Directions:
Complete the following estimation of bad debt expense using aging. Industry averages show that 97% of accounts receivable 0-30 days past due will pay, 88% of accounts receivable 31-60 days past due will pay, 50% of accounts receivable 61-90 days past due will pay, and 12% of accounts receivable 91 days past due and over will pay. The unadjusted allowance for bad debt is currently $17,000 debit. After completing the worksheet, create the journal transactions that would be included with process.
Chapter Thirteen: Bank Reconciliati on/ Cash Controls ouo fd e nd ed Worksheet It is the end of the fiscal year and RaeMaKhan Industries needs to reconcile its company books. Use the following events to complete the worksheet below. 1. The closing balance for the bank statement is $438,294. 2. The closing balance of the book is $482,000 3. Check No. 682 for $425 and Check No. 683 for $681 was outstanding in October, 4. Check No. 683 for $681, Check No. 712 for $1,358, and Check No. 720 for $528 outstanding in November. was 5. Check No. 733 for $821 and Check No. 772 for $918 was not remitted in December along with all previously outstanding checks 6. Check No. 682 was cancelled. 7. Check No. 758 for $823 was cancelled. incorrectly written for $1,865 when the bill was actually 8. Check No. 733 was $1,685. The vendor only took the correct amount for the bill. 9. The financial institution collected $7,832 of company outstanding debts for RaeMaKhan. It charged the company $783 for the service. This transaction was not recorded. 10. The bank charged bank services of 1% of closing bank balance. 11. Check No. 492 received from Bankrupt Bank had insufficient funds. The check was for $25,000 and RaeMaKhan's bank charged a NSF fee of $35. 293 C2014 Chapter Thirteen: Bank Reconciliation/ Cash Controls 12. The accountants deposited a $25,463 receipt in the bank after the bank's cutoff time for daily deposits. The depos it was made December 31. 2015 e o sonalad S 50 o oan0 8 do nl OSTO oe 2 T.oM 30 ot 686.011xr devol ni gnibsuo a ba on aw 8102 101 SToM bs St o CET Oo bnstuo vieuolvng od belloso wS80.o18Oa s820 501 oaD u do nerdw neymoon a6olM o nuoe on oolino 03, RaeMaKhan Industries Bank Reconciliation 12/31/2015 Aceunt Destten Prepared y Dete Bank Account Nunber dBy Deter Balance Pr Bak eeet alae Pr General Ledg Add Subtract Sebtract Balance Balance 297 296 Chapter Thirteen: Bank Reconciliati on/ Cash Controls ouo fd e nd ed Worksheet It is the end of the fiscal year and RaeMaKhan Industries needs to reconcile its company books. Use the following events to complete the worksheet below. 1. The closing balance for the bank statement is $438,294. 2. The closing balance of the book is $482,000 3. Check No. 682 for $425 and Check No. 683 for $681 was outstanding in October, 4. Check No. 683 for $681, Check No. 712 for $1,358, and Check No. 720 for $528 outstanding in November. was 5. Check No. 733 for $821 and Check No. 772 for $918 was not remitted in December along with all previously outstanding checks 6. Check No. 682 was cancelled. 7. Check No. 758 for $823 was cancelled. incorrectly written for $1,865 when the bill was actually 8. Check No. 733 was $1,685. The vendor only took the correct amount for the bill. 9. The financial institution collected $7,832 of company outstanding debts for RaeMaKhan. It charged the company $783 for the service. This transaction was not recorded. 10. The bank charged bank services of 1% of closing bank balance. 11. Check No. 492 received from Bankrupt Bank had insufficient funds. The check was for $25,000 and RaeMaKhan's bank charged a NSF fee of $35. 293 C2014 Chapter Thirteen: Bank Reconciliation/ Cash Controls 12. The accountants deposited a $25,463 receipt in the bank after the bank's cutoff time for daily deposits. The depos it was made December 31. 2015 e o sonalad S 50 o oan0 8 do nl OSTO oe 2 T.oM 30 ot 686.011xr devol ni gnibsuo a ba on aw 8102 101 SToM bs St o CET Oo bnstuo vieuolvng od belloso wS80.o18Oa s820 501 oaD u do nerdw neymoon a6olM o nuoe on oolino 03, RaeMaKhan Industries Bank Reconciliation 12/31/2015 Aceunt Destten Prepared y Dete Bank Account Nunber dBy Deter Balance Pr Bak eeet alae Pr General Ledg Add Subtract Sebtract Balance Balance 297 296
