A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the:estimáted percent uncollectible for each age group:Age Group0-69 days61-98 days01 123 daysDver 128 daysAmount$55,00019,5002,5001, 0000.51.010.050.0The allowance fer uncollectible accounts had a balance of $1,350 on January 1, 20211. During the year, bad debts of $700 were. writtenof:Required:Prepare all joumal entries for 2021 with respect to bad debts and the aflowance for uncollectible accounts. (f no entry is required faina transaction/event, select "No journat entry requirEG" in the first account fielld.)w transaCtion istJournal entry worksheetRecord the entry to write-off specific accounts. View transaction listJournal entry worksheet2Record the entry to adjust allowance for uncollectible accounts at the year-end.Note: Enter debits before credits.TransactionGeneral JournalDebitCreditRecord entryClear entryView general journal< Prev63 of 87Next >

Calculation of total uncollectible amount : Age group Amount ($) % Uncollectible amount ($)…

A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimated percent uncollectible for each age group: Age Group 60 days 61 98 đays 01 126 đays Over 126 days Amount $55,008 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance for uncollectible accounts had a balance of $1,350 on January 1, 2021. During the year, bad debts of $700 were. written Required Prepare all joumal entries fer 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is requtred for a transaction/event, select "No journal entry tequired" in the first acCount field.) w transaciion list Journal entry worksheet the entry to write-off specific accounts.

A summary of Klugman Company's December 31, 2021. accounts receivable aging schedule is presented below along with the: estimated percent uncollectible for each age group: Age Group 60 days 61 98 đays 01 126 đays Over 126 days Amount $55,008 19,500 2,500 1, 000 0.5 1.0 10.0 50.0 The allowance for uncollectible accounts had a balance of $1,350 on January 1, 2021. During the year, bad debts of $700 were. written Required Prepare all joumal entries fer 2021 with respect to bad debts and the allowance for uncollectible accounts. (If no entry is requtred for a transaction/event, select "No journal entry tequired" in the first acCount field.) w transaciion list Journal entry worksheet the entry to write-off specific accounts.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section: Chapter Questions

