Ch7-7-25;7-30;7-48 - 7-25 Problem 7-25 Journal Entry...

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7-25 Page 1 Problem 7-25 Journal Entry Accounts Receivable $74,000.00 Sales $74,000.00 Cash $53,000.00 Accts Rec. $53,000.00 BALANCE IN ACCTS RECEIVABLE $21,000.00 Reported as $21300 which has an overage of $300 from the actual amount
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7-30 Page 2 Problem 7-30 1 Blanchard Company Analysis of Receivables 12/31/13 Customer Amount Not Yet Not more Than 30 31-60 61-90 days past days days due past due past due A. Allison, Inc. $8,795.00 $3,500.00 $5,295.00 B. Banks Bros. $5,230.00 C. Barker & Co. $7,650.00 $5,000.00 $2,650.00 D. Marrin Co. $11,285.00 $5,785.00 $5,500.00 E. Ring, Inc. $7,900.00 $7,900.00 F. West Corp. $4,350.00 Total $45,210.00 $11,400.00 $16,080.00 $8,150.00 2 Blanchard Company Estimated Amount of Uncollectible Accoun 12/31/13 Classification Balances Uncollectible Accts. Exp. % Not Yet Due 0 0.00% Not More than 30 days past due $11,400.00 0.70% 31-60 days past due $16,080.00 1.40% 61-90 days past due $8,150.00 3.50% 91-120 days past due $7,350.00 10.20% 121-180 days past due $2,230.00 60.00% 181-365 days past due 0 0 More than one year past due 0 0 Total $45,210.00 3. Bad Debt Expense $432.87 Allowance for Bad Debts $432.87 ($2677.87 required balance - $2250.00= $432.87 adjustment)
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