Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
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
Builders Industries May 1
Elkhorn Company June 20
Granite Creek Inc. July 13
Lookwood Company September 9
Teton Company August 7
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$
Builders Industries 44,500
Elkhorn Company 21,000
Granite Creek Inc. 7,500
Lookwood Company 14,000
Teton Company 13,000
Totals 1,150,000$
Aging of Receivables Schedule
August 31
Days Past Due
Number of Days
Past Due
Exercise 9-8
Name:
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
0%
[Key code here]
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
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
Builders Industries May 1 122
Elkhorn Company June 20 72
b.
Not Past Over
Customer Balance Due 1 - 30 31 - 60 61 - 90 90
Acme Industries Inc. 3,000$ 3,000$
Zollinger Company 5,000 5,000
Subtotals 1,050,000$ 600,000$ 220,000$ 115,000$ 85,000$ 30,000$
Builders Industries 44,500 - - - - 44,500
Elkhorn Company 21,000 - - - 21,000 -
Granite Creek Inc. 7,500 - - 7,500 - -
Aging of Receivables Schedule
August 31
Days Past Due
Cells with non-gray backgrounds are protected and cannot be edited.
Number of Days
Past Due
Exercise 9-8
Name:
Solution
Section:
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
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 1,150,000$ 614,000$ 233,000$ 122,500$ 106,000$ 74,500$
Percent uncollectible
Allowance for
doubtful accounts
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
Days Past Due
Exercise 9-9
Name:
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
0%
[Key code here]
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 1,150,000$ 614,000$ 233,000$ 122,500$ 106,000$ 74,500$
Percent uncollectible 3% 4% 15% 35% 80%
Exercise 9-9
Name:
Solution
Section:
Days Past Due
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
An asterisk (*) will appear to the right of an incorrect entry.
Account Debit Credit
a. June 8
Aug. 14
Oct. 16
16
Dec. 31
31
Account Debit Credit
b. June 8
Aug. 14
Oct. 16
16
If no journal entry is required, select "No entry" and enter zeros in the amount columns.
Exercise 9-14
Name:
Section:
0%
JOURNAL
Date
[Key code here]
Instructions
Answers are entered in the cells with gray backgrounds.
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Key Code:
JOURNAL
Date
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
Account Debit Credit
a. June 8 Bad Debt Expense 8,440
Aug. 14 Cash 3,000
Oct. 16 Accounts Receivable - Kathy Quantel 8,440
Bad Debt Expense 8,440
16 Cash 8,440
Dec. 31 Bad Debt Expense 24,955
Accounts Receivable - Wade Dolan 4,600
Accounts Receivable - Greg Gagne 3,600
Account Debit Credit
b. June 8 Allowance for Doubtful Accounts 8,440
Accounts Receivable - Kathy Quantel 8,440
If no journal entry is required, select "No entry" and enter zeros in the amount columns.
Exercise 9-14
Name:
Solution
Section:
ON
Date
JOURNAL
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.
Scoring:
JOURNAL
Date
16 Cash 8,440
Accounts Receivable - Kathy Quantel 8,440
Accounts Receivable - Shannon Poole 2,975
Accounts Receivable - Niki Spence 6,630
Aging Class
(Number of Days Past Due) Percent
0 – 30 days 320,000$ 1% 3,200$
31 – 60 days 110,000 3% 3,300
61 – 90 days 24,000 10% 2,400
c. Bad debt expense under:
Allowance method 45,545$
Receivables Balance
on December 31
Estimated Doubtful Accounts
Amount
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 9-19
Name:
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
0%
[Key code here]
Answers are entered in the cells with gray backgrounds.
Score:
Key Code:
Instructions
An asterisk (*) will appear to the right of an incorrect entry.
Portion
Due Date Principal x Rate x of Year =Interest
a. May 2 $80,000 6% 0.3333 $1,600
Exercise 9-19
Name:
Solution
Section:
Cells with non-gray backgrounds are protected and cannot be edited.
Score:
Instructions
Answers are entered in the cells with gray backgrounds.
ON
