Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help me the best you can! Verify as well! Thanks! Presented below is an aging schedule for Cheyenne Corp. at December 31, 2021. Number
Please help me the best you can! Verify as well! Thanks!
Presented below is an aging schedule for Cheyenne Corp. at December 31, 2021. Number of Days Past Due Not Yet Due Over 90 Customer Total 1-30 31-60 61-90 Aneesh $ 22,400 $10.100 $12,300 Bird 36,600 $36,600 Cope 57,800 5,400 7,000 $45,400 DeSpears 33,300 $33,300 Others 126.600 96,800 15,900 13,900 $276,700 $138,800 $33,000 $26,200 $45,400 $33,300 3% 7% 12% 24% 60% Estimated Percentage Uncollectible Total Estimated Bad Debts $ 40,494 $ 4,164 $ 2,310 $ 3,144 $ 10,896 $19,980 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,200. Journalize the adjusting entry for bad debts at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec 31, 2021 Bad Debt Expense Allowance for Doubtful Accounts Post the adjusting entry for bad debts at December 31, 2021. Bad Debt Expense Allowance for Doubtful Accounts Journalize the following events and transactions in the year 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) March 1, a $1,000 customer balance originating in 2021 is judged uncollectible. May 1, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31. (2) No. Date Account Titles and Explanation Debit (1) (2) 2) (To reverse write-off) (To record collection of write-off) Post to the allowance account the events and transactions in the year 2022. Bad Debt Expense 12/31/21 Adj. 29,294 12/31/21 Bal. 29,294 Allowance for Doubtful Accounts 12/31/21 Bal. 11.200 12/31/21 Adj. 29,294 12/31/21 Bal. 40,494 eTextbook and Media List of Accounts Journalize the adjusting entry for bad debts at December 31, 2022, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $790 and the aging schedule indicates that total estimated bad debts will be $30,100. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit CreditStep 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