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Having trouble preparing the adjusting entry below. Dr. 30: Created an aging schedule for Sir Cleansalot Cleaning for accounts receivable. Sir Cleansalot determined that $5,000
Having trouble preparing the adjusting entry below.
Dr. 30: Created an aging schedule for Sir Cleansalot Cleaning for accounts receivable. Sir Cleansalot determined that $5,000 of receivables outstanding for 1-30 days were 7% uncollectible, $8,000 of receivables outstanding for 31-60 days were 12% uncollectible, and $13,500 of receivables outstanding ys were 20% uncollectible. Sir Cleansalot Cleaning determined the total amount of estimated uncollectible receivables and adjusted the Allowance for Bad Debts. Assume the account had an unadjusted credit balance of $210. (Round to nearest whole dollar.) art by preparing the aging schedule for Sir Cleansalot Cleaning for accounts receivable. Age of Accounts as of April 30, 2019 More Info - X 1-30 31-60 Over 60 Days Days Days Total otal $ 5,000 $ 8,000 $ 13,500 $ 26,500 Apr. 1 Performed cleaning service for Dawn's D - list for $8,000 on account with terms n/20. Estimated percentage uncollectible % 12 20 % 10 Borrowed money from Save First Bank, $40,000, making a 180 day, 9% $ 350 $ 960 $ 2,700 $ 4,010 note stimated total uncollectible 12 After discussions with Miami Rag Tag, Sir Cleansalot has determined that ssume the Allowance for Bad Debts account had an unadjusted credit balance of $210. Prepare the adjusting entry at Apr. 30. $125 of the receivable owed will not be collected. Wrote off this portion of the receivable Accounts Debit 15 Sold goods to Watertown for $10,000 on account with terms n/30. Cost of Goods Sold was $2,000. pr. 30 Bad Debts Expense 3,800 28 Sold goods to Logan, Inc. for cash of $2,200 (cost $1,100). Allowance for Bad Debts 3,800 28 Collected from Miami Rag Tag, $125 of receivable previously written off. 29 Paid cash for utilities of $450 30 Created an aging schedule for Sir Cleansalot Cleaning for accounts receivable. Sir Cleansalot determined that $5,000 of receivables outstanding for 1-30 days were 7% uncollectible, $8,000 of receivables outstanding for epare the adjusting entry at Apr. 30 for interest on the Save First Bank note. (Use a 365-day year for your computation and round your final answer to the nearest whole dollar.) 31-60 days were 12% uncollectible, and $13,500 of receivables outstanding for more than 60 days were 20% uncollectible. Sir Cleansalot Cleaning Date Accounts Debit Credit determined the total amount of estimated uncollectible receivables and adjusted the Allowance for Bad Debts. Assume the account had an unadjusted credit balance of $210. (Round to nearest whole dollar.) Date Credit pr. 30 Print Done oose from any list or enter any number in the input fields and then click Check Answer. partStep by Step Solution
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