Homework: Chapter 9 Score: 0 of 15 pts P9-29A (open response) Save 20t 3 (1 comp

Question

Homework: Chapter 9 Score: 0 of 15 pts P9-29A (open response) Save 20t 3 (1 complete) HW Score: 23.49%, 9.4 of 40 pts Question Help * Al Soplornbor 30, 2018, lhe aounts of West Terrace Medical Center (wTMC) incude the rollowing Accounts Receivable Allowance for Bad Debls credit balance) $ 145,000 3,700 During the last quarter of 201a, WTMC compk:tod te folowing selocted transactions (Click the icon to view the transactions.) Read the reauirements Requirement 1. Open T accounts for Accounts Receivable and Allowance for Bad Debts. Jounalize the transactions (omit explanations) and post to tha two accounts Begin by jounalizing the trensactons (Record debits tirst, then credits. Exclude explanations trom journal entres. Check your spelling caretully and do not abbreviate except as prowided tor the customers name Listinguish between customer accounts by entering names exactly as it is presented in the problem data. For example: Accounts Receivable Jones, Co) Sales on account SSud oi0. Ignore Cost ot Goods Sold More Info Date 2018 Dec. 31 Accounts and Explanation Debit Credit 3alo on account, $500,000 lgnore Cost of Gccds Sold Collections on account, 3405,100 " wrote ott accounts recervable as uncollectible Raja Co. S1,5DD; Omar Smith, $ :U and Placid, Inc., $850. Recorded bad debls expense based on the ing of accounts receivable, as follows. Age of Accounts 1- Days 31-60 $105 D00 5 3600 61-90 Days ,00a 20% Over 9D Ilays Accounts Receivable 81.000 Estimated percent uncollectible 0.2% 2% 25% Enter any number in the edit fields and then click Check Answer Print Done Clear All remalning

Explanation / Answer

T-Accounts Accounts receivable BB 145,000 Allowance for Bad debts BB 3,700 Date Account titles & Explanations Debit Credit 2018 Account receivable 500,000 31-Dec sales 500,000 Cash 405,100 Accounts receivable 405,100 Allowance for Bad debts 2900 Accounts receivable(1500+750+650) 2,900 Bad debts expense 23,580 allowance for bad debts 23,580 1--30 31---60 61---90 over 90 Accounts receivable 105,000 36,000 16,000 81,000 estimated % uncollectible 0.20% 2% 20% 25% estimated bad debts 210 720 3200 20250 24380 balance in allowance account opening 3,700 less:written off during the year -2900 balance in allowance account 800 Adjustment required for 24,380 - 800= 23580

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.