fill the charts WileyPLUS At hittps ainfruni eBay Play Fre

fill the charts

WileyPLUS At hittps/ ainfruni ? eBay ? Play Free Games suggested Sites ? Baseball Tutorials lle ?Web SI e Gallery ? Gobier USA go careers and Career l usage. ?Centepe te ergy Chanes Sen o Creator a an LUS weygandt, Financial Accounting, 10e PRINCI tudy & Practice Gradebook ORION Downloadable eTextbook pen Assignment CALCULATOR MESSAGE MY INSTRUCTOR FULL SCR Problem 8-4A Metlock, Inc. uses the allowance method to estimate uncollectible accounts receivable. The c company produced the following aging of the accounts receivable at year-end. Calculate the total estimated bad debts based on the below information. -14 Number of Days Outstanding Total 252,300 0-30 90,500 2% 31-60 56,000 5% 91-120 32,600 9% Over 120 $25,200 21% Accounts recelvable 48,000 6% ore Estimated bad debts ective al entry to record the bad debts using the aged uncollectible accounts receivable determined in (a). Assume the (b) Prepare the (c) Of the above accounts, 54,500 is determined to be specifically uncollectible. Prepare the uncollectible accounts receivable determined in (a). Assume the current balance in Allowance for Doubtful Accounts is an $8,500 debit. company collects $4,500 subsequently on a specific account that had previously ly been determinad to be uncolilectible in (e). Prepare the journal entry(ies) necessary to restore the account and recordt to be (Credit account titles are automatically indented when a mount is entered. Do not indent manually) No Account Titles and tb)

Solution

NUMBER OF DAYS OUTSTANDING a TOTAL 0-30 31-60 61-90 91-120 OVER 120 ACCOUNT RECEIVABLES $        252,300 $        90,500 $        56,000 $        48,000 $        32,600 $        25,200 % UNCOLLECTIBLE 2% 5% 6% 9% 21% ESTIMATED BAD DEBTS $          15,716 $          1,810 $          2,800 $          2,880 $          2,934 $          5,292 b PARTICULARS DEBIT CREDIT BAD DEBT EXPENSE…DR 22216 TO ALLOWANCE FOR DOUBTFUL ACCOUNTS 22216 ($15716+6500) c ALLOWANCE FOR DOUBTFUL ACCOUNTS..DR 4500 TO ACCOUNT RECEIVABLE 4500 d ACCOUNT RECEIVABLE..DR 4500 ALLOWANCE FOR DOUBTFUL ACCOUNTS..DR 4500 (TO REVERSE WRITE -OFF) CASH..DR 4500 TO ACCOUNT RECEIVABLE 4500 (TO RECORD COLLECTION OF WRITE -OFF)