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Unformatted text preview: 7-25Page 1Problem 7-25Journal EntryAccounts Receivable $74,000.00Sales$74,000.00Cash$53,000.00Accts Rec.$53,000.00BALANCE IN ACCTS RECEIVABLE$21,000.00Reported as $21300 which has an overage of $300 from the actual amount7-30Page 2Problem 7-301Blanchard CompanyAnalysis of Receivables12/31/13CustomerAmountNot YetNot more Than 3031-6061-90days pastdaysdaysduepast duepast dueA.Allison, Inc.$8,795.00$3,500.00$5,295.00B.Banks Bros.$5,230.00C.Barker & Co.$7,650.00$5,000.00$2,650.00D.Marrin Co.$11,285.00$5,785.00$5,500.00E.Ring, Inc.$7,900.00$7,900.00F.West Corp.$4,350.00Total$45,210.00$11,400.00$16,080.00$8,150.002Blanchard CompanyEstimated Amount of Uncollectible Accoun12/31/13ClassificationBalancesUncollectibleAccts. Exp.%Not Yet Due0.00%Not More than 30 days past due$11,400.000.70%31-60 days past due$16,080.001.40%61-90 days past due$8,150.003.50%91-120 days past due$7,350.0010.20%121-180 days past due$2,230.0060.00%181-365 days past dueMore than one year past dueTotal$45,210.003. Bad Debt Expense...
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This note was uploaded on 08/12/2011 for the course ACCT 2201 taught by Professor Alvarez during the Spring '11 term at FIT.
- Spring '11