Chapter 7 - P3 excerise

Chapter 7 - P3 excerise - $7,200 Account Wirte-offs 7,900...

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Chapter 7, P3 Thant Company Analysis of Accounts Receivable Age December 31, 20xx 1-30 31-60 61-90 Over Customer Not Yet Days Days Days Days Account Total Due Past Due Past Due Past Due Past Due Balance Forward $89,640 $49,030 $24,110 $9,210 $3,990 $3,300 B. Singh 930 930 L. Wells 620 620 A. Roc 1955 1,955 T. Cila 2100 2,100 M. Mix 375 375 S. Prce 2,685 2,685 J. Wendt 295 295 $98,600 $52,645 $25,105 $9,505 $3,990 $7,355 2. End-of-year Balance Accounts Receivable Beginning Balance $88,430 Sales 473,000 $561,430 Returns and Allowances $4,200 Accounts Write-offs 7,900 Collections from Customers 450,730 462,830 Ending Balance $98,600 Allowances for Uncollectible Accts
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Unformatted text preview: $7,200 Account Wirte-offs 7,900 Balance at end of year ($700) 3. Est. Uncollectible Accounts Thant Company Estimated Uncollectible Accounts December 31, 20xx % Considered Allowance Amount Uncollectible Not yet due 52,645 2 $1,052.90 1-30 days past due 25,105 5 1,255.25 31-60 days past due 9,505 15 1,425.75 61-90 days past due 3,990 25 997.5 Over 90 days past due 7,355 50 3,677.50 98,600 $8,408.90 Uncollectilbe accounts expense calculated Balance $8,409 Debit balance in allowance Account 700 Amount of Adjustment $9,109...
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This note was uploaded on 07/27/2011 for the course ACCT 101 taught by Professor Ronbell during the Spring '11 term at UCSD.

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