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An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
a.
Customer Due Date
Boyd Industries April 7
Hodges Company May 29
Kent Creek Inc. June 8
Lockwood Company August 10
Van Epps Company July 2
b.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 90
Acme Industries Inc. 3,000$ 3,000$
Alliance Company 4,500 4,500$
Zollinger Company 5,000 5,000
Subtotals 1,050,000$ 600,000$ 220,000$ 115,000$ 85,000$ 30,000$
Boyd Industries 36,000
Hodges Company 11,500
Answers are entered in the cells with gray backgrounds.
Exercise 8-8
Name:
Section:
Score:
0%
Key Code:
[Key code here]
Instructions
Cells with non-gray backgrounds are protected and cannot be edited.
Number of Days
Past Due
Aging of Receivables Schedule
August 31
Days Past Due
Kent Creek Inc. 6,600
Lockwood Company 7,400
Van Epps Company 13,000
Totals 1,124,500$
An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero in cells you would
otherwise leave blank.
a.
Customer Due Date
Boyd Industries April 7 115
Hodges Company May 29 63
Kent Creek Inc. June 8 53
Lockwood Company August 10 0
Van Epps Company July 2 29
b.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 90
Acme Industries Inc. 3,000$ 3,000$
Alliance Company 4,500 4,500$
Zollinger Company 5,000 5,000
Subtotals 1,050,000$ 600,000$ 220,000$ 115,000$ 85,000$ 30,000$
Boyd Industries 36,000 - - - - 36,000
Hodges Company 11,500 - - - 11,500 -
Kent Creek Inc. 6,600 - - 6,600 - -
Lockwood Company 7,400 7,400 - - - -
Van Epps Company 13,000 - 13,000 - - -
Totals 1,124,500$ 607,400$ 233,000$ 121,600$ 96,500$ 66,000$
Score:
ON
Exercise 8-8
Name:
Solution
Section:
Aging of Receivables Schedule
August 31
Days Past Due
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Number of Days
Past Due
An asterisk (*) will appear to the right of an incorrect entry.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 90
Total receivables 1,124,500$ 607,400$ 233,000$ 121,600$ 96,500$ 66,000$
Percent uncollectible
Allowance for
doubtful accounts
Exercise 8-9
Name:
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
Days Past Due
Score:
0%
Key Code:
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
An asterisk (*) will appear to the right of an incorrect entry.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 90
Total receivables 1,124,500$ 607,400$ 233,000$ 121,600$ 96,500$ 66,000$
Percent uncollectible 1% 3% 12% 30% 75%
Allowance for
doubtful accounts 106,106$ 6,074$ 6,990$ 14,592$ 28,950$ 49,500$
Days Past Due
Exercise 8-9
Name:
Solution
Section:
Score:
ON
Instructions
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An asterisk (*) will appear to the right of an incorrect entry.
a.
Account Debit Credit
June 8
Aug. 14
Oct. 16
16
Dec. 31
31
b.
Account Debit Credit
June 8
Aug. 14
Oct. 16
Answers are entered in the cells with gray backgrounds.
Exercise 8-14
Name:
Section:
Score:
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Key Code:
[Key code here]
Instructions
Cells with non-gray backgrounds are protected and cannot be edited.
If no journal entry is required, select "No journal entry required." and enter zeros in the amount columns.
