K M N $ 55,415 debit $1,000 credit cr dr cr 1360 875 1940 balance 1360 2235 4175 dr cr 1250 4975 balance 1250 6225 dr cr balance 4,925 49251 dr A B D E G H 1 1 ACC 213 Assignment: Lab #6 for Chapter 7 Name 2 Instructions: Fill in the yellow cells, using formulas/cell references wherever possible 3 The terms are net 30 days. 4 Balance of A/R on 12/31/2021 5 Balance of Allowance for Doubtful Accounts on 12/31/2021 BEFORE adjusting the books 6A) 6 A) Net Realizable Value of Accounts Receivable BEFORE adjusting the books 7 subsidiary ledger 8 A. Abel F. Fierman 9 dr balance 10 12/14/2019 purchase 8450 8450 10/5/2019 purchase 11 12/27/2019 paid 3750 4700 11/20/2019 purchase 12 12/20/2019 purchase 13 B. Barber 14 dr cr balance G. Gaylord 15 11/15/2019 purchase 6250 6250 16 12/5/2019 purchase 1575 7825 9/22/2019 purchase 17 11/22/2019 purchase 18 C. Curran 19 dr Icr balance 20 12/2/2019 purchase 5400 5400 H. Harris 21 22 D. Dapper 12/29/2019 purchase 23 dr Icr balance 24 5/10/2019 purchase 3250 3250 I. Ireland 25 26 E. Elmore 8/15/2019 purchase 27 dr Icr balance 9/2/2019 purchase 28 11/22/2019 purchase 7225 7225 J. Jones 29 12/3/2019 purchase 1875 9100 30 10/11/2019 purchase 31 11/28/2019 purchase 32 LGH Company 33 Accounts Receivable Aging Schedule 34 12/31/2021 35 Number of Days Past Due 36 Customer Total Balance Current 1 - 30 31-60 61-90 37 A. Abel $ 4,700 38 B. Barber 7,825 39 C. Curran 5,400 40 D. Dapper 3,250 41 E. Elmore 9,100 42 F. Fierman 4,175 43 G. Gaylord 6,225 44 H. Harris 4,925 451. Ireland 5,525 46). Jones 4,290 47 Total Accts. Receivable $ 55,415 48 49 B)Calculate the Balance Required in the Allowance for Doubful Accounts -- 50 FU LGH uses the Aging of Receivables Method Likohe Roquired Icr 1100 4425 balance 1100 5525 dr cr 1590 2700 balance 1590 4290 Over 90 Make sure that the total of the receivables on your aging schedule is equal to the total Accounts Receivable! 1 43JG. Gay! Gaylord b,225 44 H. Harris 4,925 45 1. Ireland 5,525 46). Jones 4,290 47 Total Accts. Receivable $ 55,415 Make sure that the total of the receivables 48 on your aging schedule is equal to the total Accounts Receivable! 49 B)Calculate the Balance Required in the Allowance for Doubful Accounts -- 50 LGH uses the Aging of Receivables Method 51 % Likely Required 52 Number of Days Past Due A/R Amount A/R Uncollectible Allowance Balance 53 0 1% 54 1 - 30 3% 55 31-60 8% 56 61-90 20% 57 Over 90 50% 58 Total 59 C) Adjusting Entry 60 Account Title(s) Debit Credit 61 Prepare the required adjusting entry 62 after completing Part A above. Use formulas/cell 63 references for the debit and credit amounts. 64 D) After recording the adjusting entry, determine the following-- using calculations in Excel: Amount Debit or Credit? 65 Balance of A/R on 12/31/2021 before adjusting the books Use drop-down menu 66 Balance of Allowance for Doubtful Accounts on 12/31/2021 AFTER adjusting the books that will appear when you click on cell. 67 Net Realizable Value of Accounts Receivable AFTER adjusting the books 68 E) Write-off entry: D. Dapper will not be able to pay the overdue amount owed. Write off the D. Dapper receivable. 69 Account Title(s) Debit Credit 70 Prepare the required journal entry to 71 write off the D. Dapper Account Receivable. 72 Use formulas/cell references for debit and credit 73 amounts. 74 F) After recording the adjusting entry, determine the following -- using calculations in Excel: Amount Debit or Credit? 75 Balance of A/R immediately after the write-off of D. Dapper's Account Receivable. Use drop-down menu 76 Balance of Allowance for Doubtful Accounts immediately after the write-off of D. dapper's A/R. that will appear when you click on cell. . 