Answered step by step
Verified Expert Solution
Question
00
1 Approved Answer
e entries to record transactions related to bad debts 2 Presented below is an aging schedule for Halleran Number of Days Past Due 5Customer 6
e entries to record transactions related to bad debts 2 Presented below is an aging schedule for Halleran Number of Days Past Due 5Customer 6 Anders 7 Blake 8 Coulson 9 Deleon 10 Others Total Not yet Due 1301606190 22,000 40,000 $ 40,000 57,000 16,0006,000 34,000 132,00096,000 16,000 61-90 Over 90 $ 10,000 $ 12,000 35,000 34,000 6,000 $285 000 $ 152.000 $ 32,000 $ 26,000 $ 35,000 $ 40,000 14,000 Estimated 12 Percentage 13 Uncollectible 3% 6% 13% 25% 50% Total Estimated 14 Bad Debts$ s 38,610 4,560 1,920 3,380 $ 8,750 20,000 16 At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000 17 Instructions: 18 (a) Jourmalize and post the adjusting entry for bad debts at December 31, 2017 19 (b) Journalize and post the allowance account the following events and transactions in the year 2018. 20 (1) On March 31, a $1,000 customer balance originating in 2017 is judged uncollectible 21 (2) On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31 23 (c) Journalize the adjusting entry for bad debts on December 31, 2018, assuming that the unadjusted balance in tad had ohit of $800 and the aninn schodule indicatec that total the Alliianea for Doubtful Accounts Ready
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started