Practice Problem 01 a c Presented below is an aging schedule for Sheridan Company Number of Days Past Due Customer Total Not Yet Due 130 3160 6190 Over 90 Anders $ 21,500 $10,500 $11,000 Blake 40,900 $ 40,900 Coulson 58,300 16,500 6,500 $35,300 Deleon 34,500 $34,500 Others 132,600 95,200 16,200 14,600 6,600 $287,800 $152,600 $33,200 $25,600 $35,300 $41,100 Estimated Percentage Uncollectible 3 6 13 25 41 Total Estimated Bad Debts $ 35,574 $ 4,578 $ 1,992 $ 3,328 $ 8,825 $16,851 At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,000 Journalize and post the adjusting entry for bad debts at December 31, 2020 (Credit account titles are automatically indented when amount is entered Do not indent manually ) Date Account Titles Debit Credit Mar 31, 2020May 31, 2020Dec 31, 2020Mar 31, 2021May 31, 2021Dec 31, 2021 Bad Debt Expense 12 31 20 Adj 5 31 20 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 19 Adj 5 31 19 Adj 3 31 19 Adj 12 31 20 Adj 5 31 203 31 2012 31 19 Bal 5 31 19 Bal 3 31 19 Bal 12 31 20 Bal 12 31 20 Adj 5 31 20 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 19 Adj 5 31 19 Adj 3 31 19 Adj 12 31 20 Adj 5 31 203 31 2012 31 19 Bal 5 31 19 Bal 3 31 19 Bal 12 31 20 Bal Allowance for Doubtful Accounts 12 31 20 Adj 5 31 21 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 20 Adj 5 31 21 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 20 Adj 5 31 21 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 20 Adj 5 31 21 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 20 Adj 5 31 21 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal 12 31 20 Adj 5 31 21 Adj 3 31 20 Adj 12 31 21 Adj 5 31 213 31 2112 31 20 Bal 5 31 20 Bal 3 31 20 Bal 12 31 21 Bal Journalize and post to the allowance account the following events and transactions in the year 2021 (Credit account titles are automatically indented when amount is entered Do not indent manually ) (1) On March 31, a $1,000 customer balance originating in 2020 is judged uncollectible (2) On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Jul 20, 2024

Practice Problem 01 a-c Presented below is an aging schedule for Sheridan Company. Number of Days Past Due Customer Total Not Yet Due 130 3160

Practice Problem 01 a-c

Presented below is an aging schedule for Sheridan Company.

			Number of Days Past Due
Customer	Total	Not Yet Due	130	3160	6190	Over 90
Anders	$ 21,500		$10,500	$11,000
Blake	40,900	$ 40,900
Coulson	58,300	16,500	6,500		$35,300
Deleon	34,500					$34,500
Others	132,600	95,200	16,200	14,600		6,600
	$287,800	$152,600	$33,200	$25,600	$35,300	$41,100
Estimated Percentage Uncollectible		3%	6%	13%	25%	41%
Total Estimated Bad Debts	$ 35,574	$ 4,578	$ 1,992	$ 3,328	$ 8,825	$16,851

At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,000.

Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles	Debit	Credit
Mar. 31, 2020May 31, 2020Dec. 31, 2020Mar. 31, 2021May 31, 2021Dec. 31, 2021

Bad Debt Expense
12/31/20 Adj.5/31/20 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.		12/31/19 Adj.5/31/19 Adj.3/31/19 Adj.12/31/20 Adj.5/31/203/31/2012/31/19 Bal.5/31/19 Bal.3/31/19 Bal.12/31/20 Bal.
12/31/20 Adj.5/31/20 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.		12/31/19 Adj.5/31/19 Adj.3/31/19 Adj.12/31/20 Adj.5/31/203/31/2012/31/19 Bal.5/31/19 Bal.3/31/19 Bal.12/31/20 Bal.
Allowance for Doubtful Accounts
12/31/20 Adj.5/31/21 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.		12/31/20 Adj.5/31/21 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.
12/31/20 Adj.5/31/21 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.		12/31/20 Adj.5/31/21 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.
12/31/20 Adj.5/31/21 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.		12/31/20 Adj.5/31/21 Adj.3/31/20 Adj.12/31/21 Adj.5/31/213/31/2112/31/20 Bal.5/31/20 Bal.3/31/20 Bal.12/31/21 Bal.

Journalize and post to the allowance account the following events and transactions in the year 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)

(1)		On March 31, a $1,000 customer balance originating in 2020 is judged uncollectible.
(2)		On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31.