Problem 1AP

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Prior to adjustments, Barrett Companys account balances at December 31, 2019, for Accounts Receivable and the related Allowance for Doubtful Accounts were 1,200,000 and 60,000, respectively. An aging of accounts receivable indicated that 106,000 of the December 31, 2019, receivables may be uncollectible. The net realizable value of accounts receivable at December 31, 2019, was: a. 1,034,000 b. 1,094,000 c. 1,140,000 d. 1,154,000
Inferring Accounts Receivable Amounts At the end of 2019, Karras Inc. had a debit balance of 141,120 in its accounts receivable. Additionally, Karras had a credit balance in its allowance for doubtful accounts of 4,350 and 9,420 at the beginning and end of the year, respectively. During the year, Karras made credit sales of 1,530,000, collected receivables in the amount of 1,445,700, and recorded bad debt expense of 83, 750. Required: Next Level Compute the amount of accounts receivable that Karras wrote off during the year and the amount of accounts receivable at the beginning of the year.
A summary of Klugman Company's December 31, 2024, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0–60 days $ 70,000 0.5 61–90 days 27,000 1.0 91–120 days 4,000 10.0 Over 120 days 1,100 50.0 The allowance for uncollectible accounts had a balance of $1,500 on January 1, 2024. During the year, bad debts of $850 were written off. Required: Prepare all journal entries for 2024 with respect to bad debts and the allowance for uncollectible accounts. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.
A summary of Milan Fashion's December 31, 2021, accounts receivable aging schedule is presented below along with the estimated percent uncollectible for each age group: Age Group Amount % 0-60 days $40,000 0.5 61-90 days 15,000 1.5 91-120 days 2,000 15.0 Over 120 days 800 80.0 The allowance for uncollectible accounts had a credit balance of $1,600 at January 1, 2021. During the year bad debts of $1,150 were written off. Also, $150 previously written off were paid by a customer. Required: Prepare all 2021 journal entries with respect to bad debts and the allowance for uncollectible accounts. Show computations. Prepare a T account for the allowance for uncollectible accounts from 1/1 to 12/31/21.
Taiju Company prepared an aging of accounts receivable on December 31, 2020 and determined that the net realizable value of the accounts receivable was P2,500,000. Additional information is available as follows: Allowance for doubtful accounts on Jan. 1 280,000 Accounts written off as uncollectible 230,000 Accounts receivable on December 31 2,700,000 Uncollectible accounts recovery 50,000 For the year ended December 31, 2020, what amount should be recognized as doubtful accounts expense?
Journalize the transactions under the allowance method, assuming that the allowance account had a beginning balance of $18,330 at the beginning of the year and the company uses the analysis of receivables method. Rustic Tables Company prepared the following aging schedule for its accounts receivable: Aging Class (Numberof Days Past Due) Receivables Balanceon December 31 Estimated Percent ofUncollectible Accounts 0-30 days $293,000 1 % 31-60 days 110,000 8 61-90 days 35,000 20 91-120 days 13,000 55 More than 120 days 18,000 80 Total receivables $469,000
FDN Company reported Accounts Receivable of P10,000,000 on December 31, 2021. Allowance for Doubtful Accounts was P1,000,000 on January 1, 2021. The following information is provided pertaining to the company's aging analysis. Time outstanding Accounts receivable Percent uncollectible Under 90 days P7,200,000 5% 91 180 days 1,800,000 7% 181 360 days 1,000,000 50% How much should be reported as Allowance for Doubtful Accounts as of December 31, 2021?
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2020. 1. An aging schedule of the accounts receivable as of December 31, 2020, is as follows. Age Net Debit Balance % to Be Applied afterCorrection Is Made Under 60 days $172,342 1% 60–90 days 136,490 3% 91–120 days 39,924* 6% Over 120 days 23,644 $3,700 definitely uncollectible;estimated remainderuncollectible is 25% $372,400 *The $3,240 write-off of receivables is related to the 91-to-120 day category. 2. The Accounts Receivable control account has a debit balance of $372,400 on December 31, 2020. 3. Two entries were made in the Bad Debt Expense account during the year: (1) a debit on December 31 for the amount credited to Allowance for Doubtful Accounts, and (2) a credit for $3,240 on November 3, 2020, and a debit to Allowance for Doubtful Accounts because of a bankruptcy. 4. Allowance for Doubtful Accounts is as…
SM Company prepared an aging of its accounts receivable at December 31, 2021 and determined that the estimated uncollectibles on that date was P74,300. During 2021, some customers’ accounts were written off. Additional information is available as follows:Allow. for Uncollectible Accts, Dec. 31, 2020 - P63,000Uncollectible accounts expense reported in the statement of comprehensive income - P18,000Accounts Receivable, Dec. 31, 2021 - P607,500Recovery during 2021 of accounts previously written off - P12,000How much were the accounts written off during 2021?
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,150. Aug. 14. Received $5,790 as partial payment on the $14,590 account of Rosalie Oakes. Wrote off the remaining balance as uncollectible. Oct. 16. Received the $8,150 from Kathy Quantel, whose account had been written off on June 8. Reinstated the account and recorded the cash receipt. Dec. 31. Wrote off the following accounts as uncollectible (record as one journal entry): Wade Dolan $2,360 Greg Gagne 1,470 Amber Kisko 5,620 Shannon Poole 3,260 Niki Spence 900 Dec. 31. If necessary, record the year-end adjusting entry for uncollectible accounts. If no entry is required, select "No entry" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. a. Journalize the transactions under the direct write-off method. June 8 Bad Debt Expense Accounts Receivable-Kathy Quantel Aug. 14 Cash…
The following summarizes the aging of accounts receivable for Johnston Supplies, Inc. as of July 31, 2019: Number of Days Unpaid Total Accounts Receivable Historical % Uncollectible Not yet due $126,500 2% 1-30 days past due 89,200 12% 31-60 days past due 53,600 18% Over 60 days past due 31,800 35% Required: Part a. The unadjusted balance of the Allowance for Doubtful Accounts of Johnston Supplies, Inc. is a credit balance in the amount of $28,947 on July 31, 2019. Prepare the required adjusting entry to record Bad Debt Expense for the year. Part b. Johnston Supplies, Inc. writes off $3,081 of uncollectible accounts on August 15, 2019. Prepare the required adjusting entry to record the write-off. Part c. Use a T-account to determine the account balance in the Allowance for Doubtful Accounts on August 15, 2019.
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates uncollectible accounts based on an aging of accounts receivable as shown below. Age Group AmountReceivable Estimated PercentUncollectible Not yet due $50,000 15% 0 –30 days past due 11,000 20% 31– 90 days past due 8,000 45% More than 90 days past due 1,000 85% Total $70,000 Required:1. Estimate the amount of uncollectible receivables.2. Record the adjustment for uncollectible accounts on December 31, 2021.3. Calculate net accounts receivable.