Assignment 3- Accounts Receivable and Uncollectable Accounts

Complete the Chapter 15 Problem Set A Problems: 15.1A, 15.2A and 15.4A

The Chapter 15 Excel Template contains Excel worksheets for your answers as well as provides some given data for the problem.

Student Name: Class: Problem 15.01A ULTRA LEATHER PRODUCTS Calculation of Estimated Uncollectible Accounts Expense Category Amount Estimated Rate of Loss Estimated Uncollectible MERITOR LEATHER PRODUCTS GENERAL JOURNAL Date Post Ref Description Adjusting Entries 2010 Dec. 2014 Jan. Nov. ULTRA LEATHER PRODUCTS Balance Sheet December 341, 2013 Accounts Receivable Less Allowance for Doubtful Accounts Debit Credit Given Data P15.01A ULTRA LEATHER PRODUCTS Accounts Receivable as of December 31, 2013 Allowance for Doubtful Accounts as of December 31, 2013 $ 392,000.00 $ 326.80 2010 Credit Sales Breakdown Category Wholesale Retail Amount $ 2,040,000 548,600 Estimated Rate of Loss 0.50% 1.20% Student Name: Class: Problem 15.02A 1. BARRANCA COMPANY Estimate of Uncollectible Accounts Over 60 days past due 31-60 days past due 1-30 days past due Current Total Estimated uncollectible accounts 2. Adjustment for Estimated Uncollectible Accounts Estimated uncollectible accounts Less credit balance in Allowance for Doubtful Accounts Amount of adjustment for estimated uncollectible accts. BARRANCA COMPANY GENERAL JOURNAL Date Description 2013 Dec. (3) 2014 May (4) (5) June (5) Dec. Post Ref Debit Credit Given Data P15.02A BARRANCA COMPANY Schedule of Accounts Receivable by Age December 31, 2013 Past Due - Days Account Adson, Paul Allen, Alfred Ash, John Bae, John Barker, Kelsie Bentley, Maggie Blair, Herman All other accounts Totals Balance 750.00 800.00 416.00 160.00 124.00 450.00 96.00 43,792.00 46,588.00 Current 750.00 1-30 600.00 31-60 Over 60 200.00 416.00 160.00 84.00 170.00 36,684.00 37,848.00 40.00 200.00 4,400.00 5,240.00 80.00 64.00 1,624.00 1,968.00 32.00 1,084.00 1,532.00 Uncollectible Accounts Computation Rates Current 1-30 days past due 31-60 days past due Over 60 days past due 1% 3% 9% 25% Other Notes 1. Allowance for Doubtful Accounts as of December 31, 2013 2. Account receivable of John Ash recognized as uncollectible and written off on May 10, 2014. 3. Uncollectible account receivable collect from Zeke Martin on June 12, 2014. Written off November 8, 2013. 4. Alternate percentage of total Accounts Receivable used to calculate uncollectible accounts. $ 208.20 $ 416.00 . 200.00 $ 2.5% Student Name: Class: Problem 15.04A RAINIER COMPANY GENERAL JOURNAL Date 2013 Feb. May July July Aug. 2014 Sept. Description Post Ref Debit Credit Given Data P15.04A RAINIER COMPANY Selected Transactions for 2013 and 2014 Date 2013 Feb. 7 May 16 July 2 July 29 Aug. 18 2014 Sept. 28 Transaction Amount Account receivable of Anne Baker determined to be uncollectible. $ 600 Account receivable of Martha Falls determined to be uncollectible and written off due to her death. $ 1,000 Received from Anne Baker in partial payment of her account, which was written off on February 7. Cash has been recorded in the cash receipts journal. $ 300 Received from Anne Baker to complete payment of her account, which had been written off on February 7. Cash has been recorded in the cash receipts journal. $ 300 The account receivable of David Nye is determined to be uncollectible and is to be written off. $ 324 Received from the estate of Martha Falls as part of the settlement of affairs. This amount is applicable to the account receivable written off on May 16, 2013. Cash had been recorded in cash receipts journal. $ 500