how to find your bad debt expense in this work sheet on question 2

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Option #1: The Aging Method: The Smith Company Case

The following was taken from the records of Smith Company in the year ending December 31, 2014. Journalize the following transactions in an Excel spreadsheet for year-end 2014 using the aging method. Assume that the allowance for doubtful accounts has a beginning credit balance of $18,000 on January 1, 2014.

Assignment Template attached below

Label the events below as journal entries #1 to #4, along with the dates of the entries:

1. February 20, 2014: Wrote off Jones account: $7,250.
2. May 20, 2014: Received $4,050 as partial payment on the $8,000 account receivable due from Garcia.
3. August 10, 2014: Received $7,250 from Jones on the account written off on February 20, 2014.
4. September 15: Wrote off the individual account receivables for the following customers as payment not expected in future: Tang: $4,400; Mulaka: $2,210; Quan: $1,375.

December 31, 2014: Smith Company prepared the following aging schedule for it accounts receivables:

• $160,000 of Accounts Receivable (A/R) are 0-30 days late: 3% probability of not being paid.
• $40,000 of A/R are 31-60 days late: 10% probability of not being paid.
• $18,000 of A/R are 61-90 days late: 20% probability of not being paid.
• $1,500 of A/R are later than 90 days late: 50% probability of not being paid.

Instructions:

Submit the following items in an Excel spreadsheet, labeling each as 1, 2, 3, and 4:

1. The four journal entries (1 to 4 above) with a one-sentence description for each
2. The allowance for doubtful accounts T-account
3. The journal entry to record bad debt expense
4. The balance sheet presentation of net realizable value, including gross accounts receivables of $219,500

Option #1- Mod 6- Receivables Smith Company- December 31, 2014 Students Template Question 1: Jo Date Account Title 1 20/1/2014Allowance for doutful accounts Jones- Accounts receivable writeing off jones account 2 20/2/2014Cash Allowance for doutful accounts Garcia- Accounts receivable partial payment to garcia Debit $7,250 Credit $7,250 $4,050 $3,950 $8,000 3 10-Aug Jones- Accounts receivable $7,250 Allowance for doutful accounts $7,250 Cash $7,250 Jones- Accounts receivable $7,250 entry to reinstate customer jones credit and to close accounts recivable 4 15-Sep Allowance for doutful accounts Tang- Accounts receivable Mulaka- Accounts receivable Quan- Accounts receivable wrote off these three accounts December 31,14-Aging of the Accounts Receivables Allowance Days late Amount %Not Paid Ending Balance 0 to 30 $160,000 3% 4800 $7,985 $4,400 $2,210 $1,375 31-60 61-90 90days+ TOTAL Question 2: $40,000 $18,000 $1,500 $219,500 10% 20% 50% 4000 3600 750 13150 Dates T-Account Allowanace Debit Credit BB $18,000 1-Feb $7,250 20-May $3,950 10-Aug $7,250 15-Sep $7,985 Bad Debt Expense= $19,185 EB= Aging Result $13,150 Question 3: Date Account Title 31-Dec Bad Debt Expense Allowance for doutful accounts debit 19185 credit 19185 Question 4: Balance Sheet Presentaion Gross Accounts Receivables Ending Blance of Allowance for Doubtbul Accounts Net Realizable Balance 219,500 debit 19,185 credit 200,315 debit