Customer Total Not Yet Due 12-14 The following is an aging schedule for Griffin Hotel: Number...

Transcribed Image Text:

Customer Total Not Yet Due 12-14 The following is an aging schedule for Griffin Hotel: Number of Days Past Due 1-30 31-60 61-90 Jou tra del (SC Over 90 Hovey $ 19,800 $ 9,800 $10,000 Mark Osborne 30,000 54,000 $30,000 12,000 $ 5,000 $37,000 Peluso 21,579 17,000 4579 Others 124,259 $249,638 24,000 $71,000 $45,478 23,678 46,688 25,333 4,560 $51,688 $39,912 $41.560 Estimated Percentage Uncollectible 3% 8% 15% 30% 65% Total Estimated Bad Debts $52,509.04 $2,130.00 $3,638.24 $7,753.20 $11,973.60 $27,014.00 On December 31, 2008, 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, 2008. (b) Journalize and post to the allowance account the following events and transactions in the year 2009. (1) On March 31, a $1,000 customer balance originating in 2004 is judged uncollectible. (2) On May 31, a check for $1,000 is received from the customer whose account was writ- ten off as uncollectible on March 31. (e) Journalize the adjusting entry for bad debts on December 31, 2009, assuming that the un- adjusted balance in Allowance for Doubtful Accounts is a debit of $800 and that the ag- ing schedule indicates that total estimated bad debts will be $30,300. Customer Total Not Yet Due 12-14 The following is an aging schedule for Griffin Hotel: Number of Days Past Due 1-30 31-60 61-90 Jou tra del (SC Over 90 Hovey $ 19,800 $ 9,800 $10,000 Mark Osborne 30,000 54,000 $30,000 12,000 $ 5,000 $37,000 Peluso 21,579 17,000 4579 Others 124,259 $249,638 24,000 $71,000 $45,478 23,678 46,688 25,333 4,560 $51,688 $39,912 $41.560 Estimated Percentage Uncollectible 3% 8% 15% 30% 65% Total Estimated Bad Debts $52,509.04 $2,130.00 $3,638.24 $7,753.20 $11,973.60 $27,014.00 On December 31, 2008, 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, 2008. (b) Journalize and post to the allowance account the following events and transactions in the year 2009. (1) On March 31, a $1,000 customer balance originating in 2004 is judged uncollectible. (2) On May 31, a check for $1,000 is received from the customer whose account was writ- ten off as uncollectible on March 31. (e) Journalize the adjusting entry for bad debts on December 31, 2009, assuming that the un- adjusted balance in Allowance for Doubtful Accounts is a debit of $800 and that the ag- ing schedule indicates that total estimated bad debts will be $30,300.