acc321comp1(1)

acc321comp1(1) - $276,800.00 % Estimated to be...

Info iconThis preview shows pages 1–5. Sign up to view the full content.

View Full Document Right Arrow Icon
Cover Page ACC 321 A Computer Problem #1 10/21/2010 Printed Name Signature Alex Gase Jessica Schwieterman Lauren Gardner By signing this document we approve of the project and will accept the assigned team's grade.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Search, Inc. Accounts Receivable Aging Schedule for 2009 Age Amount 0-30 $350,000.00 2.0% $7,000.00 31-60 $270,000.00 11.0% $29,700.00 61-90 $130,000.00 45.0% $58,500.00 91-120 $85,000.00 83.0% $70,550.00 121-160 $25,000.00 94.0% $23,500.00 161-180 $17,000.00 96.0% $16,320.00 over 181 $7,000.00 98.0% $6,860.00 Year end Balance of Allowance for Doubtful Accounts $212,430.00 % Estimated to be Uncollectible Required Balance in Allowance
Background image of page 2
Search, Inc. Accounts Receivable Aging Schedule for 2010 Age Amount 0-30 $400,000.00 1.0% $4,000.00 31-60 $300,000.00 12.0% $36,000.00 61-90 $150,000.00 47.0% $70,500.00 91-120 $100,000.00 81.0% $81,000.00 121-160 $55,000.00 93.0% $51,150.00 161-180 $25,000.00 97.0% $24,250.00 over 181 $10,000.00 99.0% $9,900.00 Year-end Balance of Allowance for Doubtful Accounts
Background image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Background image of page 4
Background image of page 5
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $276,800.00 % Estimated to be Uncollectible Required Balance in Allowance 2009 End of Year Journal Entry for Estimating Bad Debt Bad Debt Expense $212,430.00 Allowance for Doubtful Accounts $212,430.00 2010 End of Year Journal Entry for Estimating Bad Debt Bad Debt Expense $214,370.00 Allowance for Doubtful Accounts $214,370.00 Write off of $87,000 of an account Allowance for Doubtful Accounts $87,000.00 Accounts Receivable $87,000.00 2010 Written off of $150,000 Allowance for Doubtful Accounts $150,000.00 Accounts Receivable $150,000.00 Allowance for Doubtful Accounts 2009 Yr End Balance $212,430.00 2010 Write off $150,000.00 2010 Estimation $214,370.00 $276,800.00 Search, Inc Balance Sheet (truncated) 31-Dec-09 Assets Current Assets Accounts Receivable $884,000.00 Less: Allowance for Doubtful Accounts $212,430.00 $671,570.00...
View Full Document

This note was uploaded on 10/05/2011 for the course ACC 321 taught by Professor Staff during the Spring '08 term at Miami University.

Page1 / 5

acc321comp1(1) - $276,800.00 % Estimated to be...

This preview shows document pages 1 - 5. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online