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Accounting Help P9-3B, A-C Copy and paste as word, please!! Saves me time. PLEASE USE THE METHOD BELOW FOR THIS PROBLEM P9. 3B Presented below
Accounting Help
P9-3B, A-C
Copy and paste as word, please!! Saves me time.
PLEASE USE THE METHOD BELOW FOR THIS PROBLEM
P9. 3B Presented below is an aging schedule for Stol Company. Lokche.de File Edit View Insert Format Tools Data Window Help B D E G Not Yet Due Number of Days Past Due 1-30 31-60 61-90 $ 13,500 $16.500 Over 90 Total $ 30,000 45.000 75,000 57.000 189.000 $396,000 $ 45,000 22.500 7.500 2 3 Customer 4 Ang 5 Bistro 6 Conesie 17 Dagoya 8 Others 9 Estimated 10 Percentage Uncollectible Total Estimated Bad Debts $45.000 138,000 $205.500 22.500 $43.500 19.500 $35,000 $57.000 9.000 566,000 $45.000 2% 6% 10% 25% 50% $ 54.570 $.4.110 $ 2.610 $ 3.600 $ 11,250 $33,000 At December 31, 2012, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000 Instructions (a) Journalize and post the adjusting entry for bad debts at December 31, 2012. (b) Journalize and post to the allowance account the following events and transactions in the year 2013. 1. March 1, a $1,900 customer balance originating in 2012 is judged uncollectible. 2. May 1, a check for $1,900 is received from the customer whose account was written off as uncollectible on March 1. (e) Journalize the adjusting entry for bad debts on December 31, 2013. Assume that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $2,000, and the aging schedule indicates that total estimated bad debts will be $42,300. PROBLEM 9-3A (a) Dec. 31 Expense Bad Debts 30,610 Allowance for Doubtful Accounts ($42,610 - 30,610 $12,000) (a) & (b) Bad Debts Expense Date ExplanationRef.Debit Credit Balance 2012 Dec. 3 Adjusting 30,610 30,610 1 Allowance for Doubtful Accounts Date Explanation RefDebit Credit Balance 2012 Dec. 3 Balance 12,000 1 Adjusting 30,610 42,610 31 2013 1,000 41,610 Mar. 3 1 May 1 1,000 42,610 3 (b) 2013 (1) Mar. 31 Accounts Allowance for Doubtful 1,000 Accounts 1,000 Receivable (2) May 31 1,000 Accounts Receivable Allowance for Doubtful 1,000 Accounts 31 Cash 1,000 Accounts Receivable 1,000 (c) 2013 Dec. 31 Expense Bad Debts 29,400 Allowance for Doubtful Accounts ($28,600 + 29,400 $800)Step by Step Solution
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