Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In Hagiwara 3. An aging analysis of Maryicocora Company's accounts receivable at December 31, 2023 and 2029, Showed the following: No. of days Outstanding

image text in transcribed

In Hagiwara 3. An aging analysis of Maryicocora Company's accounts receivable at December 31, 2023 and 2029, Showed the following: No. of days Outstanding Estimated. December 31 2023 Uncollectible 2024 61- 90 days 31-60 days 0-30 days 3% $115,000 $145,000 6% 35,000 63,000 12% $5,000 38,000 Over 90 days 25% 89,000 24.000 Total $275,000 279,000 - A Additional information: *At December 31, 2023 the unadjustable balance in Plowance for Doubtful Accounts was credit of $6,600. *In 2024 $23,500 of account was written off as uncollectible and $2,200 of accounts payable previously was collected. written off Instructions: (a) Prepare an aging schedule to calculate the estimated uncollectible accounts at Dec. 31, 2023, and at Dec 3, 2024 (b) Calculate the carrying amount of Hagiwara's accounts recleavable at December 31, 2023 and 2024 (c) Record the following: - The adjusting Entry on December 31, 2023-2 . The wrate off of uncollectible accounts in 2024. The collection in 2024 of accounts previously written 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_2

Step: 3

blur-text-image_3

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

Financial Accounting Theory and Analysis Text and Cases

Authors: Richard G. Schroeder, Myrtle W. Clark, Jack Cathey

11th edition

9781118806500, 1118582799, 1118806506, 978-1118582794

More Books

Students also viewed these Accounting questions

Question

What does an ANOV table summarize?

Answered: 1 week ago