Meman Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts.Accounts less than 60 days are considered young and have a 4% uncollectible rate. Accounts morethan 60 days are considered old and have a 35% uncollectible rate.Required:1. If YOC has $101,000 of young accounts and $410,000 of old accounts, how much should bereported in the Allowance for Doubtful Accounts?2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $41,000,how much should be credited to the account?3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $5,100, how muchshould be credited to the account?1. Amount to be Reported2. Amount to be Credited3. Amount to be Credited

The allowance for doubtful accounts is recorded under the balance sheet method for recording bad…

Answered: Young and Old Corporation (YOC) uses…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 2CE: Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit...

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Tonis Tech Shop has total credit sales for the year of 170,000 and estimates that 3% of its credit sales will be uncollectible. Allowance for Doubtful Accounts has a credit balance of 275. Prepare the adjusting entry at year-end for the estimated bad debt expense. (a) Based on an aging of its accounts receivable, Kyles Cyclery estimates that 3,200 of its year-end accounts receivable will be uncollectible. Allowance for Doubtful Accounts has a debit balance of 280 at year-end. Prepare the adjusting entry at year-end for the estimated uncollectible accounts.
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts.Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts morethan 60 days are considered old and have a 40% uncollectible rate.Required:1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should bereported in the Allowance for Doubtful Accounts?2. If YOC’s Allowance for Doubtful Accounts currently has an unadjusted credit balance of$40,000, how much should be credited to the account?3. If YOC’s Allowance for Doubtful Accounts has an unadjusted debit balance of $5,000, howmuch should be credited to the account?4. Explain how YOC’s Allowance for Doubtful Accounts could have a debit balance
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 3% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $108,000 of young accounts and $480,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $48,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $5,800, how much should be credited to the account? Answer is complete but not entirely correct. 1. Amount to be Reported 2$ 195,240 V 2. Amount to be Credited $ 195,240 x 3. Amount to be Credited 189,440 X
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $100,000 of young accounts and $400,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $40,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $5,000, how much should be credited to the account? 4. Explain how YOC's Allowance for Doubtful Accounts could have a debit balance
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: 1. If YOC has $118,000 of young accounts and $320,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? 2. If YOC's Allowance for Doubtful Accounts currently has an unadjusted credit balance of $32,000, how much should be credited to the account? 3. If YOC's Allowance for Doubtful Accounts has an unadjusted debit balance of $4,200, how much should be credited to the account? 1 Amount to be Reported 2. Amount to be Credited 3. Amount to be Credited
Young and Old Corporation (YOC) uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered young and have a 5% uncollectible rate. Accounts more than 60 days are considered old and have a 40% uncollectible rate. Required: If YOC has $118,000 of young accounts and $320,000 of old accounts, how much should be reported in the Allowance for Doubtful Accounts? If YOC’s Allowance for Doubtful Accounts currently has an unadjusted credit balance of $32,000, how much should be credited to the account? If YOC’s Allowance for Doubtful Accounts has an unadjusted debit balance of $4,200, how much should be credited to the account?
The company uses two aging categories to estimate uncollectible accounts. Accounts less than 60 days are considered current and have a 3% uncollectible rate. Accounts more than 60 days are considered old and have a 29% uncollectible rate. If the company has $34,600 of current accounts and $4,600 of old accounts, and if the company's Allowance for Doubtful Accounts currently has an unadjusted debit balance of $1,029, in recording the adjustment to record bad debt expense, how much should be credited to the account? $_
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.
From aging its Accounts Receivable, Marlon De Guzman Company estimates that 18,750 of it's accounts will be uncollectible. At this time, Allowance for Doubtful Accounts has an 8,400 credit balance. The adjusting entry is. A. Debit allowance for doubtful accounts, 18,750; credit accounts receivable, 18,750. B. Debit doubtful accounts expense, 10,350; credit allowance for doubtful accounts, 10,350 C. Debit doubtful accounts expense, 18,750; credit accounts receivable 18,750 D. Debit allowance for doubtful accounts, 10,350; credit doubtful accounts expense, 10,350 (Which one is correct)
Tanning Company analyzes its receivables to estimate bad debt expenses. The accounts receivable balance is $350,000 and credit sales are $1,300,000. An aging of accounts receivable shows that approximately 10% of the outstanding receiveables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2500 before adjustment?
Tanning company analyzes its receivables to estimate bad debt expense. The accounts receivable balance is 390,000 in credit sales are 1.3 million. An aging of accounts receivable shows that approximately 5% of the outstanding receivables will be uncollectible. What adjusting entry will tanning company make if the allowance for doubtful accounts has a credit balance of 2500 before adjustment?
Tanning Company analyzes its receivables to estimate uncollectible accounts. The accounts receivable balance is $368,000 and credit sales are $1,000,000. An aging of accounts receivable estimates that $29,440 of the outstanding receivables will be uncollectible. What adjusting entry will Tanning Company make if Allowance for Doubtful Accounts has a credit balance of $2,000 before adjustment? a. Account Debit Credit Bad Debt Expense 29,440 Allowance for Doubtful Accounts 29,440 b. Account Debit Credit Bad Debt Expense 27,440 Allowance for Doubtful Accounts 27,440 c. Account Debit Credit Bad Debt Expense 94,320 Allowance for Doubtful Accounts 94,320 d. Account Debit Credit Bad Debt Expense 31,440 Allowance for Doubtful Accounts 31,440

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