Estimated uncollectible Accounts receivable Percent uncollectible Not due: 1 to 30 31 to 60: 61 to 90; Over 90: Estimated balance of allowance for uncollectibles 2. Prepare the adjusting entry to record bad debts expense at December 31, 2021. Date General Journal | Debit Credit 31-Dec Exercise 7-4 Exercise 7-18 Exercise 7-23 Problem 7-2A Problem 7-3A + Ready 125% 1922 SP w A 3 18