Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is an aging schedule for Cheyenne Corp. at December 31, 2021. Number of Days Past Due Customer Total Not Yet Due Over

image text in transcribed

Presented below is an aging schedule for Cheyenne Corp. at December 31, 2021. Number of Days Past Due Customer Total Not Yet Due Over 90 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 DeSpears Others 33,300 $45,400 $33,300 126,600 96,800 15,900 13,900 $276,700 $138,800 $33,000 $26,200 $45,400 $33,300 Estimated percentage uncollectible 3% 7% 12% 24% 60% Total estimated uncollectibles $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. (a) 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. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles 31, 2022 V Bad Debt Expense Allowance for Doubtful Accounts Post the adjusting entry for bad debts at December 31, 2021. Bad Debt Expense eTextbook and Media Allowance for Doubtful Accounts Debit 29294 Credit 29294

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting in an Economic Context

Authors: Jamie Pratt

8th Edition

9781118139424, 9781118139431, 470635290, 1118139429, 1118139437, 978-0470635292

More Books

Students also viewed these Accounting questions

Question

Define personality and list the big five personality traits.

Answered: 1 week ago