sce in Allowance for Doubtful Accounts collectible accounts. An aging of 2. (20 ) Erickson Company had 500 credit balance in Allowance for af December 31, 2019, before the current vers provision for uncollectible accounts the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $170,000 1% 1-30 days past due 15.000 31-60 days past due 12,000 6% 61-90 days past due 15% Over 90 days past due 9,000 30% Total Accounts Receivable $211.000 3% 5.000 Instructions (a) Calculate the total estimated uncollectibles (b) Prepare the adjusting entry on December 31, 2019, to recognize bad debts expense. (c) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $300 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. 10. Stan's Market recorded the following events involving a recent purcha following events involving a recent purchase of inventory Received goods for $120,000, terms 2/10, n/30. Paid $600 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory a. increased by $120,000. b. increased by $118,200. c. increased by $120,600. d. increased by $117,600. Two individuals at a retail store work the same cash register. You evaluate this a a violation of establishment of responsibility. b. a violation of separation of duties. c. supporting the establishment of responsibility. d. supporting internal independent verification. Cotification by the bank that a deposited customer check was returned NS mpany make the following adjusting entry: a. Accounts Receivable Cash sce in Allowance for Doubtful Accounts collectible accounts. An aging of 2. (20 ) Erickson Company had 500 credit balance in Allowance for af December 31, 2019, before the current vers provision for uncollectible accounts the accounts receivable revealed the following: Estimated Percentage Uncollectible Current Accounts $170,000 1% 1-30 days past due 15.000 31-60 days past due 12,000 6% 61-90 days past due 15% Over 90 days past due 9,000 30% Total Accounts Receivable $211.000 3% 5.000 Instructions (a) Calculate the total estimated uncollectibles (b) Prepare the adjusting entry on December 31, 2019, to recognize bad debts expense. (c) Assume the same facts as above except that the Allowance for Doubtful Accounts account had a $300 debit balance before the current year's provision for uncollectible accounts. Prepare the adjusting entry for the current year's provision for uncollectible accounts. 10. Stan's Market recorded the following events involving a recent purcha following events involving a recent purchase of inventory Received goods for $120,000, terms 2/10, n/30. Paid $600 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory a. increased by $120,000. b. increased by $118,200. c. increased by $120,600. d. increased by $117,600. Two individuals at a retail store work the same cash register. You evaluate this a a violation of establishment of responsibility. b. a violation of separation of duties. c. supporting the establishment of responsibility. d. supporting internal independent verification. Cotification by the bank that a deposited customer check was returned NS mpany make the following adjusting entry: a. Accounts Receivable Cash
