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Calculate the total estimated uncollectibles based on info?? 9 Part A: resubmitted: its a continuation on same line . Thank You . Pina Inc. uses
Calculate the total estimated uncollectibles based on info?? 9
Part A: resubmitted: its a continuation on same line . Thank You .
Pina Inc. uses the allowance method to estimate uncollectibles. The company produced the following aging of the accounts receivable at year-end. (a) Calculate the total estimated uncollectibles based on the below information. Nu Total 0-30 31-60 Accounts receivable $352,500 $106,900 $74,400 0 00 Number of Days Outstanding 61-90 $68,900 6% 60 91-120 $54,300 9% Estimated Bad debts eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer eTextbook and Media List of Accounts Save for Later (b)-(d) Attempts: 0 of 5 used Submit Answer (b)-(d) (b) Prepare the year-end adjusting journal entry to record the Bad Debt Expense using the aged uncollectible accounts receivable determined in (a). Assume the unadjusted balance in Allowance for Doubtful Accounts is a $8,500 debit. (c) of the above accounts, $4.900 is determined to be specifically uncollectible. Prepare the journal entry to write off the uncollectible account. (d) The company collects $4,900 subsequently on a specific account that had previously been determined to be uncollectible in (c). Prepare the journal entries necessary to restore the account and record the cash collection. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No Account Titles and Explanation (b) D (d) Debit Credit (d) (To reverse write-off.) (To record collection of write off.) (To reverse write-off.) (To record collection of write off.) (a) Calculate the total estimated uncollectibles based on the below information. Total 0-30 Accounts receivable $352.500 $106,900 % uncollectible 2% Estimated Bad debts $ $ 31-60 $74,400 5% Nu (a) Calculate the total estimated uncollectibles based on the below information. Number of Days Outstanding 31-60 61-90 91-120 $74,400 $68,900 $54,300 5% 6% 9% Over 120 $48,000 21% Step by Step Solution
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