Answered step by step
Verified Expert Solution
Link Copied!

Question

00
1 Approved Answer

Presented below is an aging schedule for Widhorse Coat December 31, 2021, Number of Days Past Due Not Yet Due Over 90 1-30 $9.000 61-90

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Presented below is an aging schedule for Widhorse Coat December 31, 2021, Number of Days Past Due Not Yet Due Over 90 1-30 $9.000 61-90 31-60 $15,800 Customer Aneesh Bird Cope De Spears Others Total $ 24,800 28.000 47,800 40,300 109,700 $250,600 $28.000 5.400 5.300 $37.100 $40,300 65400 598.800 31,700 $46,000 12,600 $28,400 $37,100 $40,300 39 11 25 66% Estimated percentage uncollectible Total estimated bad debts $14.721 $ 2.964 $2.760 13,124 $9.295 $26.598 At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts acredit of $7.600 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) Debit Credit Account Titles and Explanation 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 transaction: (Credit account titles are automatically indented when amount is entered. Do not indent manually). 1 March 1, a 5660 customer balance originating in 2021 sjudged uncollectible. 2. My 1. a check for $660 is received from the customer whose account was written off as uncollectible on March 1 1 March 1. a $650 customer balance originating in 2021 is judged uncollectible. 2 May 1, a check for $660 is received from the customer whose account was written off as uncollectible on March 1. No. Date Account Titles and Explanation Debit Credit 1 2 (Toreinstate account previously written olt) Textbook and Media List of Accounts Post to the allowance account these 2022 events. (Post entries in the order of Journal entries posted in the previous port) 2021 Allowance for Doubtful Accounts 12/31 Bal 12/31 12/31 Bal 7,600 37.121 44.721 2022 eTextbook 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 $1,400 and the aging schedule indicates that total estimated bad debts will be $39.900. (Credit account elles are automatically Indented when amount is entered. Do not indent manually) Accout Titles and Explanation Debit Credit

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Managerial Accounting

Authors: Ronald W Hilton

7th Edition

9780073022857

Students also viewed these Accounting questions

Question

How flying airoplane?

Answered: 1 week ago