P8.4B (LO 2) AP Presented below is an aging schedule for Sonder Company at June 30,...
Fantastic news! We've Found the answer you've been seeking!
Question:
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/05/6651efd803b3b_8476651efd76d675.jpg)
Transcribed Image Text:
P8.4B (LO 2) AP Presented below is an aging schedule for Sonder Company at June 30, 2023: Number of Days Past Due 31-60 61-90 Over 90 Customer Archer Baccay Total $ 26,400 48,000 Not Yet Due 1-30 $ 12,000 $ 14,400 $ 48,000 Chaves 68,400 19,200 7,200 $ 42,000 Kimura 40,800 $ 40,800 Others 158,400 115,200 $342,000 Estimated percentage uncollectible $182,400 3% 19,200 $38,400 16,800 6% $31,200 13% $42,000 25% Estimated uncollectible accounts $ 46,332 $5.472 $ 2,304 $4,056 $ 10,500 7,200 $48,000 50% $ 24,000 At June 30, 2023, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $14,400. Instructions a. Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts and enter the 2023 unadjusted balances. b. Prepare and post the adjusting entry for uncollectibles at June 30, 2023. c. Prepare and post the entries for these selected fiscal 2024 events and transactions: 1. September 30, a $1,200 customer balance originating in 2023 is judged uncollectible. 2. November 30, a cheque for $1,200 is received from the customer whose account was written off as uncollectible on September 30. d. Prepare the adjusting entry for uncollectibles on June 30, 2024, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $960 and the aging schedule indicates that total estimated uncollectibles will be $37,920. P8.4B (LO 2) AP Presented below is an aging schedule for Sonder Company at June 30, 2023: Number of Days Past Due 31-60 61-90 Over 90 Customer Archer Baccay Total $ 26,400 48,000 Not Yet Due 1-30 $ 12,000 $ 14,400 $ 48,000 Chaves 68,400 19,200 7,200 $ 42,000 Kimura 40,800 $ 40,800 Others 158,400 115,200 $342,000 Estimated percentage uncollectible $182,400 3% 19,200 $38,400 16,800 6% $31,200 13% $42,000 25% Estimated uncollectible accounts $ 46,332 $5.472 $ 2,304 $4,056 $ 10,500 7,200 $48,000 50% $ 24,000 At June 30, 2023, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $14,400. Instructions a. Prepare T accounts for Accounts Receivable and Allowance for Doubtful Accounts and enter the 2023 unadjusted balances. b. Prepare and post the adjusting entry for uncollectibles at June 30, 2023. c. Prepare and post the entries for these selected fiscal 2024 events and transactions: 1. September 30, a $1,200 customer balance originating in 2023 is judged uncollectible. 2. November 30, a cheque for $1,200 is received from the customer whose account was written off as uncollectible on September 30. d. Prepare the adjusting entry for uncollectibles on June 30, 2024, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $960 and the aging schedule indicates that total estimated uncollectibles will be $37,920.
Expert Answer:
Posted Date:
Students also viewed these accounting questions
-
Railroads no longer dominate the freight transportation market but they still lead the market in terms of freight ton-miles. What factors contribute to their leadership in this area? Why is their...
-
What are some alternatives to a first past the post system that might reduce the problem of voting cycles?
-
Shaunna Corporation has been using the FIFO cost flow method during a prolonged period of inflation. During the same time period, Shaunna has been paying out all of its net income as dividends. What...
-
The Foreman Companys earnings and common stock dividends have been growing at an annual rate of 6 percent over the past 10 years and are expected to continue growing at this rate for the foreseeable...
-
Which of the following statements is correct? Multiple Choice Frictional unemployment is the result of friction between labor and management over how best to perform work. Structural unemployment is...
-
Explain THREE (3) ways in which an agency may come into existence.
-
Q.2 A vertical shaft of 50mm diameter and 1.75m long is fixed at both ends. A flywheel is mounted on this shaft at a distance of 1m from the top end. The flywheel weighs 5kN and its radius of...
-
Why would a modern organizatioj like massey energy repeat the legacy of hawks nest by compromosing worker safety?
-
Complete the balance sheet and sales information in the table that follows for XYZ, Inc., using the following financial data: Show your work. Total assets turnover: 1.5 Gross profit margin on sales:...
-
1. Reflect on the role of content communities and social networking sites, as social media, in terms of how the initial Greenpeace campaign escalated into a full-blown crisis for Nestle. 2. How would...
-
TQM places the customer in the forefront of decision-making. It also looks at the concept of internal customer and supplier. It advocates that everyone in the organization is a customer and consumer...
-
. 3. Consider the following game from the previous homework assignment. What are the rationalizable strategies for each player? Explain your reasoning. Colin K M N A 3, 1 4.5 6, 4 3,5 Rowena B 8, 2...
-
Did KKR overpay for RJR? Did KKR win or lose?
-
If you acquired Marietta, what would be your capital structure? What would be the value per share?
-
What should the management and Board of Directors have done, given the $11 offer?
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App