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(solution) Problem 9-3A Presented below is an aging schedule for Halleran


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Problem 9-3A

 

Presented below is an aging schedule for Halleran Company.

 

Number of Days Past Due

 

Total Not

 

Yet Due $ 24,500

 

38,400 $ 38,400 Customer

 

Anders

 

Blake

 

Coulson

 

Deleon 1?30 31?60 $11,500 61?90 Over

 

90 $13,000 57,100

 

34,100 5,900 131,700 94,700 15,400 14,800 $285,800 Others 16,600 $149,700 $32,800 $27,800 $34,600 $40,900 2% 5% 13% 26% 43% $ 2,994 $ 1,640 $ 3,614 $ 8,996 $17,587 Estimated Percentage

 

Uncollectible

 

Total Estimated Bad

 

Debts $ 34,831 $34,600

 

$34,100

 

6,800 At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,670. Journalize and post the adjusting entry for bad debts at December 31, 2014. (Credit account titles are automatically

 

indented when amount is entered. Do not indent manually.) Date Account Titles and

 

Explanation Debit Credit Dec.

 

31 Bad Debts Expense

 

Date Explanation Re

 

f Debit Credit Balance Re

 

f Debit Credit Balance Dec. 31 Adjusting

 

Allowance for Doubtful

 

Accounts

 

Date Explanation Dec. 31 Balance Dec. 31 Adjusting SHOW LIST OF ACCOUNTS

 

LINK TO TEXT Journalize and post to the allowance account the following events and transactions in the year 2015. (Credit account titles

 

are automatically indented when amount is entered. Do not indent manually.)

 

(1) On March 31, a $1,260 customer balance originating in 2014 is judged uncollectible.

 

(2) On May 31, a check for $1,260 is received from the customer whose account was written off as uncollectible on March

 

31.

 

No. (1). Date Account Titles and

 

Explanation Debit Credit Mar.

 

31 (2). May 31 (To reverse write-off)

 

May 31 (To record collection of write off.)

 

Allowance for Doubtful

 

Accounts

 

Date Explanation Dec. 31 2014 Adjusting Debit Credit Balance Dec. 31 2014 Re

 

f Balance

 

11,670 23,161 34,831 Mar. 31 2015 May 31 2015 SHOW LIST OF ACCOUNTS

 

LINK TO TEXT Journalize the adjusting entry for bad debts on December 31, 2015,

 

assuming that the unadjusted balance in Allowance for Doubtful

 

Accounts is a debit of $880 and the aging schedule indicates that total

 

estimated bad debts will be $29,400. (Credit account titles are

 

automatically indented when amount is entered. Do not

 

indent manually.)

 

Dat Account Titles

 

e and Explanation Debit Credit Dec.

 

31 Problem 9-4A

 

Rigney Inc. uses the allowance method to estimate

 

uncollectible accounts receivable. The company

 

produced the following aging of the accounts

 

receivable at year-end. Your answer is partially correct. Try again.

 

Calculate the total estimated bad debts based on the below information.

 

Number of Days Outstanding

 

31?60

 

61?90

 

91?120 Total

 

Accounts

 

receivable

 

%

 

uncollectibl

 

e

 

Estimated

 

Bad debts 0?30 166,600 72,800 37,800 32,500 15,500 $8,000 1% 4% 5% 8% 20% $ $ $ 728 $ 1512 $ 1625 Over 120 $ 1240 1600 SHOW LIST OF ACCOUNTS

 

LINK TO TEXT Your answer is incorrect. Try again.

 

(b) Prepare the year-end adjusting journal entry to record the bad debts using the aged uncollectible accounts receivable

 

determined in (a). Assume the current balance in Allowance for Doubtful Accounts is a $7,800 debit.

 

(c) Of the above accounts, $5,000 is determined to be specifically uncollectible. Prepare the journal entry to write off the

 

uncollectible account.

 

(d) The company collects $5,000 subsequently on a specific account that had previously been determined to be uncollectible

 

in (c). Prepare the journal entry(ies) necessary to restore the account and record the cash collection.

 

(Credit account titles are automatically indented when amount is entered. Do not indent manually.) No

 

(b) (c) Account Titles and

 

Explanation Debit Credit (d) (To reverse write-off.) (To record collection of write off.) Problem 9-6A

 

Farwell Company closes its books monthly. On September 30, selected ledger account balances are:

 

Notes Receivable

 

Interest Receivable $33,900

 

149 Notes Receivable include the following.

 

Date

 

Aug. 16 Maker

 

K. Goza Inc. Face

 

$ 9,600 Term

 

60 days Interest

 

8% Aug. 25

 

Sept. 30 Holt Co.

 

Noblitt Corp. 7,500

 

16,800 60 days

 

6 months 7%

 

9% Interest is computed using a 360-day year. During October, the following transactions were completed.

 

Oct. 7

 

12 Made sales of $6,820 on Farwell credit cards.

 

Made sales of $700 on MasterCard credit cards. The credit card service charge is 1%. 15

 

15 Added $460 to Farwell customer balances for finance charges on unpaid balances.

 

Received payment in full from K. Goza Inc. on the amount due. 24 Received notice that the Holt note has been dishonored. (Assume that Holt is expected to pay in the future.) Journalize the October transactions and the October 31 adjusting entry for accrued interest receivable. (Record entries in

 

the order displayed in the problem statement. Credit account titles are automatically indented when amount is

 

entered. Do not indent manually. Use 360 days for calculation. Round intermediate calculations to 5 decimal

 

places, e.g. 1.25252 and the final answers to 0 decimal places, e.g. 125.) Date Account Titles and

 

Explanation Debit Credit Oct. 7 Oct. 12 Oct. 15 Oct. 15 Oct. 24 Oct. 31 SHOW LIST OF ACCOUNTS

 

LINK TO TEXT

 

LINK TO TEXT Enter the balances at October 1 in the receivable accounts. Post the entries to all of the receivable accounts. (Post entries

 

in the order of journal entries presented in the previous part.)

 

Notes Receivable

 

Date Explanatio Re

 

n

 

f

 

Balance Debit Credit Balance Debit Credit Balance Debit Credit Balance ? Accounts Receivable

 

Date Explanatio Re

 

n

 

f Interest Receivable

 

Date Explanatio Re

 

n

 

f

 

Balance SHOW LIST OF ACCOUNTS

 

LINK TO TEXT

 

LINK TO TEXT ? Show the balance sheet presentation of the receivable accounts at October 31.

 

FARWELL COMPANY

 

Balance Sheet (Partial)

 

October 31 $ $

 


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