Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

i need those 3QS plz at December 31. QS 8-8 Accounts receivable allowance method of accounting for bad debts L02,3 Duncan Company's year-end trial balance

i need those 3QS plz image text in transcribed
at December 31. QS 8-8 Accounts receivable allowance method of accounting for bad debts L02,3 Duncan Company's year-end trial balance shows accounts receivable of $89,000, allowance for doubtfu accounts of $500 (credit), and net credit sales of $270,000. Uncollectibles are estimated to be 1.5% of ou standing accounts receivable. a. Prepare the December 31 year-end adjustment. b. What amount would have been used in the year-end adjustment had the allowance account had a year-end debit balance of $200? c. Assume the same facts, except that Duncan estimates uncollectibles as 1% of net credit sales. What amount would be used in the adjustment? QS 8-9 Aging analysis L02,3 Delcom had total accounts receivable on December 31, 2017, of $160,000 aged as follows: Expected Percentage Uncollectible December 31, 2017 Accounts Receivable $110,000 40,000 10,000 Age of Accounts Receivable Not due (under 45 days) 1 to 30 days past due Over 30 days past due 2% 5% 40% Prepare the December 31, 2017, adjusting entry to estimate uncollectible accounts receivable assuming an unadjusted credit balance in Allowance for Doubtful Accounts of $800. QS 8-10 Direct write-off method LO3 Winston Abbott operates Abbott Small Engine Repair on his cattle farm, greatly supplementing his farm profit. Most of his customers pay cash, so he uses the direct write-off method to account for uncollectible accounts receivable. On March 28, 2017, he determined that the $1,100 account for Jim Patterson is uncol- lectible. Record the write-off

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing Humor And Other Oxymorons

Authors: Mr Mike Jacka

1st Edition

0991280903, 978-0991280902

More Books

Students also viewed these Accounting questions