{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-06-29T02:45:17-04:00", "answer_date": "2024-06-29 02:45:17", "is_docs_available": null, "is_excel_available": null, "is_pdf_available": null, "count_file_available": 0, "main_page": "student_question_view", "question_id": "4452080", "url": "\/study-help\/questions\/i-tried-tp-solve-it-but-my-answers-were-incorrect-4452080", "question_creation_date_js": "2024-06-29T02:45:17-04:00", "question_creation_date": "Jun 29, 2024 02:45 AM", "meta_title": "[Solved] I tried tp solve it but my answers were i | SolutionInn", "meta_description": "Answer of - I tried tp solve it but my answers were incorrect Revise your worksheet to reflect these updated assumptions then answ | SolutionInn", "meta_keywords": "tp,solve,answers,incorrect,revise,worksheet,reflect,updated,assumptions,answer,questions,follow", "question_title_h1": "I tried tp solve it but my answers were incorrect Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You", "question_title": "I tried tp solve it but my answers were incorrect Revise your", "question_title_for_js_snippet": "I tried tp solve it but my answers were incorrect Revise your worksheet to reflect these updated assumptions then answer the questions that follow You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at year end Estimated Accounts Percent Age Group Receivable Uncollectible Not yet due $ 76,000 5 130 days past due 33,000 10 3160 days past due 14,000 20 6190 days past due 8,000 40 Over 90 days past due 11,000 80 $142,000 Allowance for Uncollectible Accounts 1,400 Credit After reviewing the data, you note the 'not yet due' category is overstated by 20 , while the 'Over 90 days' category is understated by 20 , (this error also caused the AR balance on the schedule to not equal the amount of Accounts Receivable on the balance sheet) Also, you note the balance in the Allowance account is actually a debit, rather than a credit Being that the normal balance for this account is a credit, the accountant hadn't noticed the issue Required 1 Use your spreadsheet to recalculate the needed adjustment and account balances What will be the balance in Accounts Receivable and the Allowance for Uncollectible Accounts based on the above information Q Answer is complete but not entirely correct Accounts Receivable $ 142,000 9 Allowance for Uncollectible Accounts $ 23,300 9 2 Prepare thejournal entry to adjust the Allowance for Uncollectible Accounts, using your corrected data (If no entry is required for a particular transaction event, select No Journal Entry Required in the first account field ) Q Answer is complete but not entirely correct 24,700 0 1 1 Bad Debt Expense Allowance for Uncollectible Accounts 24,700 6", "question_description": "

I tried tp solve it but my answers were incorrect <\/p>

\"image\"image<\/div><\/div><\/div> Revise your worksheet to reflect these updated assumptions then answer the questions that follow. You have been provided with the following Aging Report to use to adjust the Allowance for Uncollectible Accounts for a company at year end. Estimated Accounts Percent Age Group Receivable Uncollectible Not yet due $ 76,000 5% 130 days past due 33,000 10% 3160 days past due 14,000 20% 6190 days past due 8,000 40% Over 90 days past due 11,000 80% $142,000 Allowance for Uncollectible Accounts 1,400 Credit After reviewing the data, you note the 'not yet due' category is overstated by 20%, while the 'Over 90 days' category is understated by 20%, (this error also caused the AR balance on the schedule to not equal the amount of Accounts Receivable on the balance sheet). Also, you note the balance in the Allowance account is actually a debit, rather than a credit. Being that the normal balance for this account is a credit, the accountant hadn't noticed the issue. Required: 1. Use your spreadsheet to recalculate the needed adjustment and account balances. What will be the balance in Accounts Receivable and the Allowance for Uncollectible Accounts based on the above information? Q Answer is complete but not entirely correct. Accounts Receivable $ 142,000 9 Allowance for Uncollectible Accounts $ 23,300 9 2. Prepare thejournal entry to adjust the Allowance for Uncollectible Accounts, using your corrected data. (If no entry is required for a particular transaction\/event, select \"No Journal Entry Required\" in the first account field.) Q Answer is complete but not entirely correct. 24,700 0 1 1 Bad Debt Expense Allowance for Uncollectible Accounts 24,700 6", "transcribed_text": "", "related_book": { "title": "Accounting Principles", "isbn": "1119491630, 978-1119491637, 978-0470534793", "edition": "10th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/54.jpg", "uri": "\/textbooks\/accounting-principles-10th-edition-54", "see_more_uri": "" }, "free_related_book": { "isbn": "B0BW9WRWBK", "uri": "\/textbooks\/serene-scalp-oil-control-dry-shampoo-powder-b0bw9wrwbk", "name": "Oribe Serene Scalp Oil Control Dry Shampoo Powder", "edition": "" }, "question_posted": "2024-06-29 02:45:17", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/the-two-bars-each-have-weight-w.-determine-the-required-stiffnes", "description": "The two bars each have weight W. Determine the required stiffness k of the spring so that the two bars are in equilibrium at = 0. The spring has an unstretched length . Given: W = 8 lb 0 = 30 deg ...", "stars": 3 }, { "url": "\/study-help\/psychology\/in-your-opinion-how-important-is-the-issue-of-cultural-1982943", "description": "In your opinion, how important is the issue of cultural self-awareness to clinical psychologists? What is the best way to increase cultural self-awareness among current members of the profession?", "stars": 3 }, { "url": "\/glendo-industries-balance-sheet-at-december-31-2010-is-presented", "description": "Glendo Industries' balance sheet at December 31, 2010, is presented below and on the next page. Additional information accumulated for the budgeting process is as follows.Budgeted data for the year...", "stars": 3 }, { "url": "\/study-help\/questions\/at-the-end-of-five-years-an-account-paying-6-9865771", "description": "At the end of five years, an account paying 6% interest, compounded continuously, shows a balance of $10,797.87. if only an initial deposit was made, what was the amount? 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When doing so, use the table provided below to convert each octet to...", "stars": 3 }, { "url": "\/study-help\/questions\/question-5-5-pts-roberto-invested-a-total-of-10000-1586808", "description": "Question 5 5 pts Roberto invested a total of $10,000, part at 6% and part at 9%. How much did he invest in the LOWER interest account if the total interest earned in one year was $810 ? 1 answer", "stars": 3 }, { "url": "\/study-help\/questions\/within-the-northeastern-control-systems-industry-middleton-knew-of-no-1000036", "description": "Within the northeastern control systems industry, Middleton knew of no company that had conducted formal market research. Should he conduct further research himself, use the consultant or the student...", "stars": 3 }, { "url": "\/study-help\/questions\/check-billing-and-accounts-recordsplease-review-the-following-list-of-685197", "description": "Check billing and accounts recordsPlease review the following list of billing and account records from Table 4: Gelos Enterprises bank statement for its Small Purchases account. 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