Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $296,000; estimated uncollectible = 20%. 2. Accounts 1-45 days past due = $41,100; estimated uncollectible = 25%. 3. Accounts more than 45 days past due = $16,400; estimated uncollectible = 30%. Before recording any adjustments, Dhaliwal has a debit balance of $73,800 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Dhaliwal's allowance for uncollectible accounts. 2. What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts? Required 1 Required 2 Estimate the appropriate 12/31/2021 balance for Dhaliwal's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts

Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $296,000; estimated uncollectible = 20%. 2. Accounts 1-45 days past due = $41,100; estimated uncollectible = 25%. 3. Accounts more than 45 days past due = $16,400; estimated uncollectible = 30%. Before recording any adjustments, Dhaliwal has a debit balance of $73,800 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2021 balance for Dhaliwal's allowance for uncollectible accounts. 2. What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts? Required 1 Required 2 Estimate the appropriate 12/31/2021 balance for Dhaliwal's allowance for uncollectible accounts. Balance in allowance for uncollectible accounts

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Zuo Software categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts. 1. Accounts not yet due = $385,000; estimated uncollectible = 10%. 2. Accounts 1-30 days past due $34,400; estimated uncollectible =9%. 3. Accounts 31-90 days past due $27,500; estimated uncollectible = 12% 4. Accounts more than 90 days past due = $20,600; estimated uncollectible = 16%. At 12/31/2024, before recording any adjustments, Zuo has a credit balance of $21,800 in its allowance for uncollectible accounts. Required: 1. Estimate the appropriate 12/31/2024 balance for Zuo's allowance for uncollectible accounts. 2. What journal entry should Zuo record to adjust its allowance for uncollectible accounts? 3. Calculate Zuo's 12/31/2024 net accounts receivable balance.
Crell Computers categorizes its accounts receivable into four age groups for purposes of estimating its allowance for uncollectible accounts.1. Accounts not yet due = $60,000; estimated uncollectible = 5%.2. Accounts 1–30 days past due = $15,000; estimated uncollectible = 10%.3. Accounts 31–60 days past due = $10,000; estimated uncollectible = 20%.4. Accounts more than 60 days past due = $5,000; estimated uncollectible = 30%.What should be the balance in Crell’s allowance for uncollectible accounts?
Spade Agency separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts. 1. Accounts not yet due = $25,000; estimated uncollectible = 4%. 2. Accounts 1–60 days past due = $10,000; estimated uncollectible = 25%. 3. Accounts more than 60 days past due = $5,000; estimated uncollectible = 50%. In addition, the balance of Allowance for Uncollectible Accounts before adjustment is $1,000 (credit). Compute the total estimated uncollectible accounts and record the year-end adjustment.
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CAN SOMEONE HELP ME FIGURE OUT THE TOTAL ESTIMATED UNCOLLECTIBIES AND THE BAD DEBIT EXPENSE ? Skysong Company has accounts receivable of $112,400 at March 31, 2020. Credit terms are 2/10, n/30. At March 31, 2020, there is a $1,500 credit balance in Allowance for Doubtful Accounts prior to adjustment. The company uses the percentage-of-receivables basis for estimating uncollectible accounts. The company's estimate of bad debts is shown below.
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