Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Instruction Est. Uncollectible Accounts Balance Age Interval Percentage Amount $550,000 2.50% Not past due 1-30 days past due 96,500 4.00% 31-60 days past due 43,750
Instruction Est. Uncollectible Accounts Balance Age Interval Percentage Amount $550,000 2.50% Not past due 1-30 days past due 96,500 4.00% 31-60 days past due 43,750 9.50% 61-90 days past due 22,250 16.00% 91-180 days past due 5,600 31.00% 181-365 days past due 3,100 60.00% Over 365 days past due 1,250 95.00% Total $722,450 Required: a. Determine the amount estimated to be uncollectible by completing the aging of receivables schedule. Instruction Chart of Accounts General Ledger REVENUE ASSETS 410 Sales 110 Cash 610 Interest Revenue 111 Petty Cash 120 Accounts Receivable EXPENSES 129 Allowance for Doubtful Accounts 131 Interest Receivable 132 Notes Receivable 141 Inventory 145 Supplies 510 Cost of Goods Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense 523 Delivery Expense 524 Repairs Expense 151 Prepaid Insurance 181 Land 191 Equipment 192 Accumulated Depreciation 531 Royent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense LIABILITIES Instruction Chart of Accounts Urrupciu murun 524 Repairs Expense 181 Land 191 Equipment 192 Accumulated Depreciation 531 Rent Expense 533 Insurance Expense 534 Supplies Expense 536 Credit Card Expense LIABILITIES 537 Cash Short and Over 538 Bad Debt Expense . 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable 539 Miscellaneous Expense 710 Interest Expense EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends Chart of Accounts First Question Est. Uncollectible Accounts Age Interval Balance Percentage Amount Not past due $550,000 2.50% 130 days past due 96,500 4.00% 31-60 days past due 43,750 9.50% 61-90 days past due 22,250 16.00% 91-180 days past due 5,600 31.00% 181365 days past due 3,100 60.00% Over 365 days past due 1,250 95.00% Total $722,450 First Question General Journal December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar ACCOUNTING EQU JOURNAL ASSETS LIABILITIES CREDIT DEBIT POST, RER DATE DESCRIPTION 1 c. If the Allowance for Doubtful Accounts has a debil balance of $9,700, record the adjusting entry for the bad debt expense for the year on Our answers to the nearest dollar General Journal c. lll the Allowance for Doubtful Accounts has a debit balance of 89,700, record the adjusting entry for the bad debe expense for the year on December 31. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar JOURNAL ACCOUNTING EQU DEBIT CREDIT ASSETS POST. REF LIABILITIES DATE DESCRIPTION 1 2
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started