JOURNAL
Date
JOURNAL
Date
16
Dec. 31
31
Aging Class
(Number of Days Past Due) Percent
0 – 30 days 320,000$ 1%
31 – 60 days 110,000 3%
61 – 90 days 24,000 10%
91 – 120 days 18,000 33%
More than 120 days 43,000 75%
Total 515,000$
Unadjusted credit balance of allowance account
Adjustment
c. Bad debt expense under:
Allowance method
Direct write-off method
Difference
Allowance Method
Receivables Balance
on December 31
Estimated Doubtful Accounts
Amount
a. Account Debit Credit
June ### Bad Debt Expense 8,440
Accounts Receivable - Kathy Quantel 8,440
Aug. ### Cash 3,000
Bad Debt Expense 9,500
Accounts Receivable - Rosalie Oakes 12,500
Oct. ### Accounts Receivable - Kathy Quantel 8,440
Bad Debt Expense 8,440
### Cash 8,440
Accounts Receivable - Kathy Quantel 8,440
Dec. ### Bad Debt Expense 24,955
Accounts Receivable - Wade Dolan 4,600
Accounts Receivable - Greg Gagne 3,600
Accounts Receivable - Amber Kisko 7,150
Accounts Receivable - Shannon Poole 2,975
Accounts Receivable - Niki Spence 6,630
### No journal entry required. -
No journal entry required. -
b. Account Debit Credit
June ### Allowance for Doubtful Accounts 8,440
Accounts Receivable - Kathy Quantel 8,440
Aug. ### Cash 3,000
Allowance for Doubtful Accounts 9,500
Accounts Receivable - Rosalie Oakes 12,500
Oct. ### Accounts Receivable - Kathy Quantel 8,440
Allowance for Doubtful Accounts 8,440
### Cash 8,440
Accounts Receivable - Kathy Quantel 8,440
Dec. ### Allowance for Doubtful Accounts 24,955
Accounts Receivable - Wade Dolan 4,600
Accounts Receivable - Greg Gagne 3,600
Accounts Receivable - Amber Kisko 7,150
Accounts Receivable - Shannon Poole 2,975
Accounts Receivable - Niki Spence 6,630
### Bad Debt Expense 45,545
Allowance for Doubtful Accounts 45,545
Aging Class
(Number of Days Past Due) Percent
0 – 30 days ####### 1% 3,200$
31 – 60 days 110,000 3% 3,300
61 – 90 days 24,000 10% 2,400
91 – 120 days 18,000 33% 5,940
More than 120 days 43,000 75% 32,250
Total ####### 47,090$
Unadjusted credit balance of allowance account 1,545
Adjustment 45,545$
c. Bad debt expense under:
Allowance method 45,545$
Direct write-off method 34,455
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Exercise 8-14
Name:
Solution
Section:
Scoring:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Receivables
Balance on
December 31
Estimated Doubtful Accounts
Amount
If no journal entry is required, select "No journal entry required." and enter zeros in the amount columns.
JOURNAL
Date
JOURNAL
Date
Allowance Method
An asterisk (*) will appear to the right of an incorrect entry.
Portion
Due Date Principal x Rate x of Year =Interest
a.
b.
c.
d.
e.
Exercise 8-19
Name:
Section:
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Score:
0%
Key Code:
[Key code here]
Instructions
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Portion
Due Date Principal x Rate x of Year =Interest
a. May 4 $90,000 6% 0.3333 $1,800
b. March 16 $21,000 4% 0.0833 $70
c. July 3 $68,000 8% 0.1250 $680
d. November 18 $34,400 5% 0.2500 $430
e. January 17 $50,000 7% 0.2500 $875
Score:
ON
Exercise 8-19
Name:
Solution
Section:
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Customer Due Date
Adams Sports and Flies May 22
Blue Dun Files Oct. 10
Cicada Fish Co. Sept. 29
Deschutes Sports Oct. 20
Green River Sports Nov. 7
Smith River Co. Nov. 28
Western Trout Company Dec. 7
Wolfe Sports Jan. 20
2., 3.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120
AAA Outfitters 20,000$ 20,000$
Brown Trout Fly Shop 7,500 7,500$
Zigs Fish Adventures 4,000 4,000
Subtotals 1,300,000$ 750,000$ 290,000$ 120,000$ 40,000$ 20,000$ 80,000$
Adams Sports and Flies 5,000
Blue Dun Files 4,900
Cicada Fish Co. 8,400
Deschutes Sports 7,000
Answers are entered in the cells with gray backgrounds.
Problem 8-2A
Name:
Section:
Score:
0%
Key Code:
[Key code here]
Instructions
Cells with non-gray backgrounds are protected and cannot be edited.
Number of Days
Past Due
Aging of Receivables Schedule
December 31, 20Y4
Days Past Due
Green River Sports 3,500
Smith River Co. 2,400
Western Trout Company 6,800
Wolfe Sports 4,400
Totals 1,342,400$
Percent uncollectible
Estimate of
uncollectible accounts
4.
5.
