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Carter Company sells on credit with terms of n/30. For the $500,000 of accounts at the end of the estrates the likekhood of cle ton gong down to 70%. The obabity of colecting the $100,000 of accounts more than year that are not overdue, there is a 90% probabity of colection. For the $200,000 of accerts that are less than a month past du a month past due is estrated to be 25%. 1. Prepare an aging schedude to estimate the amount of uncollectible accounts Carter Company te Account for Category Estrruted Amount s Percent uncolectble Amount Unceletble Gument Past dut Less than one month More than one men L109.000 5.000 2. On the basis of the schedule in part (1), idertify and analyze the adjustment needed t for Doubtdul Accounts is $20,000 Actrivity Accounts to estimate bad debts. Assume that the balance in Allowance How does this entry affect the acounting equation Ir a financial statement item is not affected, select "No Entry and leave the amount box blank, I the effect on a fnancial s s increased, it will have the effect of decreasing the corresponding financial statement tem statement tom is negative, Le, a decrease, be sure to enter the answer with a minus sign Remember: a centra steckholder Liabilties evesues Expenses in payment of an acceunt recevable. Garza's year end is December 31. Ho paid the note and interest on the due date. Assum the year Required: . Who n the maker and who is the payee of the note? be make is toe ceyand the parve s Garn Inc 2. What in the matury date of the note 3. tdently and analze tefect of the transactions or adpntments to be recorded on each of the following dates tember 1, 2017 How does thes entry afect the acountig equaben) Expenses Decenber 31, December 31, 2017 Ratements) How does thes entry alledt the accounting eauabion? "afanal staten ent itement irected, select wo Entry' andle ivethe amoure box bla k eeet on ahmittementem s negueve. ce, adere ate, be "re to enter the answer- e box blank the nearest " lodations.if requred, eound your final answer to Expenses ,2058 Statement entry affest the accounting eouation tnancal stement itom is negative, e a derease, be sure to enter the answer with a mius sign Liabilities Carter Company sells on credit with terms of n/30. For the $500,000 of accounts at the end of the estrates the likekhood of cle ton gong down to 70%. The obabity of colecting the $100,000 of accounts more than year that are not overdue, there is a 90% probabity of colection. For the $200,000 of accerts that are less than a month past du a month past due is estrated to be 25%. 1. Prepare an aging schedude to estimate the amount of uncollectible accounts Carter Company te Account for Category Estrruted Amount s Percent uncolectble Amount Unceletble Gument Past dut Less than one month More than one men L109.000 5.000 2. On the basis of the schedule in part (1), idertify and analyze the adjustment needed t for Doubtdul Accounts is $20,000 Actrivity Accounts to estimate bad debts. Assume that the balance in Allowance How does this entry affect the acounting equation Ir a financial statement item is not affected, select "No Entry and leave the amount box blank, I the effect on a fnancial s s increased, it will have the effect of decreasing the corresponding financial statement tem statement tom is negative, Le, a decrease, be sure to enter the answer with a minus sign Remember: a centra steckholder Liabilties evesues Expenses in payment of an acceunt recevable. Garza's year end is December 31. Ho paid the note and interest on the due date. Assum the year Required: . Who n the maker and who is the payee of the note? be make is toe ceyand the parve s Garn Inc 2. What in the matury date of the note 3. tdently and analze tefect of the transactions or adpntments to be recorded on each of the following dates tember 1, 2017 How does thes entry afect the acountig equaben) Expenses Decenber 31, December 31, 2017 Ratements) How does thes entry alledt the accounting eauabion? "afanal staten ent itement irected, select wo Entry' andle ivethe amoure box bla k eeet on ahmittementem s negueve. ce, adere ate, be "re to enter the answer- e box blank the nearest " lodations.if requred, eound your final answer to Expenses ,2058 Statement entry affest the accounting eouation tnancal stement itom is negative, e a derease, be sure to enter the answer with a mius sign Liabilities
