Micro w ce non-commercial urt Page Forma Data Review View Developer General $ % - . IT Conditional Formatting Formata Table Cell Styles Styles - - Excel in Practice POD 5 template) B E C D Excel in Practice P9-5a Student Name Course Name Student ID Cho Sportswear, Ltd. Allowance for Uncollectible Accounts, Aging of Accounts Receivable Current Year Past Due Current 1-30 Days 31-60 Days 61-90 Days Over 90 Days 1,011,430 S 303.800 $ 130,570 S 346,78 S O B 412 $ VALUE VALUE VALUE VALUE VALUE FORMULA FORMULA FORMULA FORMULA FORMULA Total 13,000.00 FORMULA 13 Totals 14 Specific review 15 Net balance 16 Allowance percentage 17 Allowance needed FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA Specific account 61-90 days Specific accounts over days Allowance needed Existing credit balance FORMULA Required) a. Compute the balance required in the allowance for uncollectible accounts at year-end. b. Prepare the journal entry to record the bad debt provision for the current year. c. Independent of your answer to part (b), prepare the journal entry to record the bad debt provision for foe current year assuming that the allowance for uncollectible accounts had a $331,000 debit balance d. Independent of your prior responses, prepare the journal entry to record bad debt provision for the current year assuming that the company estimates its uncollectible accounts at 3% of net credit sales e. In the following year, Cho's credit management decided to write off all accounts that were over 90 days past due. Prepare the journal entry 1. After the write-offs recorded in part (e), assume that Conroy Clothing pays the entire balance due. Prepare the journal entries required to record the subsequent recovery of the Conroy Clothing receivables. Step-by-step solution Step 1 of 11 A g ng Micro w ce non-commercial urt Page Forma Data Review View Developer General $ % - . IT Conditional Formatting Formata Table Cell Styles Styles - - Excel in Practice POD 5 template) B E C D Excel in Practice P9-5a Student Name Course Name Student ID Cho Sportswear, Ltd. Allowance for Uncollectible Accounts, Aging of Accounts Receivable Current Year Past Due Current 1-30 Days 31-60 Days 61-90 Days Over 90 Days 1,011,430 S 303.800 $ 130,570 S 346,78 S O B 412 $ VALUE VALUE VALUE VALUE VALUE FORMULA FORMULA FORMULA FORMULA FORMULA Total 13,000.00 FORMULA 13 Totals 14 Specific review 15 Net balance 16 Allowance percentage 17 Allowance needed FORMULA FORMULA FORMULA FORMULA FORMULA FORMULA Specific account 61-90 days Specific accounts over days Allowance needed Existing credit balance FORMULA Required) a. Compute the balance required in the allowance for uncollectible accounts at year-end. b. Prepare the journal entry to record the bad debt provision for the current year. c. Independent of your answer to part (b), prepare the journal entry to record the bad debt provision for foe current year assuming that the allowance for uncollectible accounts had a $331,000 debit balance d. Independent of your prior responses, prepare the journal entry to record bad debt provision for the current year assuming that the company estimates its uncollectible accounts at 3% of net credit sales e. In the following year, Cho's credit management decided to write off all accounts that were over 90 days past due. Prepare the journal entry 1. After the write-offs recorded in part (e), assume that Conroy Clothing pays the entire balance due. Prepare the journal entries required to record the subsequent recovery of the Conroy Clothing receivables. Step-by-step solution Step 1 of 11 A g ng
