Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Journalize the items I need this assignment no later then 12 .I have attached the problem if possible will you please show the work Problem

Journalize the items I need this assignment no later then 12 .I have attached the problem if possible will you please show the work

image text in transcribed Problem 8-3A Presented below is an aging schedule for Bosworth Company. Number of Days Past Due Customer Aneesh Bird Cope DeSpears Others Total $ 25,000 32,400 49,100 42,200 144,900 Not Yet Due 94,900 34,500 15,500 $293,600 $132,900 $52,900 $30,500 $35,100 4% 6% 14% 28% $ 5,316 $3,174 $4,270 $ 9,828 $ 32,400 5,600 31-60 $15,000 8,400 61-90 $35,100 $ 52,128 At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $7,300. Journalize the adjusting entry for bad debts at December 31, 2013. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Over 90 $42,200 Estimated percentage uncollectible Total estimated bad debts 1-30 $ 10,000 Credit Bad Debt Expe Allow ance for SHOW LIST OF ACCOUNTS LINK TO TEXT Post the adjusting entry for bad debts at December 31, 2013. Bad Debts Expense Allowance for Doubtful Accounts $42,200 $29,540 SHOW LIST OF ACCOUNTS LINK TO TEXT Journalize the 2014 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually.) 1. March 1, a $760 customer balance originating in 2013 is judged uncollectible. May 1, a check for $760 is received from the customer whose account was written off as 2. uncollectible on March 1. No . Date Account Titles and Explanation Debit Credit 1.SHOW LIST OF ACCOUNTS LINK TO TEXT Post to the allowance account these 2014 events. (Post entries in the order of journal 2. entries posted in the previous part.) Allowance for Doubtful Accounts 2013 12/31 Bal. 7,300 (To reinstate account previously written off) 12/31 44,828 12/31 2014 SHOW LIST OF ACCOUNTS LINK TO TEXT Bal. 52,128 Journalize the adjusting entry for bad debts at December 31, 2014, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $2,200 and the aging schedule indicates that total estimated bad debts will be $50,000. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit SHOW LISTExpe OF ACCOUNTS Bad Debt LINK TO TEXT Allow ance for Question Attempts: 0 of 3 used SAVE FOR LATER Copyright 2000-2016 by John Wiley & Sons, Inc. or related companies. All rights reserved. SUBMIT

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

Mastering 21st Century Enterprise Risk Management

Authors: Gregory M Carroll

1st Edition

1483510441, 9781483510446

More Books

Students also viewed these Accounting questions

Question

1. What is the meaning of the information we are collecting?

Answered: 1 week ago

Question

3. How much information do we need to collect?

Answered: 1 week ago

Question

2. What types of information are we collecting?

Answered: 1 week ago