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Help with these ledgers Required information [The following information applies to the questions displayed below.) At December 31, 2017, Hawke Company reports the following results
Help with these ledgers
Required information [The following information applies to the questions displayed below.) At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,340,510 3,697,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,120,191 debit 18,080 debit 2. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2017, balance sheet given the facts in part 1a. Current assets: Required information [The following information applies to the questions displayed below.] At December 31, 2017, Hawke Company reports the following results for its calendar year. Cash sales Credit sales $1,340,510 3,697,000 In addition, its unadjusted trial balance includes the following items. Accounts receivable Allowance for doubtful accounts $1,120,191 debit 18,080 debit 3. Show how Accounts Receivable and the Allowance for Doubtful Accounts appear on its December 31, 2017, balance sheet given the facts in part 1c. Current assets: [The following information applies to the questions displayed below.] Jarden Company has credit sales of $2,400,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,160. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $ 480,000 192,000 38,400 19,200 3,840 Age of Expected Percent Accounts Receivable Uncollectible Not yet due 0.908 1 to 30 days past due 1.65 31 to 60 days past due 6.15 61 to 90 days past due 31.00 Over 90 days past due 64.00 Required: 1. Estimate the required balance of the Allowance for Doubtful Accounts at December 31, 2017, using the aging of accounts receivable method. Estimated Uncollectible Accounts Percent Receivable Uncollectible (#.##%) Not due: 1 to 30: 31 to 60: 61 to 90: Over 90: Estimated balance of allowance for uncollectibles Required information [The following information applies to the questions displayed below.) Problems - Chapter 7 Jarden Company has credit sales of $2,400,000 for year 2017. On December 31, 2017, the company's Allowance for Doubtful Accounts has an unadjusted credit balance of $15,160. Jarden prepares a schedule of its December 31, 2017, accounts receivable by age. On the basis of past experience, it estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2017 Accounts Receivable $ 480,000 192,000 38,400 19,200 3,840 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 0.90% 1.65 6.15 31.00 64.00 2. Prepare the adjusting entry to record bad debts expense at December 31, 2017 Journal entry worksheet Record the estimated bad debts. Note: Enter debits before credits. Date General Journal Debit Credit Dec 31 Record entry Clear entry View general journalStep by Step Solution
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