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Attatched is an Excel Question. Please Answer it fully. P8-3A Journalize entries to record transactions related to bad debts Presented below is an aging schedule
Attatched is an Excel Question. Please Answer it fully.
P8-3A Journalize entries to record transactions related to bad debts Presented below is an aging schedule for Halleran Company. Customer Anders Blake Coulson Deleon Others Number of Days Past Due Total Not yet Due 1-30 31-60 61-90 Over 90 $ 22,000 $ 10,000 $ 12,000 40,000 $ 40,000 57,000 16,000 6,000 35,000 34,000 34,000 132,000 96,000 16,000 14,000 6,000 $ 285,000 $ 152,000 $ 32,000 $ 26,000 $ 35,000 $ 40,000 Estimated Percentage Uncollectible Total Estimated Bad Debts 3% $ 38,610 $ 6% 4,560 $ 13% 1,920 $ 3,380 $ 25% 50% 8,750 $ 20,000 At December 31, 2015, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000. Instructions: (a) Journalize and post the adjusting entry for bad debts at December 31, 2015. (b) Journalize and post the allowance account the following events and transactions in the year 2016. (1) On March 31, a $1,000 customer balance originating in 2015 is judged uncollectible. (2) On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectib on March 31. ( c) Journalize the adjusting entry for bad debts on December 31, 2016, assuming that the unadjusted balance in the Allowance for Doubtful Accounts is a debit of $800 and the aging schedule indicates that total estimated bad debts will be $31,600. NOTE: Enter a number in cells requesting a value; enter either a number or a formula in cells with a "?" . (a) Dec. 31 Account Value Account Bad Debt Date 2014 Dec. 31 Explanation Adjusting Balance Adjusting Debit Value Allowance for Doubtful Accounts Explanation Ref. Date 2014 Dec. 31 Dec.31 2015 Ref. Debit Mar. 31 31-May (b) (1) Value 2015 Mar. 31 Account Account (b) (2) 2015 May 31 Account Account May 31 Account Account (c) 2015 Dec 31 Account Account After you have completed the requirements of P8-3A, consider these additional questions. Answers are on the other tab in this file. 1. Suppose the amount uncollectible on March 31 is changed to $1,800 and no cash was received from customer s the write-off of accounts receivable. What would be the balance of the Allowance for Doubtful Accounts before a 2. Suppose the balance in the Allowance for Doubtful Accounts before adjustment was $2,100 debit. An aging sche that total estimated bad debts will be $38,000. What is the year-end adjustment for bad debts? redit of $12,000. he year 2016. as written off as uncollectible he unadjusted balance in tes that total estimated bad ula in cells with a "?" . Value Credit Balance Value Credit Balance Value 12,000 ? Value ? ? Value Value Value Value Value Value Value Value s received from customer subsequent to Doubtful Accounts before adjustment? 2,100 debit. An aging schedule indicatesStep by Step Solution
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