Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

thank7you Required information The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Days

thank7you
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Required information The following information applies to the questions displayed below) Daley Company prepared the following aging of receivables analysis at December 31 Days Past Due Total 5645,000 Accounts receivable Percent collectible 0 $ 411,000 19 1 to 30 S105.000 2% 31 to 60 $ 51,000 596 61 to 90 $ 33,000 796 Over 90 $ 45,000 1046 a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method b. Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,500 credit. c. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2.500 debit Complete this question by entering your answers in the tabs below. ReqA Req B and Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 6% of total accounts receivable to estimate uncollectibles, instead of the aging of receivables method. Estimated balance of allowance for uncollectibles HO Req Band C> Reg A Reg Band Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,500 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,500 debit. Show less View transaction list d Journal entry worksheet 1 2 Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $13,500 credit balance. Note: Enter debits before credits. General Journal Debit Credit Date Dec 31 Record entry Clear entry View general journal REVH Rog band 12 Prepare the adjusting entry to record Bad Debts Expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $13,500 credit. Prepare the adjusting entry to record bad debts expense using the estimate from part a. Assume the unadjusted balance in the Allowance for Doubtful Accounts is a $2,500 debit. Show les View transaction list Journal entry worksheet Record estimated bad debts assuming that Allowance for Doubtful Accounts has a $2,500 debit balance. Note: Enter debits before credits. General Journal Debit Date Dec 31 Credit Record entry Clear entry View general joumal

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

Principles Of External Auditing

Authors: Brenda Porter, David Hatherly, Jon Simon

3rd Edition

0470018259, 9780470018255

More Books

Students also viewed these Accounting questions