Problem 9-03A a-c Presented below is an aging schedule for Sheridan Company.
View the step-by-step solution to:

Question

Anyone brave enough to show their skills?

Screen Shot 2019-10-01 at</h1><p class='abPRemoveTitle'> 4.50.27 PM.pngScreen Shot 2019-10-01 at 4.50.37 PM.pngScreen Shot 2019-10-01 at 4.50.48 PM.pngScreen Shot 2019-10-01 at 4.51.01 PM.png

Screen Shot 2019-10-01 at 4.50.27 PM.png

Problem 9-03A a-c
Presented below is an aging schedule for Sheridan Company.
Number of Days Past Due
Not
Over
Customer
Total
Yet Due
1-30
31-60
61-90
90
Anders
$ 21,500
$10,500
$11,000
Blake
40,900
$ 40,900
Coulson
58,300
16,500
6,500
$35,300
Deleon
34,500
$34,500
Others
132,600
95,200
16,200
14,600
6,600
$287,800
$152,600
$33,200
$25,600
$35,300
$41,100
Estimated
Percentage
3%
6%
13%
25%
41%
Uncollectible
Total Estimated
Bad Debts
$ 35,574
$ 4,578
$ 1,992
$ 3,328
$ 8,825
$16,851
At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,500.

Screen Shot 2019-10-01 at 4.50.37 PM.png

Journalize and post the adjusting entry for bad debts at December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles
Debit
Credit
Dec. 31
Bad Debts Expense
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31 Adjusting
Allowance for Doubtful Accounts
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31 Balance
Dec. 31 Adjusting

Screen Shot 2019-10-01 at 4.50.48 PM.png

Journalize and post to the allowance account the following events and transactions in the year 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)
1. On March 31, a $1,000 customer balance originating in 2020 is judged uncollectible.
2. On May 31, a check for $1,000 is received from the customer whose account was written off as uncollectible on March 31.
No. Date Account Titles and Explanation
Debit
Credit
1.
Mar. 31
2. May 31
(To reverse write-off)
May 31
(To record collection of write off.)
Allowance for Doubtful Accounts
Date
Explanation
Ref.
Debit
Credit
Balance
Dec. 31, 2020
Balance
12,500
Dec. 31, 2020
Adjusting
23,074
35,574
Mar. 31, 2021
May 31, 2021

Screen Shot 2019-10-01 at 4.51.01 PM.png

Journalize the adjusting entry for bad debts on December 31, 2021, assuming that the unadjusted balance in Allowance for Doubtful Accounts is a debit of $850 and the aging schedule indicates that total estimated bad debts will be $29,200. (Credit account
titles are automatically indented when amount is entered. Do not indent manually.)
Date
Account Titles
Debit
Credit
Dec. 31

Recently Asked Questions

Why Join Course Hero?

Course Hero has all the homework and study help you need to succeed! We’ve got course-specific notes, study guides, and practice tests along with expert tutors.

-

Educational Resources
  • -

    Study Documents

    Find the best study resources around, tagged to your specific courses. Share your own to gain free Course Hero access.

    Browse Documents
  • -

    Question & Answers

    Get one-on-one homework help from our expert tutors—available online 24/7. Ask your own questions or browse existing Q&A threads. Satisfaction guaranteed!

    Ask a Question
Ask Expert Tutors You can ask 0 bonus questions You can ask 0 questions (0 expire soon) You can ask 0 questions (will expire )
Answers in as fast as 15 minutes