Written Assignment 4

Written Assignment 4 - Student Name: Dustin Taylor Class:...

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Dustin Taylor Class: ACC 201 Problem 07-01 SWATHMORE CLOTHING CORPORATION General Journal Account Debit Credit Requirement 1: Monthly bad debt expense accrual summary. Bad Debt Expense 78,600 Allowance for uncollectible accounts 78,600 «- Correct! To record year 2011 accounts receivable write-offs. Allowance for uncollectible accounts 68,000 Accounts receivable 68,000 «- Correct! Requirement 2: Account Debit Credit Bad debt expense 4,300 Allowance for uncollectible accounts 4,300 «- Correct! Summary Age Group Percent Estimated 0-60 days Amount Uncollectible Allowance 61-90 days $430,000 4% $17,200 91-120 days 98,000 15% 14,700 Over 120 days 60,000 25% 15,000 Totals 55,000 40% 22,000 $643,000 $68,900 Correct! Correct! Allowance for uncollectible accounts analysis: Beginning balance $54,000 Add: Monthly bad debt accruals 78,600 Deduct: Write-offs (68,000) Balance before adjustments 64,600 Required allowance 68,900 Required year-end increase in $4,300 allowance Correct! Requirement 3: Bad debt expense for 2011: Monthly accruals $78,600 Year-end adjustment 4,300 Total $82,900 Correct! SWATHMORE CLOTHING CORPORATION
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This note was uploaded on 07/14/2011 for the course ACCT 201 taught by Professor Weinberger during the Spring '11 term at Edison State College.

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Written Assignment 4 - Student Name: Dustin Taylor Class:...

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