PLEASE ANSWER ALL 5 1 May 1 Sold merchandise on account to Taiwan Palace Co , $44,710 The cost of the merchandise sold was $26,090 Aug 30 Received $10,390 from Taiwan Palace Co and wrote off the remainder owed on the sale of May 1 as uncollectible Dec 8 Reinstated the account of Taiwan Palace Co that had been written off on August 30 and received $34,320 cash in full payment Required Journalize the above transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered 2 Providing for Doubtful Accounts At the end of the current year, the accounts receivable account has a debit balance of $962,000 and sales for the year total $10,910,000 The allowance account before adjustment has a credit balance of $13,000 Bad debt expense is estimated at 1 2 of 1 of sales The allowance account before adjustment has a credit balance of $13,000 An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,600 The allowance account before adjustment has a debit balance of $5,600 Bad debt expense is estimated at 3 4 of 1 of sales The allowance account before adjustment has a debit balance of $5,600 An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $46,500 Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above a $fill in the blank 1 b $fill in the blank 2 c $fill in the blank 3 d $fill in the blank 4 3 eBook Show Me How Print Item Question Content Area Estimating Allowance for Doubtful Accounts Kirchhoff Industries has a past history of uncollectible accounts, as shown below Age Class Percent Uncollectible Not past due 2 1 30 days past due 6 31 60 days past due 25 61 90 days past due 35 Over 90 days past due 50 Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below Kirchhoff Industries Aging of Receivables Schedule blank Customer Balance Not Past Due 1 30 Days Past Due 31 60 Days Past Due 61 90 Days Past Due Over 90 Days Past Due Subtotals 612,000 361,100 134,600 55,100 30,600 30,600 Conover Industries 12,500 12,500 Keystone Company 19,200 19,200 Moxie Creek Inc 5,700 5,700 Rainbow Company 11,800 11,800 Swanson Company 23,000 23,000 Total receivables 684,200 384,100 146,400 60,800 49,800 43,100 Percentage uncollectible 2 6 25 35 50 Allowance for Doubtful Accounts fill in the blank 1 fill in the blank 2 fill in the blank 3 fill in the blank 4 fill in the blank 5 fill in the blank 6 4 Adjustment for Uncollectible Accounts Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $65,850 Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $13,830 before adjustment on August 31 Journalize the adjusting entry for uncollectible accounts as of August 31 If an amount box does not require an entry, leave it blank Aug 31 Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCash Select Select Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCash Select Select 5 Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $140,434 Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $6,971 before adjustment on August 31 Required Journalize the adjusting entry for uncollectible accounts as of August 31 Refer to the chart of accounts for the exact wording of the account titles CNOW journals do not use lines for journal explanations Every line on a journal page is used for debit or credit entries CNOW journals will automatically indent a credit entry when a credit amount is entered

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PLEASE ANSWER ALL 5 1. May 1. Sold merchandise on account to Taiwan Palace Co., $44,710. The cost of the merchandise sold was $26,090. Aug.

PLEASE ANSWER ALL 5

May	1.	Sold merchandise on account to Taiwan Palace Co., $44,710. The cost of the merchandise sold was $26,090.
Aug.	30.	Received $10,390 from Taiwan Palace Co. and wrote off the remainder owed on the sale of May 1 as uncollectible.
Dec.	8.	Reinstated the account of Taiwan Palace Co. that had been written off on August 30 and received $34,320 cash in full payment.

Required:

Journalize the above transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

Providing for Doubtful Accounts

At the end of the current year, the accounts receivable account has a debit balance of $962,000 and sales for the year total $10,910,000.

The allowance account before adjustment has a credit balance of $13,000. Bad debt expense is estimated at 1/2 of 1% of sales.

The allowance account before adjustment has a credit balance of $13,000. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $41,600.

The allowance account before adjustment has a debit balance of $5,600. Bad debt expense is estimated at 3/4 of 1% of sales.

The allowance account before adjustment has a debit balance of $5,600. An aging of the accounts in the customer ledger indicates estimated doubtful accounts of $46,500.

Determine the amount of the adjusting entry to provide for doubtful accounts under each of the assumptions (a through d) listed above.

a.	$fill in the blank 1
b.	$fill in the blank 2
c.	$fill in the blank 3
d.	$fill in the blank 4

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Estimating Allowance for Doubtful Accounts

Kirchhoff Industries has a past history of uncollectible accounts, as shown below.

Age Class	Percent Uncollectible
Not past due	2%
1-30 days past due	6
31-60 days past due	25
61-90 days past due	35
Over 90 days past due	50

Estimate the allowance for doubtful accounts, based on the aging of receivables schedule below.

Kirchhoff Industries Aging of Receivables Schedule blank
Customer	Balance	Not Past Due	1-30 Days Past Due	31-60 Days Past Due	61-90 Days Past Due	Over 90 Days Past Due
Subtotals	612,000	361,100	134,600	55,100	30,600	30,600
Conover Industries	12,500					12,500
Keystone Company	19,200				19,200
Moxie Creek Inc.	5,700			5,700
Rainbow Company	11,800		11,800
Swanson Company	23,000	23,000
Total receivables	684,200	384,100	146,400	60,800	49,800	43,100
Percentage uncollectible		2%	6%	25%	35%	50%
Allowance for Doubtful Accounts	fill in the blank 1	fill in the blank 2	fill in the blank 3	fill in the blank 4	fill in the blank 5	fill in the blank 6

Adjustment for Uncollectible Accounts

Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $65,850. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $13,830 before adjustment on August 31.

Journalize the adjusting entry for uncollectible accounts as of August 31. If an amount box does not require an entry, leave it blank.

Aug. 31	Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCash	- Select -	- Select -
	Accounts PayableAccounts ReceivableAllowance for Doubtful AccountsBad Debt ExpenseCash	- Select -	- Select -

Kirchhoff Industries has computed that the proper balance for the Allowance for Doubtful Accounts at August 31 is $140,434. Assume that the allowance for doubtful accounts for Kirchhoff Industries has a credit balance of $6,971 before adjustment on August 31.

Required:

Journalize the adjusting entry for uncollectible accounts as of August 31. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.