Home / Questions / 9-3A Problem 9-3A Presented below is an aging schedule for Halleran Company. Number of Days Past Due
9-3A
Problem 9-3A Presented below is an aging schedule for Halleran Company. Number of Days Past Due Not Over 90 Total Yet Due 1-30 31-60 61-90 Customer Anders 21,800 $10,400 $11,400 Blake 42,000 $42,000 Coulson 56,100 15,400 6,200 $34,500 Deleon 34,400 $34,400 Others 131,600 94,700 17,100 14,400 5,400 $285,900 $152,100 $33,700 $25,800 $34,500 $39,800 Estimated Percentage Uncollectible 2% 5% 13% 24% 55% Total Estimated Bad Debts $3,042 38,251 $ 1,685 $3.354 $8.280 $21.890 At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,900 Journalize and post the adjusting entry for bad debts at December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manualy.) Account Titles Date Debit Credit Dec. 31 Bad Debts Expense Explanation Ref. Debit Credit Date Balance Dec. 31 Adjusting Allowance for Doubtful Accounts Ref. Debit Credit: Date Explanation Balance Dec. 31 Balance Dec. 31 Adjusting Jourmalize and post to the allowance account the following events and transactions in the year 2018. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) (1) On March 31, a $1,300 customer balance originating in 2017 is judged uncollectible. (2) On May 31, a check for $1,300 is received from the custamer whose account was written off as uncollectible on March 31 No. Date Account Titles and Explanation Debit Credit (1). Mar 31 (2), May 31 (To reverse write-off) May 31, (To record collection of wite off.) Allowance for Doubtful Accounts Balance Explanation Date Ref Debit Credit Dec 31 201 Balance 12,900 Dec. 31 2017 Adjusting 25,351 38,251 Mar 31 2018 May 31 2018 Journalize the adjusting entry for bad debts on December 31, 2018, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $860 and the aging schedule indicates that total estimatedi bad debts will be $31,500. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles Debit Credit Dec. 31
Apr 04 2020 View more View Less
A phenomenon that happens sometimes during freezing point depression experiments is that the solute is affected in some manner by the solvent. One common occurrence is fo...
Mar 26 2020Behavioral interview questions are increasingly popular, and you will need a little practice before you can answer them easily.YOUR TASK. Use your favorite search tool to...
Aug 23 2021An ideal air-standard regenerative Brayton cycle produces 10MW of power. Operating data at principal states in the cycle are given in the table below. The states arenumbe...
May 05 2020Timberland From Bootmaker to EarthkeeperAn iconic American brand for sixty years, Timberland has built a reputation for creating simple, durable footwear and outdoor acce...
Jul 18 2020A uniform slender rod AB of mass m and length L is falling freelywith a velocity Vo when end B strikes a smooth inclined surface asshown. Assuming that the impact isperfe...
May 05 2020Portfolio managers Martin and Krueger each manage $3.6 million funds. Martin has perfect foresight, and the call option value of his perfect foresights is $540,000. Kreug...
Jun 03 2021You are considering the replacement of an old machine that has a current book value of $7,000 and a market value of $9,000. The old machine is being depreciated to a salv...
Jun 18 2021Which of the following statements is correct?a. Ribosomes are only found in bacteria and archaea.b. Some animal cells are prokaryotic.c. Only eukaryotic cells have mitoch...
Jul 04 2021How much interest will be earned in an account into which $1,000 is deposited for one year with continuous compounding at a 13% rate? A. $130.00 B. $138.83 C. $169.00...
Jan 09 2020Ms. Paris Hilton, a well-known celebrity with a ubiquitous presence on television and in People magazine, had her driver's license suspended by the state of California be...
Jul 25 2021