Number of Days Past Due
Customer
Aneesh
Bird
Cope
DeSpears
Others
Total
$ 29,000
34,500
51,200
44,800
140,800
$300,300
Estimated
percentage
uncollectible
Total estimated
bad debts
$ 47,849
Not Yet
Due
1–30
31–60
61–90
Over
90
$ 12,000 $17,000
$ 34,500
7,800
6,000
$37,400
$44,800
73,300
$115,600
46,300
21,200
$64,300 $38,200 $37,400
$44,800
2%
7%
12%
22%
63%
$ 2,312
$4,501
$4,584
$ 8,228
$28,224
At December 31, 2013, the unadjusted balance in Allowance for Doubtful Accounts is a credit of
$8,700.
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Journalize the adjusting entry for bad debts at December 31, 2013. (Credit account titles are
automatically indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
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Post the adjusting entry for bad debts at December 31, 2013.
Bad Debts Expense
Allowance for Doubtful Accounts
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Journalize the 2014 transactions: (Credit account titles are automatically indented when
amount is entered. Do not indent manually.)
1. March 1, a $740 customer balance originating in 2013 is judged uncollectible.
May 1, a check for $740 is received from the customer whose account was written off as
2.
uncollectible on March 1.
No.
Date
Account Titles and Explanation
Debit
Credit
1.
2.
(To reinstate account previously written off)
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Post to the allowance account these 2014 events. (Post entries in the order of journal
entries posted in the previous part.)
Allowance for Doubtful Accounts
2013
12/31
Bal.
12/31
12/31
2014
8,700
39,149
Bal.
47,849
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Journalize the adjusting entry for bad debts at December 31, 2014, assuming that the unadjusted
balance in Allowance for Doubtful Accounts is a debit of $1,600 and the aging schedule indicates
that total estimated bad debts will be $43,000. (Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
Match the statement with the term most directly associated with it.
1.
Rights, privileges, and competitive advantages that result
from the ownership of long-lived assets that do not possess
physical substance.
2.
The allocation of the cost of an intangible asset to expense
in a rational and systematic manner.
3.
A right to sell certain products or services, or use certain
trademarks or trade names within a designated geographic
area.
4.
Costs incurred by a company that often lead to patents or
new products. These costs must be expensed as incurred.
5.
The excess of the cost of a company over the fair value of
the net assets required
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