On the balance sheet, the omission would cause:
assets to be by
retained earnings to be
by
On the income statement, the omission would cause:
expenses to be by
net income to be by
An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero in cells you would
otherwise leave blank.
1.
Customer Due Date
Adams Sports and Flies May 22 223
Blue Dun Files Oct. 10 82
Cicada Fish Co. Sept. 29 93
Deschutes Sports Oct. 20 72
Green River Sports Nov. 7 54
Smith River Co. Nov. 28 33
Western Trout Company Dec. 7 24
Wolfe Sports Jan. 20 0
2., 3.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120
AAA Outfitters 20,000$ 20,000$
Brown Trout Fly Shop 7,500 7,500$
Zigs Fish Adventures 4,000 4,000
Subtotals 1,300,000$ 750,000$ 290,000$ 120,000$ 40,000$ 20,000$ 80,000$
Wolfe Sports 4,400 4,400 - - - - -
Totals 1,342,400$ 754,400$ 296,800$ 125,900$ 51,900$ 28,400$ 85,000$
Percent uncollectible 1% 2% 10% 30% 40% 80%
Estimate of
uncollectible accounts 121,000$ 7,544$ 5,936$ 12,590$ 15,570$ 11,360$ 68,000$
4.
Number of Days
Past Due
Problem 8-2A
Name:
Solution
Section:
Score:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
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Aging of Receivables Schedule
December 31, 20Y4
Days Past Due
An asterisk (*) will appear to the right of an incorrect entry.
Enter a zero in cells you would otherwise leave blank.
1.
Customer Due Date
Arcade Beauty August 17
Creative Images October 30
Excel Hair Products July 3
First Class Hair Care September 8
Golden Images November 23
Oh That Hair November 29
One Stop Hair Designs December 7
Visions Hair & Nail January 11
2., 3.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120
ABC Beauty 15,000$ 15,000$
Angel Wigs 8,000 8,000$
Zodiac Beauty 3,000 3,000
Subtotals 875,000$ 415,000$ 210,000$ 112,000$ 55,000$ 18,000$ 65,000$
Arcade Beauty 10,000
Creative Images 8,500
Excel Hair Products 7,500
First Class Hair Care 6,600
Answers are entered in the cells with gray backgrounds.
Problem 8-2B
Name:
Section:
Score:
0%
Key Code:
[Key code here]
Instructions
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Number of Days
Past Due
Aging of Receivables Schedule
December 31, 20Y7
Days Past Due
Golden Images 3,600
Oh That Hair 1,400
One Stop Hair Designs 4,000
Visions Hair & Nail 9,000
Totals 925,600$
Percent uncollectible
Estimate of
uncollectible accounts
4.
5.
On the balance sheet, the omission would cause:
assets to be by
retained earnings to be
by
On the income statement, the omission would cause:
expenses to be by
net income to be by
An asterisk (*) will appear to the right of an incorrect entry. For correct grading, enter a zero in cells you would
otherwise leave blank.
1.
Customer Due Date
Arcade Beauty August 17 136
Creative Images October 30 62
Excel Hair Products July 3 181
First Class Hair Care September 8 114
Golden Images November 23 38
Oh That Hair November 29 32
One Stop Hair Designs December 7 24
Visions Hair & Nail January 11 0
2., 3.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 91 - 120 120
ABC Beauty 15,000$ 15,000$
Angel Wigs 8,000 8,000$
Zodiac Beauty 3,000 3,000
Subtotals 875,000$ 415,000$ 210,000$ 112,000$ 55,000$ 18,000$ 65,000$
Visions Hair & Nail 9,000 9,000 - - - - -
Totals 925,600$ 424,000$ 214,000$ 117,000$ 63,500$ 24,600$ 82,500$
Percent uncollectible 1% 4% 16% 25% 40% 80%
Estimate of
uncollectible accounts 123,235 4,240$ 8,560$ 18,720$ 15,875$ 9,840$ 66,000$
4.
115,860
115,860
5.
On the balance sheet, the omission would cause:
Number of Days
Past Due
Problem 8-2B
Name:
Solution
Section:
Score:
ON
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Aging of Receivables Schedule
December 31, 20Y7
Days Past Due
Bad Debt Expense
Allowance for Doubtful Accounts
