Assignment 9 - ACCT 2111 Introductory Financial Accounting...

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ACCT 2111 Introductory Financial Accounting Assignment for Chapter 9 Question 1 Presented below is an aging schedule for Ares Company. Customer Total Not Yet Due Number of Days Past Due 1-30 31-60 61-90 Over 90 Akers $ 90,000 $ 40,500 $49,500 Baietto 135,000 $135,000 Comer 225,000 67,500 22,500 $135,000 DeJong 171,000 $171,000 Others 567,000 414,000 67,500 58,500 27,000 $1,188,000 $616,500 $130,500 $108,000 $135,000 $198,000 Estimated Percentage Uncollectible 2% 6% 10% 25% 50% Total Estimated Bad Debts $163,710 $12,330 $7,830 $10,800 $33,750 $99,000 At December 31, 2008, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $48,000. Instructions (a) Journalize and post the adjusting entry for bad debts at December 31, 2008. (b) Journalize and post to the allowance account the following events and transactions in the year 2009. (1) March 1, a $5,700 customer balance originating in 2008 is judged uncollectible. (2) May 1, a check for $5,700 is received from the customer whose account was written off as uncollectible on March 1. (c) Journalize the adjusting entry for bad debts on December 31, 2009. Assume that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $6,000, and the aging schedule indicates that total estimated bad debts will be $126,900.
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