Question
In: Accounting
At December 31, 2018, the Accounts Receivable balance of GPC Technology is $ 225 comma 000....
At December 31, 2018, the Accounts Receivable balance of GPC Technology is $ 225 comma 000. The Allowance for Bad Debts account has a $ 17 comma 060 debit balance. GPC Technology prepares the following aging schedule for its accounts receivable: LOADING...(Click the icon to view the aging schedule.) Read the requirementsLOADING.... Requirement 1. Journalize the year-end adjusting entry for bad debts on the basis of the aging schedule. Show the T-account for the Allowance for Bad Debts at December 31, 2018. Begin by determining the target balance of Allowance for Bad Debts by using the age of each account. Age of Accounts 1-30 31-60 61-90 Over 90 Total Days Days Days Days Balance Accounts Receivable $85,000 $65,000 $50,000 $25,000 Estimated percent uncollectible 0.6 % 3.0 % 10.0 % 47.0 % Estimated total uncollectible Enter any number in the edit fields and then click Check Answer. 3 parts remaining Data Table Age of Accounts 1-30 Days 31-60 Days 61-90 Days Over 90 Days Accounts Receivable $85,000 $65,000 $50,000 $25,000 Estimated percent uncollectible 0.6 % 3.0 % 10.0 % 47.0 %
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Recognition and Valuation of Accounts Receivable The December 31, 2018 balance sheet of the Kramer Company...
Recognition and Valuation of Accounts
Receivable
The December 31, 2018 balance sheet of
the Kramer Company had Accounts Receivable of 650,000 and a credit
balance in Allowance for Doubtful Accounts of $33,000. During 2019,
the following transactions occurred: sales on account $1,550,000;
sales returns and allowances, $100,000; collections from customers,
$1,250,000; accounts written off, $35,000; previously written off
accounts of $8,000 were collected.
Instructions
(a) Journalize the 2019
transactions.
(b) If the company uses
the percentage of receivables basis to...
The December 31, 2018 balance sheet of Jenson Company had Accounts Receivable of $450,000 and a...
The December 31, 2018 balance sheet of Jenson Company had
Accounts Receivable of $450,000 and a credit balance in Allowance
for Doubtful Accounts of $33,000. During 2019, the following
transactions occurred:
Sales on account $1,600,000
Sales returns and allowances, $75,000
Collections from customers,
$1,450,000
Accounts written off $35,000
Previously written off accounts of
$6,000 were collected
(a) Journalize the 2019 transactions. Disregard any impact on
inventory.
(b) If Jenson uses the percentage of sales basis to
estimate bad debts expense...
Mobile Technology Ltd. reported an unadjusted balance of accounts receivable of $1,305,000 at 31 December 20X3,...
Mobile Technology Ltd. reported an unadjusted balance of
accounts receivable of $1,305,000 at 31 December 20X3, along with a
credit balance in the allowance for doubtful accounts of $83,500
and an allowance for sales discounts of $6,400. At year-end, the
company determined that an allowance of $13,500 for sales discounts
was needed. It also decided that $54,200 of accounts receivable
were uncollectible and should be written off. Of the remaining
receivables, it was determined that 45% were current, and of...
The Accounts Receivable balance for Gold, Inc. at December 31, 2017, was $27,000. During 2018, Gold...
The Accounts Receivable balance for Gold, Inc. at December 31,
2017, was $27,000. During 2018, Gold earned revenue of 461,000 on
account and collected $326,000 on account. Gold wrote off $6,400
receivables as uncollectible. Industry experience suggests that
uncollectible accounts will amount to 2% of accounts
receivable.
1. Assume Gold had an unadjusted $1,800 credit balance in
Allowance for Bad Debts at December 31, 2018. Journalize Gold's
December 31, 2018, adjustment to record bad debts expense using
the percent-of-receivables method....
At December 31, 2018 before any year-end adjustments, the Accounts Receivable balance of Daulat Inc is...
At December
31, 2018 before any year-end adjustments, the Accounts
Receivable balance of Daulat Inc is $300,000. Credit sales for the
2018 are $900,000, and allowance for bad debt has a $10,000
beginning credit balance. Daulat Inc prepares the following aging
schedule for accounts receivable
(age, amount, estimated uncollectible)
0-30 Days
$150,000
1%
31- 60 Days
$100,000
4%
61 -90 Days
$40,000
10%
Over 90 Days
$10,000
40%
1.
Calculate the balance in the allowance for bad debt on December...
On August 31, 2018, Rosebud Floral Supply had a $ 150 comma 000 debit balance in...
On August 31, 2018, Rosebud Floral Supply had a $ 150 comma
000 debit balance in Accounts Receivable and a $ 6 comma 000 credit
balance in Allowance for Bad Debts. During September, Rosebud
made: times Sales on account, $ 580 comma 000. Ignore Cost of
Goods Sold. times Collections on account, $ 613 comma 000. times
Write-offs of uncollectible receivables, $ 9 comma 000.
Journalize all September entries using the allowance method. Bad
debts expense was estimated at 1%...
Start with the beginning balances for these T-accounts: Accounts Receivable, $ 102 comma 000$102,000, Allowance for...
Start with the beginning balances for these T-accounts:
Accounts Receivable,
$ 102 comma 000$102,000,
Allowance for Uncollectible Accounts,
$ 11 comma 000$11,000.
Post the following
20182018
transactions to the T-accounts:
a.
Service revenue of
$ 704 comma 000$704,000,
all on account
b.
Collections on account, $ 718 comma 000$718,000
c.
Write-offs of uncollectible accounts, $ 6 comma 000$6,000
d.
Uncollectible-account expense (allowance method),
$ 12 comma 000$12,000.
What are the ending balances of Accounts Receivable and Allowance
for Uncollectible Accounts?...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible...
Mosaic’s Company balance sheet at December 31, 2018, reported
the following:
Accounts
receivable...........................................$2,500,000
Allowance for uncollectible
accounts...................$66,600
The following are the transactions to be taken into
consideration for 2019:
a. Total credit sales for 2019 were $3,600,000.
b. 2% of sales were estimated to be uncollectible.
c. The company received cash payments on account during 2019 for
$1,000,000
d. Accounts receivable identified to be uncollectible totaled
$94,000.
e. December 31, 2019, aging of receivables indicates that
$75,000 of the receivables...
Mosaic’s Company balance sheet at December 31, 2018, reported the following: Accounts receivable...........................................$2,500,000 Allowance for uncollectible...
Mosaic’s Company balance sheet at December 31, 2018, reported
the following:
Accounts
receivable...........................................$2,500,000
Allowance for uncollectible
accounts...................$66,600
The following are the transactions to be taken into
consideration for 2019:
a. Total credit sales for 2019 were $3,600,000.
b. 2% of sales were estimated to be uncollectible.
c. The company received cash payments on account during 2019 for
$1,000,000
d. Accounts receivable identified to be uncollectible totaled
$94,000.
e. December 31, 2019, aging of receivables indicates that
$75,000 of the receivables...
Amber Corp. – Accounting for Accounts Receivable (all dollar values are in 000’s). On December 31,...
Amber Corp. – Accounting for Accounts Receivable (all dollar
values are in 000’s).
On December 31, 2015 Amber Co. reported "Accounts Receivable,
net realizable value" of $5,440 on their balance sheet and
"Allowance for Uncollectible Accounts" of $325 in their footnotes.
Thus, the gross amount of accounts receivable is $5,765.
The company's sales grew dramatically in 2016, and the total
credit sales, net of returns were $96,755. They collected cash from
customers on account of $86,775. The company wrote off...
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