Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Presented below is an aging schedule for Sarasota Corp. Problem 8-3A Presented below is an aging schedule for Sarasota Corp Number of Days Past Due
Presented below is an aging schedule for Sarasota Corp.
Problem 8-3A Presented below is an aging schedule for Sarasota Corp Number of Days Past Due Not Yet Due Over 90 31-60 61-90 Total Customer Aneesh Bird Cope DeSpears Others $24,300 $ 9,700 $14,600 31,000 31,000 5,500 53,700 36,100 5,000 $43,200 $36,100 124,600 76,300 36,500 11,800 $269,700 $112,800 $51,200 $26,400 $43,200 $36,100 63% 3,384 $3,584 $3,432 $10,368 $22,743 Estimated percentage uncollectible 3% 7% 13% 24% Total estimated bad debts $43,511 At December 31, 2016, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,600 Your answer is partially correct. Try again. Post the adjusting entry for bad debts at December 31, 2016. Bad Debts Expense 34911 34911 12/31 4 1231 Bal. Allowance for Doubtful Accounts 12/31 4 8600 12/31 34911 Your answer is correct. Journalize the 2017 transactions: (Credit account titles are automatically indented when amount is entered. Do not indent manually. 1. March 1, a $590 customer balance originating in 2016 is judged uncollectible. 2. May 1, a check for $590 is received from the customer whose account was written off as uncollectible on March 1 No. 1. T Date Account Titles and Explanation Debit Credit 590 Mar. 1 Allowance for Doubtful Accounts Accounts Receivable 590 2. T May 1 Accounts Receivable 590 Allowance for Doubtful Accounts 590 (To reinstate account previously written off) Cash 590 Accounts Receivable 590Step 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