77 Net Realizable Value of Accounts Receivable AFTER adjusting the books 78 K M N $ 55,415 debit $1,000 credit cr dr cr 1360 875 1940 balance 1360 2235 4175 dr cr 1250 4975 balance 1250 6225 dr cr balance 4,925 49251 dr A B D E G H 1 1 ACC 213 Assignment: Lab #6 for Chapter 7 Name 2 Instructions: Fill in the yellow cells, using formulas/cell references wherever possible 3 The terms are net 30 days. 4 Balance of A/R on 12/31/2021 5 Balance of Allowance for Doubtful Accounts on 12/31/2021 BEFORE adjusting the books 6A) 6 A) Net Realizable Value of Accounts Receivable BEFORE adjusting the books 7 subsidiary ledger 8 A. Abel F. Fierman 9 dr balance 10 12/14/2019 purchase 8450 8450 10/5/2019 purchase 11 12/27/2019 paid 3750 4700 11/20/2019 purchase 12 12/20/2019 purchase 13 B. Barber 14 dr cr balance G. Gaylord 15 11/15/2019 purchase 6250 6250 16 12/5/2019 purchase 1575 7825 9/22/2019 purchase 17 11/22/2019 purchase 18 C. Curran 19 dr Icr balance 20 12/2/2019 purchase 5400 5400 H. Harris 21 22 D. Dapper 12/29/2019 purchase 23 dr Icr balance 24 5/10/2019 purchase 3250 3250 I. Ireland 25 26 E. Elmore 8/15/2019 purchase 27 dr Icr balance 9/2/2019 purchase 28 11/22/2019 purchase 7225 7225 J. Jones 29 12/3/2019 purchase 1875 9100 30 10/11/2019 purchase 31 11/28/2019 purchase 32 LGH Company 33 Accounts Receivable Aging Schedule 34 12/31/2021 35 Number of Days Past Due 36 Customer Total Balance Current 1 - 30 31-60 61-90 37 A. Abel $ 4,700 38 B. Barber 7,825 39 C. Curran 5,400 40 D. Dapper 3,250 41 E. Elmore 9,100 42 F. Fierman 4,175 43 G. Gaylord 6,225 44 H. Harris 4,925 451. Ireland 5,525 46). Jones 4,290 47 Total Accts. Receivable $ 55,415 48 49 B)Calculate the Balance Required in the Allowance for Doubful Accounts -- 50 FU LGH uses the Aging of Receivables Method Likohe Roquired Icr 1100 4425 balance 1100 5525 dr cr 1590 2700 balance 1590 4290 Over 90 Make sure that the total of the receivables on your aging schedule is equal to the total Accounts Receivable! 1 43JG. Gay! Gaylord b,225 44 H. Harris 4,925 45 1. Ireland 5,525 46). Jones 4,290 47 Total Accts. Receivable $ 55,415 Make sure that the total of the receivables 48 on your aging schedule is equal to the total Accounts Receivable! 49 B)Calculate the Balance Required in the Allowance for Doubful Accounts -- 50 LGH uses the Aging of Receivables Method 51 % Likely Required 52 Number of Days Past Due A/R Amount A/R Uncollectible Allowance Balance 53 0 1% 54 1 - 30 3% 55 31-60 8% 56 61-90 20% 57 Over 90 50% 58 Total 59 C) Adjusting Entry 60 Account Title(s) Debit Credit 61 Prepare the required adjusting entry 62 after completing Part A above. Use formulas/cell 63 references for the debit and credit amounts. 64 D) After recording the adjusting entry, determine the following-- using calculations in Excel: Amount Debit or Credit? 65 Balance of A/R on 12/31/2021 before adjusting the books Use drop-down menu 66 Balance of Allowance for Doubtful Accounts on 12/31/2021 AFTER adjusting the books that will appear when you click on cell. 67 Net Realizable Value of Accounts Receivable AFTER adjusting the books 68 E) Write-off entry: D. Dapper will not be able to pay the overdue amount owed. Write off the D. Dapper receivable. 69 Account Title(s) Debit Credit 70 Prepare the required journal entry to 71 write off the D. Dapper Account Receivable. 72 Use formulas/cell references for debit and credit 73 amounts. 74 F) After recording the adjusting entry, determine the following -- using calculations in Excel: Amount Debit or Credit? 75 Balance of A/R immediately after the write-off of D. Dapper's Account Receivable. Use drop-down menu 76 Balance of Allowance for Doubtful Accounts immediately after the write-off of D. dapper's A/R. that will appear when you click on cell. . 77 Net Realizable Value of Accounts Receivable AFTER adjusting the books 78
