Questions for accounting 101. Hope you can explain it.
WileyPLUS El ASSIGNMENT RESOURCES lliz 4 Ch.7 01 8 Wlle PLUS Problem 7-2 Problem 777A Problem a-lA Problem ass Review Score Review Results by study Obiective Kimmel, Financial Accounting, Seventh Canadian Edition MESSAGE m mSmucroR STANDARD vxew mums: VERSION Problem 8-5A An aging analysis of Crown Point Limited's accounts receivable at December 31, 2018 and 2017, showed the following: Accounts Receivable Estimated Number of Days Percenta e outstanding 2018 2017 Uncollecti Ie 0-30 days $297,600 $321,500 3% 3160 days 63,600 114,900 6% 61-90 days 86,600 76,300 12% Over 90 days 131,200 49,800 24% Total $579,000 $562,500 Additional Information: 1. At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts was a credit of $9,800. 2. In 2018, $42,400 of accounts were written off as uncullectible and $3,300 of accounts previously written off were recovered. Prepare an aging schedule to calculate the estimated uncollectible accounts at December 31, 2017 and 2018. Note that the estimated percentages uncollectible are the same for both years. Total estimated allowance balance at Dec. 31, 2017: Estimated Number of Days Accounts Percentage E outstanding Receivable Unco Iect Ie Uncoliectl 0-30 days $321,500 3% $l 3150 days 114,900 6% l 6190 days 76,300 12% l Over 90 days 49,800 24% l Total $562,500 $l 7 Total estimated allowance balance at Dec. 31, 2018: yPLUS: MHwilePLuS | Helg | contact Us | Log Out INTRODUCTION TO ACCOUNTING I-MAJORS(ACTGIP11) 4 BACK NEXT > WileyPLUS El ASSIGNMENT RESOURCES Quiz 4 Ch.7 & 8 Wile PLUS Problem 7-2 Problem 7-7A Problem a-1A Problem 875 Review Score Review Results by study Obiective yPLUS: MHWiIePLUS | Helg | Contact Us | Log Out Kimmel, Financial Accounting, Seventh Canadian Edition INTRODUCTION TO ACCOUNTING I-MAJORS(ACTGIP11) FRINYER vensxon 4 BACK NEXT > MESSAGE m msmucrox STANDARD vxew $562,500 sl Total estimated allowance balance at Dec. 31, 2018: Estimated Number of Days Aooounm Outstanding Receivable 030 days $297,600 3160 days 63,600 6% l 6190 days 86,600 12% l Over 90 days 131,200 24% l Total 3579.000 Record the adjusting entry relating to bad debts on December 31, 2017. (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 0 for the amounts.) Amount Tlties and Explanation Debit Credit l ' V 7 l H 7 l l H Record the write off of uncollectible accounts in 2018. (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 0 for the amounts.) Amount ttes and Explanation Debit Credit WileyPLUS El Kimmel, Financial Accounting, Seventh Canadian E yPLUS INTRODUCTION TO ACCOUNTING I-MAJORS(ACTGIP11) NEXT MESSAGE uv INSIRUCIOR snummn vxew Myw eyPLUS | Halg | vaTERVERsIon ' (BACK ASSIGNMENT RESOURCES Quiz 4 ((31.7 h 8! Wlle PLUS Problem 7-2 ' Problem 7-7A l Problem a-1A Problem 875 . Re aw Score ' Re ew Results by study obieetive the account titles and enter 0 for the amounts.) Account Title and Explanation Debit Cl'adlt (To reverse write off of account receivable) (To record collections) . Record the collection of accounts previously written off in 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for Account Tides and Explanation 1 Prepare the adjusting entry relating to bad debts on December 31, 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "Na 1 Entry" for the account titles and enter 0 for the amounts.) Calculate the carrying amount of Crown Point's accounts receivable at December 31, 2017 and 2018. 20 18 Carrying amount 5 2017 's[ Question Attempls: I) of 1 used sAvE FOR LATER l SUBMIT
