The Kitchen in the Garden is a small chain of kitchen remodeling stores. The company's year -
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The Kitchen in the Garden is a small chain of kitchen remodeling stores. The company's yearend trial balance on December X before any account writeoffs for the year included the information shown below:
Accounts Receivable $
Allowance for Doubtful Accounts credit
Net credit sales for X were $ Allowance for Doubtful Accounts has not yet been adjusted.
Required:
At the end of X the following additional accounts receivable are deemed uncollectible:
Hayes Alexander $
Riley Benson
David Olson
Samuel Tolliver
Calvin Watson
Total $
Prepare the December X journal entry to write off the above accounts. Of the accounts to be charged off, $ are more than days past due and $ are from to days past due. Post this transaction to the Taccounts for Accounts Receivable and Allowance for Doubtful Accounts.
Assume that the company uses the percentage of sales method to estimate uncollectible accounts expense. After analyzing the prior years activities, management determined that losses from uncollectible accounts for X should be percent of net credit sales. Prepare the necessary adjusting journal entry.
Assume that the company uses the aging of accounts receivable method. The following information was furnished by the credit manager for use in calculating the estimated loss from uncollectible accounts. The balances of accounts were computed prior to the chargeoffs in item
Receivable Category Estimated Loss Rate Balances of Accounts before chargeoffs
Current $
days past due
days past due
Over days past due
Total $
Compute the estimated uncollectible accounts as of December X
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Compute the estimated uncollectible accounts as of December Prepare the necessary adjusting journal entry to record the estimated uncollectible accounts expense on December using the aging method. Post this entry to the Taccounts for Accounts Receivable and Allowance for Doubtful Accounts.
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