Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P9-3B Presented below is an aging schedule for Loucks Company Journalize entries to reco transactions related to ba debts. (LO 1, 2) Worksheet.xls Home Insert
P9-3B Presented below is an aging schedule for Loucks Company Journalize entries to reco transactions related to ba debts. (LO 1, 2) Worksheet.xls Home Insert Page Layout Formulas Data Review View XLS P18 Number of Days Past Due Not Yet Due Customer Total 1-30 $13,500 $16,500 31-60 61-90 Over 90 30,000 4 Alma 5 Browne 6 Conlon 7 Dalton 8 Others 5,00045,000 22,500 $45,000 75,000 57,000 189,000 396,000 7,500 138,000 $205,500 22,500 43,500 19,500 36,000 $57,000 9,000 66,000 45,000 Estimated 10 Percentage 2% 6% 10% 25% 40% Uncollectible Total Estimated 11 Bad Debts 47,970 4,110 $ 2,610 3,600 11,250 $26,400 12 Accounting for Receivables At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $16,000 Instructions (a) Journalize and post the adjusting entry for bad debts at December 31, 2017. (b) Journalize and post to the allowance account the following events and transactions in d debt expense 1,970 the year 2018 (1) March 1, a $1,900 customer balance originating in 2017 is judged uncollectible. (2) May 1, a check for $1,900 is received from the customer whose account was written off as uncollectible on March 1 d debt expense (c) Journalize the adjusting entry for bad debts on December 31, 2018. Assume that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $2,000, and the aging schedule indicates that total estimated bad debts will be $38,300 0,300
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started