Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribedimage text in transcribed

Presented below is an aging schedule for Sweet Acacia Industries at December 31, 2021. Number of Days Past Due Not Yet Due Customer Total Over 90 61-90 1-30 31-60 $ 8100 $15800 Aneesh $23900 Bird 28200 49500 $28200 4500 Cope 5100 $39900 DeSpears 37300 $37300 Others 127700 7600038100 13600 $266600 $108700 $51300 $29400 $39900 $37300 Estimated percentage uncollectible 3% 7% 12% 25% 63% Total estimated bad debts $43854 $3261 $3591 $3528 $9975 $23499 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8600. 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 2021 12/31 Bal. 8600 12/31 35254 12/31 Bal. 43854 2022 3/1 44484 44484 5/1 44484 e Textbook and Media List of Accounts - Your answer is partially correct. 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 $1500 and the aging schedule indicates that total estimated bad debts will be $36200. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Bad Debt Expense 44484 Allowance for Doubtful Accounts 44484

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

Winning Compliance Auditing With Gung Fu Fighting Philosophy

Authors: Phillip Lee

1st Edition

B0CBD8KT6P, 979-8223104414

More Books

Students also viewed these Accounting questions

Question

What is Larmors formula? Explain with a suitable example.

Answered: 1 week ago

Question

5. Understand how cultural values influence conflict behavior.

Answered: 1 week ago

Question

8. Explain the relationship between communication and context.

Answered: 1 week ago