Required information [The following information applies to the questions displayed below.] On December 31, Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Accounts Receivable $ 880,000 352,000 70,400 35,200 14,080 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due Expected Percent Uncollectible 1.35% 2.10 6.60 33.25 69.00 Required: 1. Compute the required balance of the Allowance for Doubtful Accounts at December 31 Accounts Receivable Percent Uncollectible (.08%) Estimated Uncollectible Not due 1 10 30 31 to 60 61 to 90 Over 90 Estimated balance of allowance for uncollectibles 2. Prepare the adjusting entry to record bad debts expense at December 31. (Round percentage answers to nearest whole percent. Do not round intermediate calculations.) View transaction list Journal entry worksheet Record the estimated bad debts. Note: Enter debits before credits General Journal Debit Dato Credit Dec 31 Record entry View general journal Clear entry Required information [The following information applies to the questions displayed below) On December 31. Jarden Co.'s Allowance for Doubtful Accounts has an unadjusted credit balance of $14,500. Jarden prepares a schedule of its December 31 accounts receivable by age. Expected Percent Uncollectible Accounts Receivable $ 880,000 352,000 70,400 35.200 14.00 Age of Accounts Receivable Not yet due 1 to 30 days past due 31 to 60 days past due 61 to 90 days past due Over 90 days past due 6.60 33.25 69.00 3. On June 30 of the next year. Jarden concludes that a customer's $5,300 receivable is uncollectible and the account is written off Does this write off directly affect Jarden's net income? Affects Jarden's net income The following transactions are from Ohlm Company. (Use 360 days a year.) Year 1 Dec. 16 Accepted a $12,000, 60-day, 10% note in granting Danny Todd a time extension on his past-due account receivable. 31 Made an adjusting entry to record the accrued interest on the Todd note. Year 2 Feb. 14 Received Todd's payment of principal and interest on the note dated Deceber 16. Mar 2 Accepted a (n) $6,980, 10%, 90-day note in granting time extension on the past-due account receivable from Midnight Co. 17 Accepted an) $2,600, 30-day 7 note in granting Ava Privet a time extension on her past due account receivable! Apr. 16 Privet dishonored her note. May 31 Midnight Co. dishonored its note. 7 Accepted a $9, 100, 90-day 11% note in granting a time extension on the past due account receivable of Mulan Co. 3 Accepted an) $2,170, 60-day, 10% note in granting Noah Carson time extension on his past-due account receivable 2 Received payment of principal plus interest from Carson for the September note. NOV. 5 Received payment of principal plus interest from Plan for the August note. 1 wrote of the Privet account against the Allowance for Doubt Accounts: Required: 1-0. First, complete the table below to calculate the interest amount at December 31. Year 1 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions 1-c. First, complete the table below to calculate the interest amoun 1-d. Use those calculated values to prepare your journ or Year 2 transactions 2. If Ohlm pledged its receivables as security for a loan bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required :D Required 2 First, complete the table below to calculate the Interestiam December 1-b. Use the calculated value to prepare your journal entries for Year 1 transactions 1-c. First, complete the table below to calculate the interest amounts 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financial statements does it disclose this pledge of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amount at December 31, Year 1. Total Through Maturity Interest Recognized December 31 Principal Rate(%) Time Total interest Required 18 > Required 1A Required 1B Required 1C Required 1D Required 2 Use the calculated value to prepare your journal entries for Year 1 transactions. (Do not round inte View transaction list Journal entry worksheet 1 2 Accepted a $12,000, 60-day, 10% note in granting Danny Todd a time extension on his past-due account receivable. Note: Enter debits before credits. Date General Journal Dec 16 Debit Credit Record entry Clementy View general jou 1-d. Use those calculated values to prepare your journal entries for Year 2 transactions. 2. If Ohlm pledged its receivables as security for a loan from the bank, where on the financia of receivables? Complete this question by entering your answers in the tabs below. Required 1A Required 1B Required 10 Required 1D Required 2 First, complete the table below to calculate the interest amounts. (Do not round intermediate ca Total Through Maturity Midnight Co. Note - March 2. Year 2 A. Privet Note -March 17, Year 2 Mulan Note - Midnight Co. August 7. Year Note - May 31, N. Carson Note- September 3 2017 Year 2 September 3, Principal Rate(%) Time Total interest Required 13 Required 1D > Required 1A Required 1B Required 1C Required 1D Required 2 Use those calculated values to prepare your journal entries for Year 2 transactions. View transaction list Journal entry worksheet