Student Name:
Class:
Estimated
Rate of Estimated
Amount Loss Uncollectible
2,040,000$ 0.50% 10,200.00$
548,600 1.20% 6,583.20
16,783.20$
Correct!
Post
Description Ref Debit Credit
2010
Dec. 31 16,783.20
16,783.20
2014
Jan. 20 830.00
830.00
Nov. 26 830.00
830.00
Accounts Receivable 392,000.00
375,543.60
Correct!
Date
To write off account determined to be uncollectible.
Accounts Receivable/Delphi Clothiers
Allowance for Doubtful Accounts
credit sales and 1.2% of retail net credit sales.
account, which was collected in full today.
To reverse entry dated January 20, writing off this
Allowance for Doubtful Accounts
Accounts Receivable/Delphi Clothiers
Adjusting Entries
Retail
Wholesale
MERITOR LEATHER PRODUCTS
GENERAL JOURNAL
accounts for the year, based on 0.5% of net wholesale
To record estimated losses from uncollectible
Allowance for Doubtful Accounts
Uncollectible Accounts Expense
ULTRA LEATHER PRODUCTS
Balance Sheet
December 341, 2013
McGraw-Hill
Instructor
Category
Calculation of Estimated Uncollectible Accounts Expense
ULTRA LEATHER PRODUCTS
Problem 15.01A
392,000.00$
326.80$
Estimated
Rate of
Category Amount Loss
2,040,000$ 0.50%
548,600 1.20%
2010 Credit Sales Breakdown
ULTRA LEATHER PRODUCTS
Allowance for Doubtful Accounts as of December 31, 2013
Accounts Receivable as of December 31, 2013
Student Name:
Class:
1.
383.00$
177.12
157.20
378.48
1,095.80$
Correct!
2.
1,095.80$
208.20
887.60$
Correct!
Post
Description Ref Debit Credit
2013 (3)
Dec. 31 887.60
887.60
2014 (4)
May 10 416.00
416.00
(5)
June 12 200.00
200.00
(5)
Dec. 31 956.50
956.50
Estimate of Uncollectible Accounts
BARRANCA COMPANY
Adjustment for Estimated Uncollectible Accounts
Date
Less credit balance in Allowance for Doubtful Accounts
Amount of adjustment for estimated uncollectible accts.
Uncollectible Accounts Expense
BARRANCA COMPANY
GENERAL JOURNAL
Over 60 days past due
31-60 days past due
accounts receivable
needed balance of $1,164.70 based on 2.5% of
To record adjustment of allowance account to
Allowance for Doubtful Accounts
Estimated uncollectible accounts
Accounts Receivable/Zeke Martin
To write off account determined to be uncollectible.
Accounts Receivable/John Ash
Allowance for Doubtful Accounts
Uncollectible Accounts Expense
this account, which was collected in full today.
To reverse entry dated November 8, 2013, writing off
Allowance for Doubtful Accounts
Problem 15.02A
McGraw-Hill
Instructor
accounts receivable
needed balance of $1,095.80 based on aging of
To record adjustment of allowance account to
Allowance for Doubtful Accounts
1-30 days past due
Current
Total Estimated uncollectible accounts
Balance Current 1-30 31-60 Over 60
750.00 750.00
800.00 600.00 200.00
416.00 416.00
160.00 160.00
124.00 84.00 40.00
450.00 170.00 200.00 80.00
96.00 64.00 32.00
43,792.00 36,684.00 4,400.00 1,624.00 1,084.00
46,588.00 37,848.00 5,240.00 1,968.00 1,532.00
1%
3%
9%
25%
208.20$
416.00$
.
200.00$
calculate uncollectible accounts. 2.5%
4. Alternate percentage of total Accounts Receivable used to
Uncollectible Accounts Computation Rates
Other Notes
on June 12, 2014. Written off November 8, 2013.
3. Uncollectible account receivable collect from Zeke Martin
and written off on May 10, 2014.
2. Account receivable of John Ash recognized as uncollectible
1. Allowance for Doubtful Accounts as of December 31, 2013
Over 60 days past due
31-60 days past due
Bae, John
Allen, Alfred
Adson, Paul
Totals
All other accounts
Blair, Herman
Ash, John
Given Data P15.02A
1-30 days past due
Current
BARRANCA COMPANY
Schedule of Accounts Receivable by Age
December 31, 2013
Account
Past Due – Days
Bentley, Maggie
Barker, Kelsie
Student Name:
Class:
Post
Description Ref Debit Credit
2013
Feb. 7 600.00
600.00
May 16 1,000.00
1,000.00
July 2 300.00
300.00
July 29 300.00
300.00
Aug. 18 324.00
324.00
2014
Sept. 28 500.00
500.00
Uncollectible Accounts Expense
Uncollectible Accounts Expense
Problem 15.04A
McGraw-Hill
Instructor
Accounts Receivable/Martha Falls
To write off account determined to be uncollectible.
Accounts Receivable/David Nye
Uncollectible Accounts Expense
off this account, which was collected in full today.
To reverse balance of entry dated February 7, writing
RAINIER COMPANY
GENERAL JOURNAL
Date
To write off account determined to be uncollectible.
Accounts Receivable/Anne Baker
today.
which was collected from estate of Martha Falls
To reverse part of account charged off May 16, 2013,
Uncollectible Accounts Recovered
Accounts Receivable/Anne Baker
To write off account determined to be uncollectible.
Accounts Receivable/Martha Falls
Uncollectible Accounts Expense
Accounts Receivable/Anne Baker
this account, which was collected today.
To reverse part of entry dated February 7, writing off
Uncollectible Accounts Expense
Date Amount
2013
Feb. 7 600$
May 16
1,000$
July 2
journal. 300$
July 29
cash receipts journal. 300$
Aug. 18
324$
2014
Sept. 28
500$
Received from the estate of Martha Falls as part of the settlement of
Account receivable of Anne Baker determined to be uncollectible.
Transaction
written off on February 7. Cash has been recorded in the cash receipts
Received from Anne Baker in partial payment of her account, which was
written off due to her death.
Account receivable of Martha Falls determined to be uncollectible and
and is to be written off.
The account receivable of David Nye is determined to be uncollectible
affairs. This amount is applicable to the account receivable written off
on May 16, 2013. Cash had been recorded in cash receipts journal.
Given Data P15.04A
Selected Transactions for 2013 and 2014
RAINIER COMPANY
had been written off on February 7. Cash has been recorded in the
Received from Anne Baker to complete payment of her account, which