Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Presented below is an aging schedule for Kingbird, Inc. at December 31, 2021 Customer Aneesh Bird Cope Number of Days Past Due Not Yet Total

image text in transcribed
image text in transcribed
image text in transcribed
Presented below is an aging schedule for Kingbird, Inc. at December 31, 2021 Customer Aneesh Bird Cope Number of Days Past Due Not Yet Total Due 1-30 31-60 61-90 90 $ 22.900 $8.800 $14.100 30.600 $30.600 46,700 5.300 5,300 $36,100 35.500 $35,500 117.500 73,800 31.600 12.100 $253200 $109,700 $45,700 $26,200 $36,100 $35.500 3% 7% 11% 26% 65% DeSpears Others Estimated percentage uncollectible Total estimated bad debts $41.833 $3.291 $3.199 $2,882 $9,386 $23.075 At December 31, 2021, the unaded balance in Allowance for Doubtful Accounts is a credit of $8.200 Journalize the adjusting entry for bad debts at December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent mongly Bom update oud met beled Post the adjusting entry for bad debts at December 31, 2021 Bad Debts Expense Allowance for Doubtful Accounts e Textbook and Media List of Accounts Journalize the 2022 transactions dit account titles are automatically indented when amount is entered. Do not indent manually) 1. March 1, a $600 customer balance originating in 2021 is judged uncollectible. 2 May 1, acheck for $600 is received from the customer whose account was written off as uncollectible on March 1 Post to the allowance account these 2022 events. Post entries in the order of journal entries posted in the previous part Allowance for Doubtful Accounts 12/31 Dal 2021 3.200 12/31 33630 12/31 Bal 41.833 2022 e Textbook 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 $1,600 and the aging schedule indicates that total estimated bad debts will be $38,700. (Credit account titles are automatically indented when amount is entered. Do not indent manually)

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 An Integrated Approach

Authors: Michael Gibbins

6th Edition

0176407251, 978-0176407254

More Books

Students also viewed these Accounting questions

Question

Contrast the common-law family with the socialist-law family.

Answered: 1 week ago

Question

1. Pupils can be trusted to work together without supervision.

Answered: 1 week ago

Question

11.1 Explain the strategic importance of total rewards.

Answered: 1 week ago

Question

11.3 Define pay equity and explain its importance today.

Answered: 1 week ago