Oriole Company uses the allowance method to estimate uncollectible accounts receivable. The unadjusted balance in Allowance for Doubtful Accounts is a debit of $5,000. The company produced the following information from aging its accounts receivable at year end. Complete the aging schedule and calculate the total estimated uncollectible accounts. Number of Days Outstandi Total 0-30 31-60 20,000 $380,000 $170,000 Accounts receivable Estimated % uncollectible 2% 5% Estimated uncollectible accounts $ $ $ e Textbook and Media Record the bad debt adjusting entry using the information determined in part (a). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record estimate of uncollectible accounts.) e Textbook and Media List of Accounts In the following year. $22,000 of the outstanding accounts receivable is determined to be uncollectible Record the write off of the uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit In the following year. $22,000 of the outstanding accounts receivable is determined to be uncollectible. Record the write off of the uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record writeoff di accounts receivable.) eTextbook and Media List of Accounts The company collects $4,000 of the $22,000 of accounts that was determined to be uncollectible in part (c). The company also expects to collect an additional $1,000. Record the journal entry for entries) to restore the accounts receivable and the cash collected. Collection of the $1,000 is expected in the near future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) The company collects $4.000 of the $22,000 of accounts that was determined to be uncollectible in part (c). The company also expects to collect an additional $1,000, Record the journal entry (or entries) to restore the accounts receivable and the cash collected. Collection of the $1,000 is expected in the near future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To reverse write off.) (To record collection of previously written off account.) Oriole Company uses the allowance method to estimate uncollectible accounts receivable. The unadjusted balance in Allowance for Doubtful Accounts is a debit of $5,000. The company produced the following information from aging its accounts receivable at year end. Complete the aging schedule and calculate the total estimated uncollectible accounts. Number of Days Outstandi Total 0-30 31-60 20,000 $380,000 $170,000 Accounts receivable Estimated % uncollectible 2% 5% Estimated uncollectible accounts $ $ $ e Textbook and Media Record the bad debt adjusting entry using the information determined in part (a). (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To record estimate of uncollectible accounts.) e Textbook and Media List of Accounts In the following year. $22,000 of the outstanding accounts receivable is determined to be uncollectible Record the write off of the uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit In the following year. $22,000 of the outstanding accounts receivable is determined to be uncollectible. Record the write off of the uncollectible accounts. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit (To record writeoff di accounts receivable.) eTextbook and Media List of Accounts The company collects $4,000 of the $22,000 of accounts that was determined to be uncollectible in part (c). The company also expects to collect an additional $1,000. Record the journal entry for entries) to restore the accounts receivable and the cash collected. Collection of the $1,000 is expected in the near future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) The company collects $4.000 of the $22,000 of accounts that was determined to be uncollectible in part (c). The company also expects to collect an additional $1,000, Record the journal entry (or entries) to restore the accounts receivable and the cash collected. Collection of the $1,000 is expected in the near future. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To reverse write off.) (To record collection of previously written off account.)
